Winnipeg Free Press

Winnipeg Free Press (Newspaper) - March 6, 2001, Winnipeg, Manitoba Business Winnipeg free March 2001 takeover of Carton factory welcomed by Geoff Kir Fayson the general manager of a Winnipeg folding Carton Plant is confident its new owners will help grow its business by 25 per cent Over the next four John Apgar said yesterdays Deal announcing the Sale of the Crown packaging folding Carton division to paperboard industries International will Benefit his Plant because folding Cartons is the new owners Core were quite pleased with the we feel it will provide us with some they Are committed to growing the business and expanding in our Bogar he noted the company Busi Ness plan Calls for increasing the business to million in annual revenues by up from million this year and million in he said he anticipates much of the growth will come from the where the company exports 30 per cent of its the remaining 70 per cent is shipped primarily within Western including 15 per cent in transition Bogar said he expects the Tran which is expected to close next will be with All 180 employees keeping their no financial details of the Deal were the located in East Kildo will be part of the Somerville packaging division of paperboard and will be known As Somerville Western it manufactures Cartons Pri Marily for the dry food including potato Frozen food and its clients include general Mills and it also produces the six and 12pack boxes used by local microbrewery fort Garry brewing the built in has been owned by Crown since it has an annual converting capacity of approximately metric tons of biotechnology company could raise in new capital medicare to test equity markets by Martin Cash and Geoff Kirbyson Winnipeg biotechnology com Pany medicare is bucking the trend and will test the equity markets with a new offering of shares that could raise As much As million in new capital for the the final prospectus filed late Friday is for a maximum of million priced at per the general equity markets and pedicures shares in particular have come Down since the preliminary prospectus was filed in Early but company officials Are looking to continue clinical trials of its Lead which is designed to reduce heart damage from heart attacks and to protect the heart against injury resulting from coronary bypass surgery and in when the preliminary prospectus was pedicures shares were trading in the to they closed unchanged yesterday at in trading on the Canadian venture Exchange the tse biotechnology and pharmaceutical Index has come Down proportionately since when the prospectus first came out in it was before the said Brent a Vic president at Wellington West capital agents for the offering along with Groome but biotechnology still has some sup and the Story is Strong enough that we think it is in Bottomley said there Are four Large institutions that have already bought into the offering which is scheduled to close March although company staff were unavailable for comment a prepared statement indicated the net proceeds of the offering will be among other to provide further funding for planned phase ii and phase Iii clinical trials into the Efficacy of funds from the offering will also support the continued growth of the company cardiovascular drug discovery and acquisition medicare is expected to move into a new South Winnipeg office this it will occupy approximately two thirds of a new building currently under construction at the Corner of Waverly Street and Buffalo according to Murray Commer Cial real estate agent for Colliers the new building will allow the company to bring some of the research being done at several different labs under one Albert pedicures has said in the past that the company has enough Money to get through the cur rent Calendar but Bottomley pointed out that phase ii clinical trials have a High Burn rate and that the company was committed to continuing the research without concern about running out of you cant very Well go to the Bank and borrow Money for this Type of Bottomley he said the pricing Means retail buy ers Are getting a resp investors but no charges in sight Federal tax Agency estimates its by Paula Arab Toronto two years after authorities became aware of a tax scheme that targets resp investors in need of Quick investigators Are still looking for culprits and no charges have been the Canada customs and Revenue Agency has audited one promoter and identified 20 others All in Quebec and is turning its investigation to West Ern where More Are believed to be but the formerly called Rev Enue Doest plan criminal charges against the who they say charge desperate investors a fee to improperly Cash put their resp they convince investors it can be done in such a Way As to avoid paying income when in fact the tax is theres no criminality there that something for the police to look said Collette a spokeswoman with the which recently sent out letters to 500 potential victims telling them they owe Back she said Peoples individual Circum stances and their ability to pay will be taken into but the tax debt will not be written our responsibility is to reassess that tax we will not be prosecuting fraudsters because it is not our said who said its up to the victims to report the matter to the that Hast said