Minister comments on FPI�s proposed income trust transaction

Trevor Taylor, Minister of Fisheries and Aquaculture, today commented on the proposed transaction by Fisheries Products International (FPI), involving its U.S.-based Marketing and Value Added Group.

"In the coming days and weeks, the Government of Newfoundland and Labrador will be reviewing a proposal received from FPI, involving its U.S.-based marketing division," said Minister Taylor. "Because this proposed transaction is governed by statuary security regulations, I am unable to discuss publicly the details of what FPI, a publicly-traded company, is proposing. I can say, however, that any transactions must respect the spirit and the intent of the FPI Act. Our review will be rigorous and fair, as it was earlier this year when we rejected the company�s previous proposal respecting its marketing arm. I would like to reassure the people of Newfoundland and Labrador that our response will protect and further the best interests of this province, particularly those of our rural areas. That is our job."

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

2004 08 06                                         3:45 p.m.