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SCOTIABANK, SOCO INVEST IN SASKATCHEWAN'S KNOWLEDGE-BASED INDUSTRIES

Released on October 24, 1996

Deputy Premier Dwain Lingenfelter, also minister responsible for
Saskatchewan Opportunities Corporation (SOCO), and Scotiabank's Senior
Vice-President, Prairie Region, David Chapman today announced the
establishment of the Opportunities Fund, a co-investment fund for
businesses involved in knowledge-based industries in Saskatchewan.

Initially established at $5 million, the fund will be administered by
SOCO. The fund is designed to make it easier for Saskatchewan's
rapidly growing knowledge-based businesses to access equity and patient
debt financing.

"The Opportunities Fund will provide Saskatchewan's rapidly growing
innovative businesses with the reliable source of home-grown capital
needed to ensure their competitiveness in Canada and abroad,"
Lingenfelter said.

"Saskatchewan's future growth and prosperity will increasingly depend
on the success of innovative knowledge-based businesses in such sectors
as agricultural biotechnology, human health, communications hardware
and software development, environmental technology, and advanced
manufacturing. The fund enhances Saskatchewan's ability to attract and
support economic growth in these important sectors."

The Government of Saskatchewan targeted knowledge-based industries in
its economic development strategy, Partnership for Growth and set the
objective to establish the fund being announced today.

"Scotiabank's partnership with SOCO reflects our commitment to helping
knowledge and technology intensive companies realize their full
potential, especially during their rapid growth stages," said Dieter
Jentsch, Senior Vice-President of Canadian Commercial Banking at
Scotiabank. "Quick access to capital is crucial for growth-oriented
businesses, and the Opportunities Fund provides an efficient way for
the bank to meet the diverse and specialized needs of these
businesses."

Capital investment will be made available for companies engaged in
developing new and innovative technologies, particularly export-
oriented and import-replacement ventures. Financing will be available
through a broad range of flexible equity and debt vehicles.

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For more information, contact:

Jan Carter
Director, Corporate Affairs
SOCO
Regina
Phone: (306) 787-8576

Dieter N. Jentsch
Senior Vice-President
Canadian Commercial Banking
Scotiabank
Toronto, Ontario
Phone: (416) 866-3737

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