New Infrastructure Enables Coast of Bays Company to Maximize Production

Nova Fish Farms Inc. is acquiring new equipment to help increase production and improve operational efficiencies with the help of a $269,710 investment from the Provincial Government. The investment will better position the company to support the growth of the aquaculture industry in the Coast of Bays Region.

�Newfoundland and Labrador�s aquaculture industry is a key industry sector in the provincial economy,� said the Honourable Shawn Skinner, Minister of Innovation, Trade and Rural Development. �To support its continued growth, this government is committed to providing the necessary infrastructure investments to support long-term success. As companies like Nova Fish Farms take steps to maximize their competitiveness, they are helping to stimulate economic activity in the province�s rural communities.�

Based in Bay d�Espoir, Nova Fish Farms� new equipment will include cages, nets, boats, cameras, and grid systems. Additionally, with equipment upgrades and expanded capacity, the company will be able to create new employment opportunities.

�Nova Fish Farms has the inventory and the markets,� said Murray Schalin, Chief Financial Officer, Nova Fish Farms. �With this infusion of capital for modern equipment, the company will be able to add staff and increase production.�

The total value of the aquaculture industry has increased from $33.6 million in 2005 to more than $63 million in 2008. Additionally, the number of people employed in the industry has almost doubled to employ more than 1,000 people since 2005 and multiple spin-off benefits are being created everyday in relation to aquaculture projects throughout the province.

�This is an exciting venture for Nova Fish Farms and its team,� said Tracey Perry, MHA, Fortune Bay-Cape La Hune. �By improving its infrastructure and competitiveness, it is helping to make the Coast of Bays Region an attractive location for aquaculture companies to establish operations.�

This initiative was supported through the Small and Medium-Sized Enterprise (SME) Fund, which through Budget 2009: Building on Our Strong Foundation has more than $12 million available for investment. The SME Fund is available for start-up, modernization, or expansion of a business venture in key growth sectors. A maximum of $500,000 is available per project with an applicant investment of up to 20 per cent of project costs.

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2009 12 22                                                   10:35 a.m.