Darrell Greer
Northern News Services

Rankin Inlet (Mar 27/02) - The Rankin Inlet-based Atuqtuarvik Corp. has approved a loan and equity financing to Unaalik Aviation Inc. of Iqaluit.

Atuqtuarvik chair John Hickes says Unaalik Aviation has demonstrated a strong commitment to success through its operational startup.

Hickes says the company has secured strong partnerships, built a solid team and purchased quality equipment.

He says the deal is in line with Atuqtuarvik Corp.'s mandate of helping Inuit-owned-and-operated businesses win bids for infrastructure contracts to service and employ the population of Nunavut.

"Many people talk about how critical aviation is to the North in transporting goods, products and people," says Hickes. "We seem to be adequately served in most of our major centres with the larger carriers. Our dire lack rests with the fledgling growth of our tourism industry, and charter services for smaller communities that don't have access to larger aircraft."

Unaalik president Jimi Onalik says the company wouldn't be in business without Atuqtuarvik Corp.

"The operation of an airline in Nunavut is very challenging and Atuqtuarvik allows us to make the business decisions we need to make to ensure we have the best product," says Onalik.

Unaalik Aviation -- if it wins approval from the federal government -- will offer charter services from Iqaluit, utilizing a Twin Otter and Cessna 185 aircraft.

Hickes says the company has always had growth potential that couldn't be realized due to a lack of major capital funding.

"This arrangement with Unaalik Aviation is a perfect example of the role we (Atuqtuarvik) can play in helping develop business in Nunavut," says Hickes.

"We stepped in and provided the necessary financial resources they needed to expand and grow in their industry."