Innovation, Trade and Rural Development
January 15, 2010

Ocean Technology Manufacturer Expanding Internationally

Notus Electronics, a leader in developing underwater acoustics technology, is enhancing its research and developing capacity at its St. John's-based headquarters with the assistance of a $75,265 investment from the Provincial Government. With increased capacity, the company will be better positioned to meet growing demand in the North American, European, and Far East markets for its technology.

"Newfoundland and Labrador's vibrant ocean technology community continues to garner attention in markets across the globe," said the Honourable Shawn Skinner, Minister of Innovation, Trade and Rural Development. "As a government, we are committed to supporting companies like Notus Electronics to advance their business interests. Whether it is in the planning, product development, or marketing phase we are pleased to have the resources in place to support their growth."

Incorporated in 1992, Notus Electronics Ltd. has applied its wireless 360-degree acoustics technology to create high-quality net monitoring systems for the global commercial fishing industry. In addition to the North American marketplace, the company's key markets include the United Kingdom, Ireland, Denmark, Scandinavia, France, Holland, and Taiwan.

"Assistance from the Provincial Government has enabled us to meet our marketing and production objectives," said Francis Parrott, Marketing Manager, Notus Electronics Ltd. "Going ahead, we know there will be tremendous benefits for Notus, the oceans sector, and the entire province stemming from our collective focus on supporting and advancing ocean technologies."

With greater capacity at its St. John's office, the company will also be able to expand its reach into the Spanish marine market – home to the largest trawl and seine fleets in Europe. Notus Electronics completed an analysis of the opportunities attached to the Spanish market earlier this year with a $22,000 investment from the Provincial Government.

This funding was provided 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.

- 30 -

Media contacts:

2010 01 15                                    10:00 a.m.