Agreement reached on New Ferolle Fish Plant for 2004

Trevor Taylor, Minister of Fisheries and Aquaculture, is pleased to announce that an agreement to open the New Ferolle fish plant for the 2004 season has been achieved.

Today the Government of Newfoundland and Labrador reached an agreement that will see the plant be operated by the Ice Cap Fish Company Limited. This agreement is for the 2004 season only. A key element of the agreement with the companies involved is that they must resolve outstanding financial issues with the province and judgment creditors by November 1, 2004.

"I am pleased to announce that an agreement has been reached that will allow the New Ferolle plant to open immediately," said Minister Taylor. "New Ferolle�s plant workers have been caught in the middle of this dispute and we have been working hard to come to a timely solution. I�m pleased to say that they can get back to work without further delay."

Department of Fisheries and Aquaculture officials, government lawyers, and legal representatives of the companies involved have been working diligently to come to a quick resolution of this complicated matter. Background information is available in news releases issued by Minister Taylor on May 7 and May 13, 2004

Media contact: Alex Marland, Communications, (709) 729-3733

2004 05 20                                      9:00 a.m.