EXPANSION AT INNOVATION PLACE MEANS JOBS

Released on September 21, 1998

Economic and Co-operative Development Minister Janice MacKinnon, also

minister responsible for the Saskatchewan Opportunities Corporation

(SOCO), today officially opened a major expansion of Innovation Place,

Saskatoon's world-renowned research and development park.



The expansion resulted in construction of three new buildings to

accommodate 14 new or expanding businesses. The cost of construction

was $21 million, which will be recovered by the province in rental fees.



"The kind of research and development that takes place at Innovation

Place is very important to all Saskatchewan businesses," MacKinnon said.



"At Innovation Place researchers test new ideas, new thinking and new

ways of doing things. This translates into new products and services

that other businesses can then produce and get to a world market. Most importantly it adds value to our economy."



The minister also said the expansion has resulted in more jobs for

highly skilled workers such as lab researchers and scientists in

specialized areas such as ag-biotechnology and animal and human

sciences. A recent study, conducted by the University of Saskatchewan

Studies Group, shows that Innovation Place has created 3,562 jobs and

has an annual economic impact on the province of $195 million.



"Economic experts say the economies that will prosper in the

years ahead are those that increase the number of knowledge

workers in the work force -- those who are paid for what they

know. Knowledge is one of the most valuable assets for any

organization. This expansion of Innovation Place is expanding

Saskatchewan's base of knowledge workers."



MacKinnon paid tribute to two ag-biotech pioneers who have

portions of the Innovation Place infrastructure named after them.

One of the new buildings is named after the late Dr. Burton

Craig, who did pioneering work in the development of oil from

canola seed. Downey Road, within Innovation Place, is named

after Dr. Keith Downey, who headed the canola and mustard

improvement project at the Saskatoon Research Station until he

retired in 1993.



SOCO is a provincial Crown corporation that works to expand the

economic base of the province by investing in viable businesses,

and managing research parks such as Innovation Place and the

Regina Research Park.



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For more information contact:

Irene Rau

Director, Corporate Affairs

SOCO

Phone: (306) 787-8576



Austin Beggs, Marketing

Manager

Innovation Place

Phone(306) 933-7464