NB 1332
Oct. 30, 2006
SAINT JOHN (CNB) - The New Brunswick Innovation Foundation (NBIF) has completed a $250,000 equity investment in Open Ocean Systems Inc, a newly established Saint John-based company. The investment was announced today by Robert MacLeod, NBIF acting chairman, who was joined by Premier Shawn Graham and the President of Open Ocean Systems Inc., Andrew Storey.
Open Ocean Systems Inc., a company in the rapidly emerging open ocean aquaculture sector, is focused on the development and commercialization of its unique and proprietary submersible open ocean aquaculture cage system. Open ocean aquaculture is best described as fish farming activities in marine settings outside of sheltered coastal areas.
"Investments made by the foundation are giving outstanding young companies such as Open Ocean Systems Inc. the chance to grow and succeed right here in New Brunswick," Graham said. "We are proud to partner with and continue to fund the New Brunswick Innovation Foundation, and to form partnerships with emerging companies like Open Ocean Systems Inc. throughout New Brunswick."
"The NBIF is positioned to assist home-grown early stage companies with a commitment to innovation as they pursue international growth opportunities," MacLeod said. "By investing in companies such as Open Ocean Systems Inc., we enable them to participate fully in today's global economy and to generate economic success right here at home in New Brunswick."
"The NBIF is an essential partner in our company," Storey said. "In addition to their investment, they bring a tremendous amount of expertise and knowledge, which will help Open Ocean Systems Inc. move forward in the international marketplace."
The NBIF, a catalyst for innovation and change in the province of New Brunswick, is focused on stimulating innovation as a means of improving productivity and advancing the knowledge-based economy. The NBIF supports innovation by making targeted, leveraged investments in research and development and early stage innovative companies in New Brunswick.
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MEDIA CONTACTS: Isabelle Losier, New Brunswick Innovation Foundation, 506-452-7782; Communications, Office of the Premier, 506-444-2286; Andrew Storey, Open Ocean Systems Inc., 506-672-7968.
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