FOR IMMEDIATE RELEASE

The following is distributed by Island Information Service at the request of PEI Business Development Inc.

Manufacturer of Sailing & Rowing Cruiser Begins Production in PEI

Belfast , PEI, October 1, 2004 — NorseBoat Ltd., located in Belfast , has begun manufacturing and marketing the NorseBoat 17.5. This innovative sailing and rowing micro-cruising boat was designed by world renowned naval architect firm Chuck Paine & Associates based on a concept by Islander Kevin Jeffrey. Constructed from a high quality epoxy-based resin and fibreglass composite, the NorseBoat 17.5 resembles a traditional wood lapstrake-style sailing and rowing boat.

“NorseBoat's design and early reviews suggest it holds great promise to be a very successful product for the company,” said the Honourable Lawrence MacAulay, Member of Parliament for Cardigan, on behalf of ACOA. “Developing trade and investment opportunities here in PEI is a key priority for ACOA and the Government of Canada is pleased to work with Mr. Jeffrey as he begins marketing the NorseBoat across North America and around the world.”

“The government of Prince Edward Island is committed to strategically investing in development projects all across the Island,” said Borden-Kinkora MLA Fred McCardle on behalf of the Honourable Mike Currie, Minister of Development and Technology. “Kevin Jeffrey recognized what the advantages of operating out of our province could offer and I wish him much success here in Prince Edward Island .”

The NorseBoat, which represents a new generation of small sailboats, is attractive, lightweight, seaworthy and affordable. Its construction and style make it a good daysailer, rowing and picnic boat, and a comfortable camping micro-cruiser. SAIL Magazine named the NorseBoat 17.5 one of the “Best Boats of 2004" and in the March 2004 WaterTribe Challenge, the NorseBoat placed first in the sailboat division.

Building of the boat's major components will be subcontracted to Cutting Edge Composites, an Island company experienced in vacuum-bag/resin-infusion fiberglass technology, with NorseBoat retaining ownership of all designs and proprietary tools such as fiberglass molds and jigs.

“This technology will give NorseBoat Limited a very competitive edge in the international marketplace,” said Kevin Jeffrey. “The Design is based on the open sea boats of traditional Norse sailor and partially decked beach skiffs used by fishermen in the 1800s along the New Jersey shore. Blended with this heritage are many design innovations and high-quality modern construction methods.”

For more information please visit www.norseboat.com

For more information, please contact:

Kevin Jeffrey
NorseBoat Limited
tel: 902-659-2790
kjeffrey@norseboat.com

Ron Crozier
Office of the Minister for ACOA
(902) 888-4150

Julie Whitlock
PEI Business Development
(902) 894-0367

Wes Harrision
ACOA PEI & Tourism
(902) 368-0842
wes.harrison@acoa-apeca.gc.ca