2-02522

GOVERNMENT OF CANADA SUPPORTS REGROUPEMENT MAMIT INNUAT IN ACQUIRING A MARINE PRODUCTS PROCESSING PLANT

GATINEAU, QUEBEC (November 15, 2004) - The Honourable Andy Scott, Minister of Indian Affairs and Northern Development, and the Honourable David L. Emerson, Minister of Industry, are pleased to announce funding of $600,000 to Regroupement Mamit Innuat for the acquisition of Poissonnerie Fortier et Frères Inc., a marine products processing plant based in Sept-Îles. The total cost of the project amounts to $1.5 million.

In acquiring this plant, Regroupement Mamit Innuat plans to add processing activities to its harvesting/fishing operations and implement an export strategy. This will expand the company and contribute to the creation of new jobs for Aboriginal people.

Under the Resource Acquisition Initiative, Indian and Northern Affairs Canada has contributed $350,000. Through Aboriginal Business Canada, Industry Canada has provided $250,000. Regroupement Mamit Innuat, a Tribal Council representing the First Nations of Ekuanitshit, Unamen Shipu and Pakua Shipi, has invested $350,000. The balance of the funding has been sourced through debt and equity financing.

"The Aboriginal labour force is increasing twice as fast as the national average," said Minister Scott. "This means that 160,000 new jobs will be needed to maintain the current employment level among Aboriginal people. Today's investment is helping us achieve this objective. It is also an important step in improving First Nations' economic development, as well as their quality of life."

"Among its priorities, Aboriginal Business Canada supports innovation as well as trade and market expansion," said Minister Emerson. "The program's contribution will enable the company to diversify its activities and tap into new markets, both at home and abroad."

Guy Berthe, Director General of Regroupement Mamit Innuat, said, "the acquisition of a company, well-established in the community for the past 40 years, is part of the strategic planning of Regroupement. The Corporation holds a shellfish and mollusc (crab, lobster, scallop and whelk) fishing licence and determined that it was time to add processing and sales to the harvesting operation. Establishment of vertically integrated operations will create enhanced economic spinoffs and promote the creation of more jobs."

The acquired company is the most economically viable processing plant in the region of Sept-Îles. Since the new owners wish to preserve the positive image the company built since the sixties, they will keep its original name, Poissonnerie Fortier et Frères Inc.

In accordance with the commitment stated in the 2004 Speech from the Throne, the Government of Canada wishes to see economic opportunities materialize for the benefit of Aboriginal people and their communities. The contributions provided to Regroupement Mamit Innuat demonstrate this commitment.

The purpose of the Resource Acquisition Initiative of Indian and Northern Affairs Canada is to help First Nations and Inuit people leverage their funding opportunities to start or develop companies to open new markets in the natural resources sector. To find out more, please refer to www.ainc-inac.gc.ca/ps/ecd/edp_e.pdf.

Aboriginal Business Canada promotes the growth of Aboriginal businesses throughout Canada. The program provides information and financial assistance to eligible Aboriginal entrepreneurs and organizations. Priority is given to investments that foster innovation, trade and market expansion, tourism, youth entrepreneurship and the strengthening of Aboriginal financial and business development organizations. For more information, please visit www.abc-eac.ic.gc.ca.


This news release is also available on the Internet at: www.abc-eac.ic.gc.ca

For more information, please contact:

Hélène Philippe
Regional Communications Manager
Quebec Regional Office
Indian and Northern Affairs Canada
(418) 648-7675

Joanne Spanton
Manager, Marketing and Program Relations
Industry Canada, Aboriginal Business Canada
(613) 954-4061

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