February 24, 2005

TORONTO - February 24, 2005 - The Canadian Youth Business Foundation (CYBF) announced today that it has received a special grant of $10 Million, as outlined in the 2005 federal budget.

"This is a great day for Canadian entrepreneurs," stated Vivian Woytiuk, CEO of CYBF.  "The federal government's support will significantly expand the amount of financial support going to young entrepreneurs who wish to start a business.  Supporting these young people will contribute greatly to the growth to our economy.  This is a smart expenditure for the federal government to make and we are very grateful to their continued support of CYBF."

John Risley, CEO of Clearwater Fine Foods and the CYBF"s Chair stated, "We're very pleased that the federal government sees the value of our work at CYBF in supporting business start-ups.  We are persistent about driving Canada's business success by helping youth to help themselves.  This support is an efficient expenditure of tax dollars as the federal government will see a return in the increased tax base that the many entrepreneurs we support will generate.

About Canadian Youth Business Foundation (CYBF)
CYBF is a nationally registered charity that provides financial support and mentoring to young entrepreneurs who wish to start a business for the first time.  CYBF has a network of 50 sites across Canada reaching 860 local communities and is supported by the public and private sectors.  Sponsors include EnCana, CIBC, the Royal Bank, Scotiabank, Magna, ATCO and the Ontario Trillium Foundation.

Founded in 1996, CYBF has provided over 16 million dollars to 1309 young entrepreneurs, generating over 130 million in sales and creating over 6600 new jobs for the Canadian economy.

For further information please contact:
Jaime Hurlbut
Communications Coordinator
416.408.2923 ext 2301
1.866.646.2922 ext 2301
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