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Community Fund Targets Green Investments02.01.2008
The Sustainable Islands Community Economic Development Investment Fund
127 Second Street, Westport, NS B0V 1HO
FOR MORE INFORMATION CONTACT:
Dana Morin
E-mail: info@islandscedif.com
Phone: 1-902-839-2078
For Immediate Release:
Community Fund Targets Green Investments
Westport, Nova Scotia-January 30th, 2008 - A new community economic development investment fund (CEDIF) has launched to make sustainable, environmentally friendly investments in the Long and Brier Islands area of Digby County. The Sustainable Islands Community Economic Development Investment Fund Inc. (Islands CEDIF) has received a letter of non-objection from the Nova Scotia Securities Commission to offer shares which are eligible as a RRSP contribution and for a 30% non-refundable Nova Scotia Equity Tax Credit against Nova Scotia income taxes payable if held for 5 years.
The fund will make investments in new and existing businesses involved in renewable energy and fuels, environmental industries and eco-tourism. Their first offering will target developing wind and tidal power on the islands and the infrastructure to manage and grow the fund over the long-term. The team is also assessing opportunities for future investments such as eco-friendly greenhouses, green transportation, a seniors complex and a construction company focused on the building or renovation of environmentally conscious and energy efficient buildings.
Led by President Jimmy Outhouse of Westport, the board of directors are enthusiastic about the economic and employment opportunities the fund could generate in the area as well as becoming a model of sustainable community development.
"We are a small community that is used to taking care of our own and the CEDIF model allows us to invest in the community and have a direct say in the management and use of these funds. The board of directors are key members of our community already committed to the prosperity of the Islands as village commissioners, volunteer fire fighters and first responders, caretakers of our libraries, community centers, and cemeteries. If anyone can make the vision of the Islands CEDIF a reality, it is this group. " says Outhouse.
Several board members including Managing Director, Dana Morin, are experienced proponents of community economic development and were instrumental in the formation of the network of CEDIFs referred to as the Scotian WindFields involved in the start-up of such green companies as Renewable Energy Services Ltd., Scotian WindFields Inc., Fourth Generation Capital Corporation and most recently Fundy Tidal Inc.
Under the Nova Scotia's Community Economic Development Investment Fund (CEDIF) initiative of the NS Department of Economic Development, individual community funds are permitted to raise up to $3 million per offering to invest in eligible businesses in their defined community.
Investments in a CEDIF are eligible as a RRSP contribution and for 30% non-refundable Nova Scotia Equity Tax Credit against Nova Scotia income taxes payable if held for 5 years. Shareholders may qualify for subsequent tax credits in the 6th (20%) and 11th (10%) year after making the initial investment if the CEDIF meets the additional requirements under the NS ETC legislation to qualify the CEDIF's shareholders for these tax credits.
According to the NS Department of Economic Development, there are now 41 CEDIFs in Nova Scotia that have successfully closed at least one offering. These Funds, through a total of 67 offerings, now manage over $25 million in assets.
"The goal of the Islands CEDIF is to be "Green by 2018" wherein we have 100% of our energy supply coming from renewable energy sources and we have reduced our greenhouse gas emissions to acceptable global standards. Long and Brier Islands are blessed with some of the best wind and tidal resources in the province if not the world, more than enough to provide a sustainable source of energy, now and in the future for these islands. Our aim is to harness this resource to insure a reliable, affordable energy supply for generations to come." says Treasurer Norma Dakin.
For further information on the Islands CEDIF, the CEDIF program, upcoming meetings or to obtain a copy of the Islands CEDIF Offering Document visit
You may also wish to join us for one of our public meetings to be held at 7pm at the Islands Consolidated School in Freeport on Wednesday, February 6th, 2008, at the Westport Community Hall on Monday, February 11th, 2008 or in Tiverton on Tuesday, February 12th, 2008 at the Community Hall.
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"This notice is not to be construed as an exempt offering to the public in Nova Scotia unless a simplified offering document relating thereto has been filed with and its use has not been objected to by the Nova Scotia Securities Commission. The offering is made by the simplified offering document only and copies thereof may be obtained from such sales agents and finders as may lawfully offer these securities in Nova Scotia."
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