Today the Provincial Government reiterated its position that the new legislation in relation to the sale of Fishery Products International (FPI) will not be gazetted unless the final and binding agreements for the deal are completed and in place.

The Honourable Tom Rideout, Minister of Fisheries and Aquaculture said, "The Fishery Products International Limited Act will not be repealed unless our government�s terms and conditions for the sale are met through the achievement of the necessary final and binding agreements."

"The Memorandums of Understanding (MOUs) for the deal to sell FPI are in place. They have been negotiated extensively and all parties involved have agreed to them. The parties still have to convert the MOUs into binding legal documents. This is a normal part of the process of a business deal," said Minister Rideout.

The parties have sought approval based on disclosure of the terms and conditions that they negotiated.

"On May 28 when our government announced the deal we were very clear with all stakeholders, including the public of the province, regarding the terms of deal for the sale of FPI. Extensive briefings were given to both the Opposition and media. We made it clear that only until final binding contracts are entered into by Government, OCI and High Liner, and the final sales completed, will the legislation be proclaimed. We will not execute the deal on any other basis," said the minister.

"It is also important that we make the parties involved aware of government�s legislative position," said Minister Rideout.

The Provincial Government has completed extensive due diligence on the terms and conditions of this sale. It has been actively working with the parties involved for a number of months now.

"The sale of FPI is an important deal for a number of rural communities throughout the province," said the minister. "This is a deal that will bring stability to the industry and communities that are depending on plants that are currently owned by FPI. It is important to move forward now in a timely manner."

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Media contact:
Lori Lee Oates
Director of Communications
Department of Fisheries
(709) 729-3733, 690-8403
oatesll@gov.nl.ca

2007 06 12                                            12:55p.m.