In keeping with government�s commitment to ensuring the long-term stability of our province�s fishery, government is taking the next steps in addressing the potential sale by Fishery Products International (FPI) Limited of certain assets.

The Honourable Tom Rideout, Minister of Fisheries and Aquaculture, today acknowledged that government has received information from FPI Limited regarding a potential sale by the company of certain assets. "Government will now engage in a data collection and evaluation process. This information is needed to assist government in our decision-making process."

Government will continue to review the information provided by FPI Limited in the coming days but expects that more information will be available to the public in the near future.

"The information that government can provide to the public at this time is limited, due to securities legislation and market regulations," said the minister. "Under these, FPI Limited must provide any specific information on proposals or offers. Therefore, the company will have to speak to any specifics in terms of what has been offered to FPI."

Minister Rideout said, "Government will only consider a course of action that assures protection of the public interest. It is absolutely critical that government be certain that FPI�s Enterprise Allocations will remain in the province for the long term, including the transferal of company quotas to the province by the federal government."

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

2007 02 19                                                   4:45 p.m.