Tanaiste announces 50 New Jobs for Shannon Free Zone at Launch of Shannon Development 2007 Annual Report

New Shannon Development CEO pledges to take the Shannon Region to next level of economic and social development

Tánaiste and Minister for Enterprise, Trade and Employment Ms Mary Coughlan TD., announced 50 new jobs for the Shannon Free Zone, when launching the Shannon Development 2007 Annual Report in Shannon today (Monday, 14^th July 2008)

Tánaiste Mary Coughlan said “The 50 new jobs, supported by Shannon Development, will be at two leading companies, Mentor Graphics Ireland Ltd (35 new jobs); and PAFS Ireland Ltd (15 new jobs). Combined with the 250 new jobs and €50 million investment announced earlier this year for Shannon by Zimmer Holdings Inc, these new jobs bring to 300 the number of new jobs announced for the Shannon Free Zone in the past 6 months”.

The Tánaiste continued “The decisions by Mentor Graphics Ireland Ltd to expand their business, and by PAFS Ireland, a subsidiary of California based financial Services Group Phoenix American Financial Services Inc to establish a new business in Shannon Free Zone, is a strong vote of confidence in the facilities and skilled work force that the Shannon Free Zone has to offer”.

Commenting on Shannon Development’s Results for 2007, the Tánaiste said “The Company performed well in 2007 despite a difficult operating environment, and its sharpened regional focus yielded dividends for the Shannon Region. I am pleased that Shannon Development is continuing to look to the future and plan for the needs of its clients and potential investors. The Company’s initiative in drawing up a master plan for the regeneration of the Shannon Free Zone will ensure the Zone continues to have a competitive edge as a preferred investment location”.

Welcoming the job announcements, Dr Vincent Cunnane, Chief Executive, Shannon Development, said: “I am delighted that these leading global players are expanding their business operations at Shannon Free Zone. I would like to congratulate the companies and assure them of our full support in growing their Shannon operations”.

Speaking on the Company’s 2007 results, the newly appointed Chief Executive, said “I take on the leadership of Shannon Development at an exciting time in the Company’s evolution. The 2007 results show clearly that Shannon Development continues to deliver innovative regional development strategies and projects. The Company has a clear and challenging mandate from Government and a body of staff with the expertise and the ability to deliver on that mandate. Our overriding aim is to make this region the place to live, work and enjoy, ensuring the highest quality of life, and a model for regional development that will deliver a better future for all.”

“One of Shannon Development’s key priorities will be to play an active part in the re-generation of Limerick using key Shannon Development programmes such as the delivery of broadband infrastructure, the use of property to stimulate economic investment, and tourism development and promotion. We are fully committed to doing this in active partnership with the Limerick Regeneration Agencies. The regeneration of Limerick is of vital importance to the city itself, to the Limerick/Shannon Gateway and to the overall Shannon Region,” said Dr Cunnane in conclusion.

John Brassil, Chairman, Shannon Development said, “The coming years will undoubtedly hold challenges for every sector of the Irish economy. In this testing business environment our strategy will be to maximise the economic development potential of the Shannon Region. In doing this we will continue to pioneer initiatives and strategies to ensure that the Shannon Region is equipped to meet the future needs of investors, visitors and citizens. To realise these targets Shannon Development will continue to undertake projects which will have significance local, regional, national, and international impact.”

Shannon Development’s new chief executive Dr. Vincent Cunnane, also unveiled a new look for Shannon Development by introducing a new corporate logo for the Company, which will celebrate its 50^th anniversary in 2009.