Global Seafood Technologies, Inc. (OTC Bulletin Board: GSFT) announced today that it had signed an exclusive consulting agreement with Aquaculture of Texas, Inc., Weatherford, TX, and Craig Upstrom. The agreement is expected to significantly enhance GSFT’s technology base in the production of freshwater prawns. Outside of GSFT’s aquaculture division, Aquaculture of Texas is the only other known source of freshwater prawn (Macrobrachium rosenbergii) post- larvae and juveniles for commercial production of freshwater prawns in the United States.
Clay Gutierrez, GSFT Vice President, commented that he is pleased with the technology sharing agreement, because it combines the capacities of GSFT in hatching and nursing freshwater prawns with the technical expertise developed by Craig Upstrom over the last 15 years. “The revenue and profit potential created by development of freshwater prawns is expected to have a significant impact on GSFT within the next few years,” said Gutierrez. The company has steadily worked to expand on it’s technology for growing shrimp in freshwater since it acquired its first aquaculture facility in Ocean Springs, MS in 1996. At this stage, the company has successfully moved from individual test ponds to commercial scale production. GSFT expects to harvest approximately 100,000 pounds of freshwater prawns this season with plans to produce up to 1,000,000 pounds of product for the market next year utilizing current resources. “Further expansion is possible as early as next year if additional joint venture capital is provided for this purpose. The effort to increase capacity through additional funding is actively being pursued,” Gutierrez advised.
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The market for shrimp and shrimp products in the United States was estimated to exceed $2.5 Billion or 600 million pounds annually in 1996. For the 1998 year the U.S. imported 695 million pounds in addition to its domestic harvest. GSFT’s Custom Pack subsidiary processed over 15 million pounds of shrimp in its latest fiscal year ending March 31, 2000, of which, over 2.5 million pounds represented imported freshwater prawns. With GSFT supplying its own product into production pipeline, the company anticipates creating significantly higher margins on each processing run.
GSFT is the largest IQF (individual quick freeze) processor of shrimp in the U.S., and it also markets bait products to the recreational fishing industry. Expansion of the company’s aquaculture activities is viewed as a natural integration with its existing production capacities. Additional information about GSFT may be viewed at the company’s website: www.globalsea.com.
This press release contains certain forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on management’s current expectations of beliefs and are subject to a number of factors and uncertainties that could cause actual results, levels of activity, performance or achievements to differ materially from those described.
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