Minister Expresses Disappointment Over ITI News

ECONOMIC DEVELOPMENT--Minister Expresses Disappointment Over ITI News

Economic Development Minister Gordon Balser expressed disappointment over the news today that ITI Education Corporation has entered into voluntary receivership.

"We are very disappointed with the situation the company is in and, of course, very concerned about the impact it will have on ITI employees and students," said Mr. Balser.

ITI has made a request to the provincial government for a $10 million loan guarantee. Over the course of several months, however, the company's proposal changed repeatedly and lacked important information.

"We have to be very careful with every taxpayer dollar," said Mr. Balser. "And that means taking a close look at every request that would put public money at risk. In this case, the company was not able to provide the detail we needed to make a responsible decision."

"The whole IT sector has been extremely volatile over the last few months, and that's led to many changes, sometimes from one week to the next," added Balser. "That volatility made it even more important to be careful with taxpayers' money."

The provincial Department of Education will work with ITI students, as it has with other private career colleges, on options that will enable them to complete their training.