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News Release
For Immediate Release
September 9, 2005
Sydney, Nova Scotia – Enterprise Cape Breton Corporation (ECBC) is
pleased to announce the successful negotiation for the sale of the Sydport
Industrial Park to the Laurentian Energy Corporation Inc. (LEC) of Sydney.
The $1.255 million price tag together with other negotiated benefits
recognizes the capital investment made by the LEC in the Park over the last
five years. Parameters for the negotiating process were established by the
ECBC Board of Directors and included the protection of the Crown asset, a
long-term diversified economic development strategy and environmental
responsibilities.
With support from New Dawn Enterprises, BCA Investment Cooperative, the
Membertou Development Corporation, and GCB Holdings Limited, the LEC has
plans to further develop the Park and will continue to foster its growth as
a focal point for industrial activity in the CBRM. “Our shareholders believe
the Industrial Park will play a key role in the redevelopment of our
Island’s economy and we will continue to aggressively pursue every
opportunity to make that a reality,” says Jim Kehoe, President of Laurentian
Energy Corporation.
Rick Beaton, Vice-President of ECBC, is satisfied the end result of these
negotiations represent a fair deal for all parties and is pleased to
recognize the on-going commitment of the LEC and its shareholders to see the
Park reach its full potential. “The mutual interest of the organizations and
individuals in this project demonstrates a faith in the future of economic
growth on the Island. A significant contribution to the restructuring of
Cape Breton’s economy will also be realized when the consortium successfully
implements their long-term goals,” says Beaton.
Enterprise Cape Breton Corporation offers programs in support of economic
development initiatives and is responsible for delivering Atlantic Canada
Opportunities Agency’s programs on Cape Breton Island and in the Mulgrave
area.
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For further information contact:
Rick Beaton
Vice President
Enterprise Cape Breton Corporation
902 - 564 - 3618
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