Province Invests $16.4 million to Complete Broadband, Grow Economy

As Nova Scotia's groundbreaking broadband project nears completion, the province is investing in a Sydney area technology company to help businesses and residents compete in the global economy.

Through the Industrial Expansion Fund, the province is making three secured and repayable investments totalling $16.4 million in Seaside Wireless and Seaside Communications. The investments are a 15-year loan of $7-million to Seaside Wireless and a short-term loan of $5.4-million to Seaside Wireless, which is to be repaid when Seaside receives its final payment under the broadband contract. The investment also includes a $4 million interest-bearing equity stake in Seaside Communications. Seaside's investors will also contribute an additional $2.5 million.

"Today fast, reliable, and affordable Internet access is available to over 99 per cent of the province," said Bill Estabrooks, on behalf of Percy Paris, acting Minister of Economic and Rural Development. "This gives residents and businesses the tools they need to be innovative and compete in the global economy."

When complete, the broadband project all Nova Scotians will be able subscribe to fast, reliable and affordable Internet service.

This investment will also help ensure 70 high-quality, long-term jobs are sustained in northern Nova Scotia and Cape Breton.

"With this unprecedented infrastructure in place, continued innovation will be the key to maintaining Nova Scotia’s lead," said Adrian Noskwith, President of Seaside Communications.

"We are grateful for the province's foresight in recognizing the long-term challenge posed by technological advances, thereby ensuring that Nova Scotians continue to receive the best Internet service possible."

The Industrial Expansion Fund helps industries with innovation and technology, and contributes to a prosperous and sustainable business climate for Nova Scotia. The fund helps protect jobs and support businesses to be more competitive and sustainable. It provides financial support, such as loans and guarantees.

Founded in 1976, the Seaside group is a privately held business with more than 100 employees and about 19,000 connected households and businesses in its combined telecommunications operations. Services include cable television, telephone, and high speed Internet. The company operates more than 1,000 kilometres of fibre-optic cable.

Under Nova Scotia's rural broadband project, Seaside is building 198 communications towers spanning 28,000 square kilometers in the nine northern counties of Nova Scotia. Seaside also holds ownership interests in IT and clinical research companies employing another 50 highly skilled technical staff.