Bid accepted for former Britex Group Ltd.

Jan 14, 2004

HALIFAX - KPMG Inc., receiver of the former Britex Group Ltd., announced today that it has accepted a bid of $1.75 million for the facility, which was submitted by a business group led by Ed Logan, former Chief Financial Officer of Britex Group Ltd.

The selected bid includes an undertaking to carry on manufacturing operations in the Annapolis Valley. KPMG Inc. received three other proposals from parties that were offering to liquidate the assets.

"Going into this public process we had two major objectives - to see a profitable, long-term business opportunity for the site, and to recover as much as possible of what is owed to us," said Stephen Lund, President and CEO of Nova Scotia Business Inc. "We're happy that we've been able to meet both objectives."

The transaction must first be approved by the court, an application for which will be submitted within the next several weeks. Operations will continue in the interim, and if the court approves the sale, the transition to the new ownership group should occur by the end of January. At present, there are 110 people working at the site.

Nova Scotia Business Inc. is the province's business development agency, an organization that works with companies to deliver business solutions. The private sector-led organization works to attract new businesses to the province and help those already in Nova Scotia expand through services such as export development and financing.

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