staff Pierre ramp fraud chief in the Montreal if there would have been i would in in charge of the fraud group said the Revenue Agency says As Many As people have been mainly Quebec investors in locked in plans such As corporate pension regulators investigating the which has been investigating the scheme for about two estimates it is owed million in income provincial regulators such As the Ontario securities commission Are investigating similar promoters advertise unlocking retirement savings plans for a allowing investors to make a withdrawal without paying income they then offer whats called a share Swap a Legal Way of getting Cash by swapping an equal value of shares of an res eligible company into the but shares of privately traded companies have to be res eligible and those from a Shell company that is not doing business Are the second stage of the scheme is a loan from the promoter to the investor in the amount of about 75 per cent of the resp with the remaining 25 per cent is the fee that investors pay for the questionable we have observed that in some cases the loan was not it didst so investors lost every said Ben Legal counsel to the which has been investigating a similar scheme in Ontario for two once the tax Man declares that the share Swap int the investors Are left with worthless paper in their resp an income tax Eggers said hundreds of people and millions of dollars Are involved in the Osc the harshest penalty the promoters Are subject to under income tax Laws is a Fine calculated As a percentage of total defrauded said Canadian press tax break deadline is extended Ottawa the deadline to take advantage of one of Ottawa pro posed new tax Laws has been extended because of Public conf Federal officials said yester too Many people and companies didst understand How to take advantage of the proposed new tax break on Stock options and missed the deadline to officials the outlined in the february 2000 especially helps companies that want to pay employees part of their compensation in Stock options a practice popular in the High tech but confusion surrounding How to apply for that tax deferral has led Ottawa to extend the 15 officials say How Many people Are but Treyve been swamped with Calls from a significant number of people who didst realize what paperwork they needed to file before that includes filing a form that states the employees desire to defer being taxed until they Actu ally exercise their Stock the measure is subject to a the new deadline to Register deferrals is Likely Many months Down the Canadian press 2001 caravan be feature Van includes a v6 engine with 4 Speed automatic sunscreen cruise tilt Power locks and heated stereo with 6 speakers and plenty More 28c my my a emf w own twin com i Rai Doldi your big 2 Winnipeg Chrysler Dodge jeep retailers Eastern Cocci if int 1900 main Street 3392011 Chrysler Dodge 8882343 Chrysler jeep 730 Portage 7744581 Poole Chrysler jeep 300 Pembina 2846650 1430 Ellice 7744444 do dub Chrysler of up 1375 Regent 6618999 1700waverteyst 6615337 2000 Polk Cadi Deal with Volvo will let Strong co create new jobs by Murray Mcneill Strong co May create new jobs in Manitoba but the number wont come close to Matching the approximately 55 positions it will Cut in May As part of a reorganization of its manufacturing a company official confirmed yes Larry chairman of the Mississauga based said Strong co is close to finalizing an agreement to become the exclusive distributor in Manitoba and Alberta for Volvo construction equipment North Pirnak said if Strong co does become Volvo constructions distributor till Likely have to hire sales mechanics and maybe parts but he agreed the new wrings wont be anywhere close to 55 were talking just a fraction of a Small fraction Strong co announced two weeks ago that its subsidiary Strongo engineered systems will close its Winnipeg manufacturing Plant at the end of May and shift the work to Alberta and about 55 of the plants approximately 60 workers Are expected to lose their jobs As a result of the Clos which senior company officials blamed on a shifting Cus Tomer operational inefficiencies and concerns about a possible economic slowdown in Pirnak said Strong co would be Volvo constructions exclusive distributor in Manitoba and Alberta because most equip ment manufacturers dont want their distributors carrying a competitors As As a Strong co also announced yesterday that by May 31 it will no longer be a distributor for Hitachi construction machinery Canada Ltd a firm which manufactures excavator equipment Volvo also manufactures excavator Inco Chat about future of Voisey Newfoundland wants to reopen discus Sions with Inco on development of the Voisey Bav min eral find in Premier Roger Grimes revealed yesterday that he met sat urday in Toronto with officials from the first meeting Between the two sides since negotiations were suspended in january the purpose of the informal meeting saturday was to determine if there was a continuing interest in the Voisey Bay Grimes said in a we believe there is and As further discussions should occur talks Between the province and Inco ended under former Premier Brian who insisted development of the massive Voisey Bay Mineral Deposit occur unless Inco agreed to build a Nickel smelter in v press ;