Equity funding for Mount Pearl clothing manufacturer

The Department of Innovation, Trade and Rural Development has provided $50,000 in equity funding to AbbyShot Clothiers Limited, an internet-based clothing manufacturer located in Mount Pearl. The funding, provided through the Small Business Seed Capital Equity Program, will allow the company to purchase equipment and make other improvements to expand the company�s apparel manufacturing operation. The project will help create one permanent full-time job and one permanent part-time job.

"Government is committed to growing the small business sector in Newfoundland and Labrador. We recognize that small businesses are the backbone of the economy and they will continue to play an important role in our economic future," said Innovation, Trade and Rural Development Minister Kathy Dunderdale. "This investment in AbbyShot is one example of how we are working with local companies to encourage growth in the small business sector."

AbbyShot Clothiers Limited was incorporated in 2002 by Bonnie Cook and Adam Bragg to manufacture and market a line of garments fashioned after movie characters, such as those in The Matrix and Blade. AbbyShot creates an exact replica of the particular item and then customizes it for the individual buyer.

The company has established a reputation for quality work and a loyal following worldwide. AbbyShot recently finalized a deal with Kevin Smith, a prominent Hollywood producer, to manufacture and market the official Silent Bob Coat, as seen in the movie Jay and Silent Bob Strike Back. The national television program Canada AM profiled the company, which resulted in an inquiry and a small initial order from Warner Brothers Canada for use in promoting the IMAX release of The Matrix Revolutions.

"AbbyShot is a fine example of an innovative company that grew from one idea. It is a testament to the creativity of Newfoundland and Labrador entrepreneurs," said Mount Pearl MHA Dave Denine.

The Small Business Seed Capital Equity Program makes equity contributions of up to $50,000 available, on a matching basis, to new entrepreneurs or existing small businesses seeking expansion opportunities in areas of the economy that offer significant growth potential.

Media contact: Lynn Evans, Communications, (709) 729-4570

2004 03 26                                        4:10 p.m.