BURNABY, BRITISH COLUMBIA--(Marketwired - March 19, 2014) - Gourmet Ocean Products Inc. ("Gourmet" or the "Company") (TSX VENTURE:GOP) is pleased to announce sales for the six months ended December 31, 2013, of $4,526,183 with net income before income taxes of approximately $2,486,529 and sales for the three months ended December 31, 2013, of $3,448,811 with net income before income taxes of approximately $2,661,292.
Out of the $4.5 million in sales, $906,199 has been paid to the Company in cash and $3,619,984 is accounts receivable. In accordance with its accounting policies, the Company recognizes sales revenue when persuasive evidence of an arrangement exists, the price is fixed or determinable, delivery has occurred and there is reasonable assurance of collection of the sales proceeds.
As of December 31, 2013, the Company reports total current assets of $4,834,398 and current liabilities of $1,621,236.
Gourmet recently completed a reverse merger with Megal Capital Corporation on February 18, 2014. The Company is currently well funded to execute on its business plan having completed a brokered private placement for gross proceeds of $4,000,000 (the "Brokered Financing Portion") and a non-brokered private placement for gross proceeds of $1,000,000 (the "Non-Brokered Financing Portion", together with the Brokered Financing Portion, the "Concurrent Financing") on February 14, 2014.
This information should be read in conjunction with the unaudited, condensed interim financial statements for Wen Lian Aquaculture Co. Ltd. for the three and six months ended December 31, 2013, filed on the Company's profile on www.sedar.com on March 6, 2014 and the unaudited, condensed interim financial statements for Megal Capital Corporation for the six month period ended December 31, 2013, filed on the Company's profile on www.sedar.com on February 28, 2014.
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, and goeduck 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
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.
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.