A West Coast company has become one of the many to benefit from the Provincial Government�s efforts to support the development of the fishing and aquaculture industries through unprecedented funding and programming.

"The development and acquisition of new technology are extremely important to the further growth of our fishing and aquaculture industries," said the Honourable Tom Rideout, Minister of Fisheries and Aquaculture. "To that end, our government is extremely pleased to support Newfoundland and Labrador companies in their efforts to expand and improve their operations through new and innovative projects that will allow them to become more competitive."

The Fisheries Technology and New Opportunities Program was created under the Fishing Industry Renewal (FIR) Strategy. The Provincial Government has allocated $6 million over three years for this initiative, which is part of a $140 million undertaking for the various programs and provisions that are part of this strategy.

This new initiative will allow Allen�s� Fisheries Limited to store live mussels and lobsters at a cool and constant temperature year-round so that wastage is reduced and product quality is increased. It will allow for the holding of these species until markets are at their peak and ensure product availability when needed in the marketplace.

"It is encouraging to the aquaculture industry, a growing business in my district that the government provides funding to companies to explore new technologies so they can produce a higher quality product and grow their business. This investment will allow Allen�s� Fisheries Limited to be more competitive in today�s market," said Terry Loder, MHA for Bay of Islands.

"The objective of this program is to achieve the best possible returns for the industry, in the harvesting, processing and marketing sectors," said Minister Rideout. "This is a clear indication of our government�s commitment to the fishing and aquaculture industries and indeed to rural Newfoundland and Labrador."