Gourmet Ocean Products Inc.
TSX VENTURE : GOP

Gourmet Ocean Products Inc.

June 01, 2015 14:58 ET

Gourmet Ocean Products Announces Financial Results for the Three Months Ending March 31st, 2015

BURNABY, BRITISH COLUMBIA--(Marketwired - June 1, 2015) - Gourmet Ocean Products Inc. ("Gourmet" or the "Company") (TSX VENTURE:GOP) announces its financial and operating results for the three months ended March 31, 2015. All amounts are in Canadian dollars.

The Company reported sales of $1,582,872, for the three months ended March 31, 2015 compared with $nil during the same period of last year. This increase is purely due to the increase in the sales of sea cucumbers.

Gross margin as a percentage of sales during the quarter was 23.7% which is reflective of sales of harvested sea cucumber.

Adjusted EBITDA for the three months ended March 31, 2015 was negative $422,076 versus negative $452,464 during the period ended March 31, 2014.

The Company recorded a net loss of $554,571 for the three months ended March 31, 2015 compared to a net loss of $2,039,082 for the corresponding period ended March 31, 2014. The decrease in net loss for the three months ended March 31, 2015 is primarily due to the listing expenses incurred as part of a reverse merger transaction which was completed during the period of 2014.

The total assets of the Company were $6.9 million as at March 31, 2015 compared to $6.6 million as of September 30, 2014.

For additional financial information please see Gourmet's unaudited condensed interim consolidated financial statements and MD&A filed on SEDAR at www.sedar.com.

About Gourmet Ocean Products Inc.

Gourmet is a B.C.-based aquaculture company specializing in the production, distribution, marketing and sale of high-quality specialty seafood products including sea cucumbers, scallops, oyster and geoduck with distribution to customers primarily in Asia and Canada.

ON BEHALF OF THE BOARD

Peter Hughes, President, Chief Executive Officer

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This press release is not an offer of securities for sale in the United States. Securities may not be offered or sold in the United States absent registration or an exemption from registration. Any public offering of securities by the Company to be made in the United States will be made by means of a prospectus, which may be obtained from the Company and will contain detailed information about the Company and its management, as well as financial statements.

Forward-Looking Statements

Certain of the statements made and information contained in this press release constitute forward-looking information within the meaning of applicable securities legislation. Forward-looking statements in this press release include that (a) the Company will collect the $3,619,984 in accounts receivable, (b) the Company has adequate capital to grow its business and execute on its business plan, (c) continued growth in revenues is expected from contracts with aquaculture farmers and distributors and (d) Gourmet's will become a global leader in aquaculture. All information and statements which are not historical fact constitute forward-looking information and, in many cases, can be identified by words such as "proposed", "may", "will", "expect", "intend", "anticipate", "believe", "estimate", "potential", or other similar terminology. Forward-looking statements involve risks, assumptions, uncertainties and other factors that could cause actual results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from the forward-looking statements made in this press release include: products that are or become available from competitors, political and economic factors, including in China and environmental factors. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results, performance or achievements of the Company may vary materially from those described in this press release. Accordingly, readers are advised not to place undue reliance on forward looking information. Except as otherwise required by law, the Company does not intend to and assumes no obligation to update or revise forward looking information, whether as a result of new information, plans, events or otherwise.

Contact Information

  • Gourmet Ocean Products Inc.
    Peter Hughes
    President, Chief Executive Officer
    604.802.7372
    petehughes@me.com