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INVEST IN SASKATCHEWAN – SAVE TAXES, FINANCE BUSINESSES

Released on February 3, 2005

Saskatchewan's Labour Sponsored Venture Capital Corporation (LSVCC) fund managers expect another year of strong growth as Saskatchewan residents finalize their RRSP plans for the 2004 tax season.

The province's Invest in Saskatchewan LSVCC program provides individual investors with up to 35 per cent in tax credits and an RRSP deduction. These funds are invested in Saskatchewan companies to help them expand their operations in the province.

"Saskatchewan residents receive a substantial tax credit, and businesses in the province have access to another source of capital," Industry and Resources Minister Eric Cline said. "This program is an important tool to help our economy grow and create jobs."

The two Saskatchewan LSVCC fund managers - Crown Ventures Fund Inc. in Regina and Golden Opportunities Fund in Saskatoon – both predict that 2005 sales will surpass last year's. In 2004, the funds achieved $21 million in sales, a 14 per cent increase over the previous year. In fact, last year the Saskatchewan funds were the only provincial LSVCC programs that saw growth.

"Since LSVCC funds were first introduced to Saskatchewan in 1999, we have seen steady growth and, as a result, increased investment in Saskatchewan companies," Golden Opportunities Fund Inc. CEO Grant Kook said.

"These funds provide needed capital to both rural and urban businesses," Crown Ventures Fund Inc. CEO Randy Beattie said. "As fund managers, we continue to see good opportunities for investment in Saskatchewan and expect that the flow of capital into businesses will increase."

From 1999 to 2004, Saskatchewan residents invested $72 million in the LSVCC program and saved more than $25 million on their personal income taxes. The two funds, in turn, have invested in 45 companies across the province. Investors should contact their financial planners to get more information and purchase LSVCC shares. The shares cannot be purchased directly from the fund managers.

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For More Information, Contact:

Bob Ellis
Industry and Resources
Regina
Phone: (306) 787-1691

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