March 8, 2010
MONCTON (CNB) - The provincial government is providing a $300,000 forgivable loan to Fancy Pokket Corp, a manufacturer of bakery products, to help expand its Moncton location and safeguard 48 jobs.
"We are proud to partner with this local company as it continues to grow and provide solid paycheques to New Brunswickers," said Business New Brunswick Minister Victor Boudreau. "As a government, we have committed to support companies with a proven track record and a growing customer base. Fancy Pokket Corp. is one of those companies and I am pleased to be able to invest in their success."
The government has reached an agreement in principle to provide Fancy Pokket Corp. with the forgivable loan to support a $2 million capital expansion. The company has constructed a mezzanine area for its new pita line, and modified its existing pita line.
The company was established in 1989 as a three-person bakery. In the last two decades, it has expanded to 48 employees who produce pita, bagels, pizza crust, Greek pita, pita pouches, and tortillas. About 80 per cent of the products are exported to grocery stores, restaurants and convenience stores outside New Brunswick.
"We are extremely grateful to the province for this investment in our company and our employees, and for their confidence in our product," said company owner Mike Timani. "This funding will assist us in achieving our goals as a company, and will also help us to continue supporting our local economy."
MEDIA CONTACT: Ashley Bursey, communications, Business New Brunswick. 506- 461-0942, email@example.com; Mike Timani, president, Fancy Pokket Corp., 506-853-7299.