Suncor and Fort McKay First Nation celebrate business incubator opening
Calgary, Alberta (June 3, 2009) — Suncor Energy Inc. and Fort McKay First Nation today celebrated the launch of the Fort McKay Business Incubator (FMBI), an integrated one-stop centre for entrepreneurs to develop business ideas from concept to implementation stage, with the assistance of experienced professionals.
Fort McKay First Nation community members, Suncor representatives and government and industry officials helped to officially open the facility.
Located in the Dorothy McDonald Centre in the Fort McKay First Nation in northeastern Alberta, the FMBI is a co-operative venture between the Fort McKay First Nation and Suncor Energy. Its mandate will be to offer local, relevant, small business incubator services to community members of Fort McKay and to champion and nurture entrepreneurs by facilitating business planning and start-up activities. Examples of businesses range from catering, courier and support services to the Caribou Energy Park, Fort McKay, and the region's oil sands plants. The FMBI will provide services to resident businesses as well as other local businesses.
"We're pleased to celebrate the opening of this facility," says Chief Jim Bouchier of the Fort McKay First Nation. "The Business Incubator will be a significant factor in our community's economic development efforts. Not only will it encourage entrepreneurial activities in the area; it will also help develop our members' knowledge of core business fundamentals and encourage the development of early stage businesses."
The Business Incubator reflects the strong level of collaboration that exists between Suncor and the Fort McKay First Nation. Fort McKay participates in business opportunities presented by the oil sands industry and Suncor requires the logistical support of many small businesses, including those in Fort McKay, in order to operate. The Business Incubator is expected to help establish new businesses that meet the needs of the industry while creating opportunities for residents of the community.
"This really is about creating win-win solutions," says Kirk Bailey, executive vice president, Oil Sands. "The creation of the Business Incubator helps to establish long-term viable support businesses for the oil sands. This fits perfectly with our operating strategy and our commitment to sustainability."
The FMBI is a three-year pilot project and will feature a Board of Directors with two members each to be named from Suncor and the Fort McKay First Nation. A staff of two — a manager and administrative assistant — supported by an advisory committee of legal, accounting, marketing and entrepreneurial experts will provide services.
Suncor has provided $20,000 towards a FMBI feasibility study and will provide a further $64,000 in project funding. Operational funding and in-kind support may be provided by the company as the project progresses. The Fort McKay First Nation and the provincial government have also contributed funding towards the project.
A feasibility study and business plan identified skill/education, community strength and capacity building as benefits.
The launch of the FMBI follows on the April 8 announcement by Suncor of having achieved a
$1 billion spending milestone with Aboriginal partners on goods and services. The company was also recognized April 21 by Corporate Knights magazine as top company overall in terms of Aboriginal relations, given its joint ventures with Aboriginal groups, an Aboriginal representative on its Board of Directors, and strong "buy local" policy.
This news release contains forward-looking statements identified by the words "develop", "tapping", "progress", "goals", "continue", "expand", "future" and similar expressions that address expectations or projections about the future. Forward-looking statements are based on Suncor's current goals, expectations, estimates, projections and assumptions made in light of its experiences and the risks, uncertainties and other factors related to its business. Assumptions used to develop our outlook are based on year-to-date performance and management's best estimates for the remainder of the year. Readers are cautioned that actual results could differ materially from those expressed or implied as a result of changes to Suncor's plans and the impact of events, risks and uncertainties discussed in Suncor's current annual information form/form 40-F, annual and quarterly reports to shareholders and other documents filed with Canadian securities commissions at www.sedar.com and the UnitedStates Securities and Exchange Commission (SEC) at www.sec.gov.
Suncor Energy Inc. is an integrated energy company headquartered in Calgary, Alberta. Suncor's oil sands business, located near Fort McMurray, Alberta, extracts and upgrades oil sands and markets refinery feedstock and diesel fuel, while operations throughout western Canada produce natural gas. Suncor also operates a refining and marketing business which includes refining, retail, pipeline and distribution operations in Ontario, Canada and in Colorado and Wyoming in the United States. Suncor's common shares (symbol: SU) are listed on the Toronto and New York stock exchanges.
Suncor Energy (U.S.A.) Inc. is an authorized licensee of the Shell® and Phillips 66® brand and marks in the state of Colorado. Sunoco in Canada is separate and unrelated to Sunoco in the United States, which is owned by Sunoco, Inc. of Philadelphia.
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For more information about Suncor Energy Inc. please visit our web site at www.suncor.com .
For media inquiries, contact:
Brenda Erskine Suncor Energy: (780) 743-6480
Jeff Winsor, Fort McKay First Nation: (780) 828-2439
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