Horse Racing New Brunswick (HRNB) says it was unfortunate that the Provincial Government announced that it would eliminate the 'supplementary funding' to the harness racing industry effective March 31, 2013

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Jeff Malloy, HRNB executive director, states although the announcement was unfortunate, HRNB will continue to operate as planned for the upcoming season. HRNB is in the process of implementing plans that will replace the revenue lost by the announcement from the budget.

“We have been working on plans to generate increased revenue over the past few months," said Malloy. "Essentially the agreement was to terminate in March 2014, now it will terminate March 2013. Our organization's goals have always been to become self-sustaining and that has not changed. Instead of having 24 months to get our plans and goals achieved, we now have 12.”

Malloy indicated he is confident in HRNB’s ability to achieve the organization's goals in the 12-month period.

“We have been aggressively working on plans to expand our teletheatre network and facilities over the past quarter, we feel that our plans are definitely obtainable within the year.

“Not unlike most new companies, our organization has incurred growing pains since 2009. The agreement was in place to assist the HRNB in establishing itself to become self–sustaining. The original agreement was for 60 months and now is only 48, so the sense of urgency is upon us.”

(HRNB)