The following statement was issued by the Honourable Trevor Taylor, Minister of Innovation, Trade and Rural Development. It was also read in the House of the Assembly:
Grand Bank Company Experiences Rapid Growth
I would like to inform my colleagues today about an investment the Provincial Government is making in a Burin Peninsula company.
Recently, the Department of Innovation, Trade and Rural Development approved a $250,000 loan from its Small and Medium-sized Enterprise Fund for Dynamic Air Shelters Incorporated of Grand Bank.
Dynamic Air Shelters manufactures inflatable shelters for the promotional, medical and first response markets, and inflatable industrial shelters for the oil and gas industry. Last year, the company closed its Calgary production facility and transferred its production equipment and raw material inventory to its manufacturing facility in Grand Bank.
Since moving its manufacturing headquarters to Grand Bank, Dynamic Air Shelters has aggressively pursued new markets, including participating in my department�s trade missions. Recently, the company attended anevent in West Virginia and promoted its industrial shelter product line to key decision makers with a US firm that provides services to many US oil refineries. Dynamic Air Shelters is now hoping to be identified as a firm that can provide solutions in temporary shelter and structural requirements for firms servicing the oil and gas refinery sector.
Mr. Harold Warner, President of Dynamic Air Shelters, says the company�s rapid growth has resulted in significant staff level increases over the past eight months. Rapid increases in growth can result in working capital challenges and strains on equipment and infrastructure. Mr. Warner says that Dynamic�s ability to respond to these challenges while reacting to upcoming increases in production has been improved significantly as a result of the Department of Innovation, Trade and Rural Development�s assistance. He adds that the cooperation between government and his innovative and dedicated staff have propelled an enterprise that truly represents the great opportunities that exist for companies that manufacture in rural Newfoundland and Labrador.
This company has positively affected the economies of Grand Bank, the Burin Peninsula, and the province. This funding will help the company to continue its impressive growth, and ensure that employment levels are maintained and built upon. I congratulate Dynamic Air Shelters on its achievements to date and wish them every success in the future.
2007 05 01 1:45 p.m.
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