Global SeaFarms Corporation
CNSX : GSF

November 02, 2015 20:50 ET

Global SeaFarms Corporation Receipt of a Demand Letter and the Resignation of the Board of Directors and Management

MONTREAL, QUEBEC--(Marketwired - Nov. 2, 2015) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAWS.

Global SeaFarms Corporation (CSE:GSF) ("GSF" or the "Company") announces today that it has received a Letter of Demand/Enforcement of Security (the "Demand Letter") of the secured debentures (the "Secured Debentures"). The details regarding the Secured Debentures were announced in press releases dated July 15, 2015 and September 30, 2015 totaling approximately $1.5M. Notwithstanding that the Secured Debentures have a maturity date of March 31, 2016 and are not due, Intrafina Ltd., the main Debenture Holder has alleged that an event of default has occurred and has proceeded to request the trustee to take possession of the shares of the subsidiary companies which own all the aquaculture operations of GSF to the benefit of the debenture holders.

The Chief Financial Officer Benoit Forget, the members of the Board of Directors, Earl Coleman, Jose Ramon Rodriguez and Robert Boisjoli who is also the Chief Executive Officer have all resigned effective immediately leaving GSF with no remaining members on its Board of directors and no officers.

About Global SeaFarms

GSF is a fully integrated fish farming operation with a commercial hatchery, farm and processing facility in the Dominican Republic. GSF is engaged in the identification and development of high-potential aquaculture projects in the Americas. GSF has two vectors to its growth strategy - warm water opportunities in the region of the Caribbean Sea and cold water opportunities in North America. GSF is currently expanding its warm water platform operation in the Dominican Republic and ramping up production of Florida Pompano for the U.S. seafood market. No regulatory authority has reviewed this press release nor have they approved nor disapproved the contents of this news release.

Forward Looking Statements

Certain statements included in this News Release contain forwardlooking statements, including disclosure concerning possible or assumed future results of operations of the Company. Forwardlooking statements typically are preceded by, followed by or include the words - "believes", " expects", "anticipates", "estimates", "intends", "plans", or similar expressions. Forwardlooking statements are not guarantees of future performance. They involve risks, uncertainties and assumptions, and the Company's results could differ materially from those anticipated in these forwardlooking statements. Neither CNSX nor its Regulation Services Provider (as that term is defined in the policies of the CNSX) accepts responsibility for the adequacy or accuracy of the release.

Contact Information

  • Global SeaFarms Corporation
    514-821-9857