Business New Brunswick

Government invests in Barrett Xplore Inc. (09/05/26)

NB 735

May 26, 2009

WOODSTOCK (CNB) - The provincial government is helping the expansion of Woodstock-based high-speed Internet provider Barrett Xplore Inc., which will create up to 200 jobs. Premier Shawn Graham and Jack Keir, acting minister of business New Brunswick, made the announcement today.

(Multimedia)

"I'm proud to help this New Brunswick company get access to credit in these difficult financial times," said Graham. "Barrett Xplore Inc. is helping bridge the digital divide between rural and urban areas by providing affordable high-speed Internet access to underserved areas across Canada. This assistance will help ensure the future growth and success of this company."

The province is providing a $10-million loan guarantee, primarily as working capital for construction of New Brunswick's rural high-speed Internet network, creating up to 100 direct jobs. An equal number of new, indirect jobs are anticipated through new installers and dealers in communities across New Brunswick.

"Barrett Xplore Inc. is a significant employer at its offices in Woodstock and Fredericton, and this financial assistance will strengthen the company and its employment presence in those communities," said Graham.

The company is under contract with the province to provide high-speed Internet to the remaining 10 per cent of residents who do not currently have it. The project is scheduled to be complete by July 2010, and will make New Brunswick the first jurisdiction in North America to have 100 per cent broadband coverage for all residents and businesses.

"We are grateful for the government's continued support of our company through this loan guarantee," said Barrett Xplore Inc. Chairman Bill Barrett. "With this help, we can continue the expansion of our broadband network for the benefit of underserved New Brunswickers, and all Canadians. We look forward to bringing the benefits of our growing success back home to New Brunswick."

"Making strategic investments in local businesses is important for job maintenance and company growth," said Keir. "Our government provides the means for productivity and profitability in a challenging economic environment. Continuing to make strategic investments and cultivating partnerships will help us toward our goal of self-sufficiency by 2026."

09/05/26

MEDIA CONTACTS: Ryan Donaghy, communications, Business New Brunswick, 506-453-2694, e-mail: ryan.donaghy@gnb.ca; Darlene Doucet, Barrett Xplore Inc., The Bristol Group, 506-381-1294.

09/05/26