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March 30, 2007
For immediate release

Minister Currie Welcomes Workforce Expansion to Capitalize on PEI’s Growing Financial Services Sector

Development and Technology

Hon. Mike Currie, Minister of Development and Technology, is pleased to announce another company focused in the Financial Services sector is establishing operations on Prince Edward Island, as SeaQuation Inc. expands its corporate office in Charlottetown.

SeaQuation anticipates hiring up to twenty people to develop and support products for the North American market. The company will require employees with advanced skills in software development and mathematical and financial analysis.

SeaQuation Inc. is a 2005 spin-out of ING Group, based out of Maastricht in the Netherlands. The company provides professional services and is developing software to assist global financial services enterprises to optimize their IT Project Portfolios. Their current service and software in development will be used to optimize and benchmark Information Technology project portfolios and quantify the business value of these investments.

The SeaQuation North American operation will be based out of Charlottetown, PEI, and will service clients across North America and, in particular, New York, Toronto and Silicon Valley. The organization focuses on the financial services sector and is planning to develop software and conduct extensive research and development from its

Charlottetown office on Grafton Street.

Minister Currie said SeaQuation expressed an interest in Prince Edward Island as a base of operations to serve the North American market as a result of a recent Trade Mission to Europe.

“The Government of Prince Edward Island, under the leadership of Premier Pat Binns, is committed to attracting and developing exciting new employment opportunities for Islanders, here at home,” said Minister Currie. “Financial Services and Information technology are emerging industries that are diversifying the Island economy.”

“SeaQuation is very excited to establish our North American Operational Headquarter on Prince Edward Island. We have been impressed by the initiative and support of the provincial government, the encouragement of the local business community and the quality of the workforce on PEI,” said Dr. John Spangenberg, the CEO and founder of SeaQuation.

SeaQuation is eligible to apply for tax incentives under the Provincial Government’s Innovation and Development Tax Credit, a program that encourages companies to develop innovative business solutions on Prince Edward Island.

Media Contact: Major Stewart
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