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Lunenburg Working Waterfront Investment Fund



Press Release February 10, 2010

Lunenburg Working Waterfront Investment Fund Ltd. (formerly Covey Island Boatworks Investment Fund Ltd.) launches new CEDIF share offering

Lunenburg Working Waterfront Investment Fund Ltd (LWWIF) (formerly the Covey Island Boatworks Investment Fund Ltd.) has changed their name to better reflect their mandate in helping “To Revitalize the Working Waterfront" in the Town of Lunenburg.

They are also pleased to announce a new share offering just in time for this year’s RRSP season and upcoming deadline of March 1st. For more information on this investment opportunity please visit their website at www.LWWIF.ca

Gerald Keddy, Member of Parliament for South Shore – St. Margaret’s said “The Lunenburg Working Waterfront Investment Fund will not only play an active role in the revitalization of Lunenburg's waterfront, it will provide investors with the opportunity to see their money working at home, in their community."

"The Lunenburg Waterfront Association (LWA) is pleased to see this initiative and supports the idea of a CEDIF with the objective of stimulating business and economic activity on Lunenburg's waterfront" said Jim Eisenhauer, President, Lunenburg Waterfront Association Inc.

"I'm delighted to see any efforts to invest in Lunenburg's waterfront. Lunenburg has a long history of people investing in their own community, and this is an excellent endeavour to enable individuals to do just that" said Pam Birdsall, MLA for Lunenburg.

The fund has been set up under the Nova Scotia government's Community Economic Development Investment Fund (CEDIF) program, designed to encourage Nova Scotians to invest within their own province. This gives Nova Scotian investors a 35%, non-refundable tax credit against Nova Scotia taxes paid or payable and RRSP eligibility. Further tax credits may be available up to an additional 30% if certain conditions are met by the CEDIF and the government extends the program beyond Feb. 29, 2012.

LWWIF is a pool of funds that will be used to help finance marine related businesses looking to locate, start-up or expand on the Lunenburg Waterfront in consort with the UNESCO Heritage site designation. The fund has already approved a loan to one business in Lunenburg but many more possibilities exist including: boat building and repair, a marina, fisheries related businesses, sail lofts, rigging services, chandlery, shipwright training, sail training schools/ships, boat sales & brokerage and more.

Currently, the Nova Scotia government estimates less than 2% of the $660 million dollars Nova Scotians invest annually in RRSPs remains in the province. Since being introduced in the late 90's, over 44 CEDIFs have been established in Nova Scotia and currently are managing in excess of $25 million in investments. As the CEDIF program increases the flow of dollars into local businesses, shareholders can not only receive their tax credits but see their investment grow as it increases jobs and the tax base in their communities.

THIS CEDIF OFFERING IS MADE THROUGH AN OFFERING DOCUMENT, WHICH MAY BE OBTAINED FROM AN AUTHORIZED SALES AGENT OR FINDER by calling 902-405-4432 or sending an email to: info@CEDIFMgmt.com. INVESTORS SHOULD READ THE OFFERING DOCUMENT BEFORE MAKING AN INVESTMENT DECISION. CONTACT for more information: John Steele or Al Hutchinson Lunenburg Working Waterfront Investment FundPhone: 902-640-3064 or 902-482-4252

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What is a CEDIF?
Why invest?
What are the tax incentives?
Where does my money go?
How much will I make?
Who can invest?

 
What is a CEDIF?
A CEDIF puts community capital to work in your own community and provides jobs and income for your friends, family and neighbors. Everyone benefits. The development of CEDIF's means Nova Scotians have a smart way to put their money to work in their province.
Why invest in a CEDIF?
Nova Scotians invest more than $600 million annually in RRSPs. Less than 2% of this is reinvested in Nova Scotia. With CEDIFs, you can keep your investment dollars working in your community. You and your neighbors can pool your money and invest in business(es) in your community; creating jobs and supporting further economic growth.
What are the tax incentives?
35% tax credit available as a Nova Scotia Equity Tax Credit against provincial income taxes payable; certain conditions apply for subsequent 20% and 10% tax credits. Pre-approved holding status for a self directed RRSP. Direct transfers from an existing RRSP also available with immediate 35% tax credit.
Where does my money go?
Your money will purchase shares in a CEDIF. The fund then uses this money, known as capital, to operate or invest in local business(es). Charitable, non-taxable, and not-for-profit organizations are not eligible to take part in this program. A board of directors manages the fund. The board is selected by investors (shareholders).
How much will I make?
Returns are determined solely by the performance of the business(es) into which the fund is invested. Annual financial statements (audited or reviewed), semiannual un-audited financial statements and the auditor's report must be distributed to the shareholders. An annual general meeting must be held.
Who can invest in a CEDIF?
Any resident of Nova Scotia over the age of 19 is eligible to invest in a CEDIF anywhere in the province.
THIS CEDIF OFFERING IS MADE THROUGH AN OFFERING DOCUMENT WHICH CAN BE OBTAINED FROM AN AUTHORIZED SALES AGENT OR FINDER AT THE LUNENBURG WORKING WATERFRONT INVESTMENT FUND OFFICE: CONTACT BY PHONE 902 604 3064; FAX 902 482 4238; OR E-MAIL REQUESTS AT WWW.LWWIF.CA. INVESTORS SHOULD READ THE OFFERING DOCUMENT BEFORE MAKING AN INVESTMENT DECISION.

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