Gourmet Ocean Products Inc.
TSX VENTURE : GOP

Gourmet Ocean Products Inc.

March 19, 2015 13:23 ET

Gourmet Ocean Products Announces it is Evaluating an Expansion Opportunity in Eastern Russia

VANCOUVER, BRITISH COLUMBIA--(Marketwired - March 19, 2015) - Gourmet Ocean Products Inc. ("Gourmet" or the "Company") (TSX VENTURE:GOP) reports it is currently evaluating a business opportunity in Eastern Russia as part of its plan to expand its cold-water aquaculture operations, internationally. If the outcome of the evaluation is successful, Gourmet intends to negotiate an operating agreement relating to a Russian ocean tenure.

Gourmet's CEO, Peter Hughes, reports, "There are limited coastlines, globally, suitable for high quality, cold-water aquaculture. Based on our initial inspection, the tenure in Eastern Russian appears to be ideal. Under Gourmet's premium brand, 'Vandemer', we are focused on supplying 'high-quality seafood product from clean waters' and the Russian opportunity could represent a positive addition to our existing BC operation. It would also provide the benefit of diversifying our source of supply." In addition to product quality, management believes additional cost savings may result given the close proximity of the tenure to the robust seafood markets in China.

Gourmet plans to undertake an evaluation and due diligence of the Russian opportunity. Should such due diligence prove successful, Gourmet will undertake negotiation of an operating agreement, which may include the payment of deposits and the purchase of equipment and facilities.

No agreements have been signed and there can be no guarantee that an agreement will be completed or that a successful business will result from such Agreement. Any formal agreement would be subject to successful negotiations, Board and Exchange approvals.

Gourmet plans to raise capital in the near-term. The Company may choose to raise capital through the sale of equity or debt financing or a combination of both, depending on which type of financing provides the best commercial terms for the Company. No arrangements or agreements regarding such a financing has yet been established and the Company may choose not to proceed with a financing.

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, goeducks and oysters with distribution to customers worldwide.

The Company is experiencing its initial ramp up in revenues and we expect continued growth in revenues resulting from contracts with aquaculture farmers and distributors.

Gourmet's goal is to become a global leader in aquaculture.

ON BEHALF OF THE BOARD

Peter Hughes, President, Chief Executive Officer

GOURMET OCEAN PRODUCTS INC.

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.

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 negotiate an Operating Agreement relating to a Russian ocean tenure, (b) cost savings will result given the close proximity of the tenure to markets in China (c) Gourmet will raise capital for the purposes of the evaluation and negoatiation of an operating agreement for the Russian ocean tenure and make payment relating to the terms of an Operating Agreement, including the purchase of equipment and facilities and (d) the Company will acquire the ocean tenure associated.

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
    778-328-8898
    petehughes@me.com