News Release

For Immediate Release                                           November 29, 2001

FINEWOOD FLOORING AND LUMBER EXPANDING WITH GOVERNMENT OF CANADA ASSISTANCE 

MIDDLE RIVER, N.S. -- A modernization and expansion project will help Finewood Flooring and Lumber of Middle River meet the growing demand for its kiln dried lumber products here in Atlantic Canada and overseas. The company will expand its plant and purchase equipment with assistance from the Government of Canada.

The total estimated cost of the project is $518,800. Enterprise Cape Breton Corporation (ECBC) will make a repayable contribution of $250,000 through ACOA’s Business Development Program. The Northside Economic Development Corporation Ltd. will provide a loan of $27,000. 

"There are beneficial aspects to this project, including the use of local suppliers and tradespeople for the construction phase, the creation of five full-time jobs, and the company's potential for increased export sales. The Government of Canada is pleased to assist this family-owned business achieve its growth objectives," said Mark Eyking, Member of Parliament for Sydney - Victoria, speaking on behalf of the Honourable Robert G. Thibault, Minister of State for the Atlantic Canada Opportunities Agency and ECBC. 

"We are extremely pleased and proud that the Government of Canada supports our plans for the future of this company and our efforts to keep our plant and equipment modern," said Candace Christiano, Vice President, Finewood Flooring and Lumber Limited. 

The project involves: the expansion of its production line to include more climate controlled production and staging areas, the reorganization of its production line to automate a manually intensive aspect of production through installation of a destickering line, and the conversion of the heating system from oil to allow the use of wood chip waste through the installation of a biomass burner. 

Funding for this project was provided for in the February 2000 Federal budget and is therefore built into the existing financial framework.

Enterprise Cape Breton Corporation offers programs in support of economic development initiatives and is responsible for delivering ACOA's programs on Cape Breton Island and in the Mulgrave area.

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FOR ADDITIONAL INFORMATION CONTACT:
Jennifer Savoy
Office of the Honourable Robert G. Thibault
Tel: (613) 941-7291
Fax: (613) 941-7844

Mark Eyking, MP’s Office
Tel.: (902) 567-6275
Fax: (902) 564-2479

Marcie Stanley 
ECBC Communications 
Tel: (902) 564-7876
Fax:(902) 564-3825

Candace Christiano, Vice President 
Finewood Flooring and Lumber Limited
Tel: (902) 295-1654