News Release

For immediate release
February 16, 2004

Investments in Local Businesses to Help Grow Economy

SYDNEY, N.S. – Two private sector investments, - DynaGen Technologies Inc. and Copol International Limited - totalling close to $1.8 million were announced today by the Honourable Mark Eyking, MP for Sydney-Victoria.

“Small business growth and entrepreneurship are key components to long-term economic development,” said MP Mark Eyking. “The Government of Canada is pleased to be able to provide support to local small businesses that demonstrate their confidence in Cape Breton by investing in the local community.”

DynaGen Technologies Inc. will launch a significant R&D program to develop new products that will drive the company’s future growth. DynaGen manufacturers control products that act as the nerve-centre for small-scale power generation systems. The company’s electronic controllers and power switches automatically manage installations that provide back-up and supplemental power to a variety of users. These systems are crucial in meeting growing energy needs.

DynaGen markets its microprocessor-based controls, electrical switching components and intelligent electronic management systems world-wide. A locally-owned company, DynaGen has emerged as the fastest growing manufacturer of power generation controls. The company currently employs
25 people.

The total cost of this project is $750,000. Enterprise Cape Breton Corporation (ECBC) will provide a repayable contribution of $250,000 and a provisionally repayable of $250,000 through the Atlantic Canada Opportunities Agency’s (ACOA) Business Development Program (BDP).

Copol International Limited will acquire new equipment and modify existing systems. These capital improvements will help Copol continue to set the standard for the industry and establish new markets.

Copol International is a manufacturer of polypropylene film for packaging. It has been in operation in the Northside Industrial Park since 1992 and employs approximately 55 people.

The total cost of this project is $1,046,250. A $500,000 repayable contribution will be provided through the ACOA BDP and ECBC will make an additional repayable contribution of $23,125.

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


FOR ADDITIONAL INFORMATION CONTACT:

Stephen Heckbert 
Office of the Honourable Joseph McGuire
Tel: (613) 948-7293

John Coady
Office of Mark Eyking, M.P.
Sydney-Victoria
Tel: (902) 567-6275

Paul Wareham, CEO 
DynaGen Technologies Inc.
Tel: (902) 562-0133 

Dave Sawler
General Manager of Operations
Copol International Limited
Tel: (902) 794-9685

D.A. Landry
Enterprise Cape Breton Corporation
Tel: (902) 564-3617