Newfoundland and Labrador companies receive EDGE status

Innovation, Trade and Rural Development Minister Kathy Dunderdale announced today that four Newfoundland and Labrador companies have been assigned Economic Diversification and Growth Enterprises (EDGE) status by the provincial government. Indian Bay Processors Inc. of Centreville-Wareham, Newlab Plastics Ltd. of St. John�s, NuMink Inc. of Corner Brook and Wholesome Dairy Ltd. of Stephenville are the latest companies eligible to receive benefits under the EDGE Program.

"The EDGE program helps new business start-ups and attracts businesses to rural areas of the province, which is in keeping with government�s goal to grow the provincial economy and generate more jobs and income in our communities," said Minister Dunderdale. "These companies are also involved in strategic growth areas for the province, including manufacturing and agrifoods, and support the province�s Comprehensive Regional Diversification Strategy."

Indian Bay Processors Inc., Centreville-Wareham, aim is to access the marketplace on a commercial basis to utilize harp seals with the ultimate objective of processing seal meat and its by-products into products for human consumption. The company indicates that it has identified as many as 10 different products for production in the initial three-year plan and ongoing research and development work will focus on developing even more new products.

Newlab Plastics Ltd., St. John�s, manufactures plastics and wood/plastics composite lumber for the residential and commercial markets. The company will utilize existing stocks of sawdust and recyclable plastics to use as raw materials in the manufacturing process. The company plans to focus on selling products to the global market for residential and commercial decking and fencing.

NuMink Inc., located in Cox�s Cove, in the Bay of Islands, introduced 450 bred females to their ranch in April of 2004. In 2005, 2,200 female mink were bred, and the plan is to increase this number to 5,000 this upcoming spring. The goal is to be breeding 10,000 female mink in Cox�s Cove by 2007. NuMink Inc. would like to be producing 100,000 pelts annually in the Bay of Islands by 2010. NuMink Inc. pelts have been, and will continue to be purchased by global buyers through the North American Fur Auction, based out of Toronto. The company plans on setting up the infrastructure necessary to help support and encourage the growth of this industry in Newfoundland.

Wholesome Dairy Ltd., Stephenville, manufactures Good Natured yogurt. Good Natured yogurt is developed, produced, packaged and marketed in Newfoundland and Labrador. There are a variety of flavours and packaging formats currently available. The product line includes two Newfoundland and Labrador inspired flavors - partridgeberry and bakeapple - as well as strawberry, blueberry, raspberry and peach. The company is now selling their yogurt in the Maritimes and the product will soon be available in major retail supermarkets in the area.

The Economic Diversification and Growth Enterprises (EDGE) Program provides a package of incentives to encourage significant new business investment in the province to help diversify our economy and stimulate new private sector job creation, particularly in rural areas. EDGE is a performance-based incentive, meaning that a company must meet certain thresholds and create jobs before it receives financial incentives under the EDGE program.

Media contact: Lynn Evans, Communications, (709) 729-4570, 690-6290

2005 10 19        5:10 p.m.