Names are being collected on Prince Edward Island for The Island Party, which looks to contend for seats in the 2011 provincial election.

'Our hallmark statement is honesty, integrity and fairness.'— Larry McGuire

One of the founding members is a former Liberal, Larry McGuire, who had his Liberal nomination revoked for the 2007 election by Premier Robert Ghiz after he made controversial comments supporting patronage.

McGuire told CBC News on Tuesday that Islanders need a new direction and are looking for common sense leadership, something he maintains they haven't had in more than a decade.

"Islanders definitely are looking for a new party," said McGuire.

"Our hallmark statement is honesty, integrity and fairness. I think that once Islanders are aware that we are offering a very distinct way to look at politics, we're going to do fine. We'll elect MLAs in two years time."

To form an official party, 400 names need to be collected, and a $1,000 deposit must be made. McGuire said he already has the money and more than 300 signatures.

He expects the party will be officially registered by the end of the year. A policy meeting and leadership convention will follow in the new year.

P.E.I. has not traditionally been welcoming to parties outside the mainstream. In recent history only the NDP have beat out the Progressives Conservatives and Liberals for a seat, and only once: in 1996.