Manitoba Backs McKenzie Seeds Purchase

WINNIPEG - Jul 24/02 - SNS -- The Manitoba government provided a $3 million secured repayable loan to allow two individuals buy the Brandon-based McKenzie Seeds, says Industry, Trade and Mines Minister MaryAnn Mihychuk.

McKenzie Seeds is a seed packaging and marketing company that employs in excess of 200 individuals and is a major economic enterprise based in downtown Brandon. Currently, McKenzie Seeds estimates it has 60% share of Canada's packet seeds market.

As part of the package announced today, the provincial government has provided a $3 million secured, repayable loan through the Manitoba Industrial Opportunities Program (MIOP). The MIOP loan supported an investment by a management led, local ownership group that has purchased McKenzie Seeds from the current owner. The new owners of McKenzie Seeds are Michael Fearon, president and CEO, and Ken Robinson, vice-resident of finance and operations.