News Release

For immediate release
October 24, 2003

Louisbourg Seafoods Receives Government of Canada Assistance for
Market Development Plan

Louisbourg, N.S. – The Honourable Gerry Byrne, Minister of State responsible for the Atlantic Canada Opportunities Agency (ACOA) and the Enterprise Cape Breton Corporation (ECBC), today announced funding for a market development plan for Louisbourg Seafoods Limited in Louisbourg N.S.

The main elements of the plan include the identification of emerging fisheries and working with export customers to develop markets for underutilized seafood species such as rock crab, green crab, red crab, sea cucumber, toad crab, oyster, sea urchin and eel. Successful market development is expected to create a minimum of four new jobs while maintaining the 80 current positions at the plant.

“This announcement is being made during Small Business Week when we pay tribute to the significant contribution that small business owners make to our economy,” said Rodger Cuzner, Member of Parliament for Bras d’Or-Cape Breton, on behalf of Minister Byrne. “In Atlantic Canada, small business is the principal source of job creation and the Government of Canada is pleased to assist small business owners achieve their goals. Louisbourg Seafoods’ proactive marketing activities will lead to increased profitability and enhanced job opportunities for local workers.”

The total cost of the project is expected to be more than $115,490. Through the ACOA Business Development Program, Louisbourg Seafoods will receive a repayable contribution of $70,000.

“Product diversification and new markets are not only key to the sustainability of our company, but to the livelihood of local fishermen,” says James Kennedy, owner-operator of Louisbourg Seafoods. “ECBC’s support for this initiative helps us to create a more secure future for our workers and suppliers.”

Louisbourg Seafoods Limited is a 100 per cent Cape Breton-owned company founded in 1984. It is the largest processor of snow crab and groundfish on Cape Breton Island. The company is committed to sustainable community and resource development.

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.

The Business Development Program provides small to medium sized enterprises access to capital in the form of interest-free, unsecured repayable contributions.


FOR ADDITIONAL INFORMATION CONTACT:

Ralph Meechan
Office of the Honourable Gerry Byrne
Minister of State
Tel: (613) 941-7241

Office of Rodger Cuzner, MP
Bras d’Or-Cape Breton
Tel: (902) 842-9763

Mary Ann MacCormick
ECBC Communications
Tel: (902) 564-7269

James Kennedy
Louisbourg Seafoods Limited
Tel: (902) 733-2079