SOURCE: HQ Sustainable Maritime Industries Inc.

November 22, 2005 08:08 ET

HQSM Receives Letter of Intent for Major Support From U.S. Foundation

Announcement Made in Wide-Ranging Business Interview on www.moneytv.net

SEATTLE, WA -- (MARKET WIRE) -- November 22, 2005 -- HQ Sustainable Maritime Industries, Inc. (HQ) (OTC BB: HQSM), a leader in zero-toxin integrated aquaculture and aquatic product processing, announces that a West Coast-based U.S. foundation has provided HQSM with a Letter of Intent for funding the development and expansion of the Company's zero-toxin aquaculture production, which HQ conducts in part through cooperation with aquatic farmers in China and various developing countries.

Norbert Sporns, CEO of HQSM, announced the receipt of the Letter of Intent in an interview conducted by MoneyTV.net last Thursday, November 17, 2005. "We have received a Letter of Intent from a major foundation in the U.S. which has indicated its willingness to fund our expansion for years to come, based on the profile we maintain both in producing very high quality, toxin-free products and doing tremendous good for communities where we are operating in developing countries," Mr. Sporns told the interviewer.

The interview, which discusses a wide range of matters regarding the Company, can now be heard on www.moneytv.net. Broadcast of the show on various television stations began on Saturday November 19, 2005, at 6:30 a.m. ET and PT., was rebroadcast Sunday, November 20 at 8:00 a.m. and 11:00 a.m. ET; and continues today and Tuesday at 7:30 p.m. ET and on Wednesday at 7:00 p.m. ET. Specific channels for different locations are listed on the Web site.

Regarding the LOI, Mr. Sporns said, "This is something we did not expect and that I'm sure our investors will be happy to see in the coming months."

The foundation has proposed to provide HQ with several million dollars to support the Company's new marketing and branding campaign to achieve a high profile in the United States. Subsequently, the foundation would provide additional funding as the Company progresses for the foreseeable future. In return, HQ will place an officer from the foundation on the Company's Advisory Board and would make a voluntary annual contribution to the foundation. No assurances can be given that such funding will be provided or that a definitive agreement shall be reached.

About HQ Sustainable Maritime Industries Inc.

HQ Sustainable Maritime Industries Inc. is an integrated aquaculture and aquatic product processing company, with operations based in the environmentally pristine island province of Hainan, in the South China Sea. HQ's activities include using renewable ocean resources, practicing cooperative sustainable aquaculture, using nutraceutically enriched feeds and conducting fish processing and sales. Its variety of farmed and ocean-harvested products -- ranging from tilapia and shrimp to squid and red snapper -- are sold around the world. The Company holds HACCP certification from the U.S. FDA and the EU Code assignment of quality, permitting its products to be sold in these international markets. It has recently acquired a nutraceuticals and health products company, which is HACCP certified, and produces and sells products subject to stringent laboratory tests certified by the China Ministry of Health. This plant produces nutraceuticals, which enrich feed used by HQ's cooperative aquaculture operations. In addition to operational offices based in Haikou, Hainan, HQ has offices in Montreal, Hong Kong, Beijing, and Shanghai. (http://www.hqfish.com).

Certain statements in this press release that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may be identified by the use of words such as "anticipate, "believe," "expect," "future," "may," "will," "would," "should," "plan," "projected," "intend," and similar expressions. Such forward-looking statements, involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of HQ Sustainable Maritime Industries, Inc. (the Company) to be materially different from those expressed or implied by such forward-looking statements. The Company's future operating results are dependent upon many factors, including but not limited to the Company's ability to: (i) obtain sufficient capital or a strategic business arrangement to fund its expansion plans; (ii) build the management and human resources and infrastructure necessary to support the growth of its business; (iii) competitive factors and developments beyond the Company's control; and (iv) other risk factors discussed in the Company's periodic filings with the Securities and Exchange Commission, which are available for review at www.sec.gov under "Search for Company Filings."

Consulting For Strategic Growth I, Ltd. ("CFSG") provides HQ Sustainable Maritime Industries, Inc.(HQ) with consulting, business advisory, investor relations, public relations and corporate development services, for which CFSG receives a fixed monthly fee for the duration of the agreement. Independent of CFSG's receipt of cash compensation from HQ, CFSG may choose to purchase the common stock of the company and thereafter sell those shares at any time it deems appropriate to do so.

Contact Information

  • CONTACTS:

    Norbert Sporns
    Chief Executive Officer
    HQ Sustainable Maritime Industries
    Tel: 917-291-3679
    Fax: 450-465-7348
    Email: Email Contact

    Stanley Wunderlich
    Chief Executive Officer
    Consulting for Strategic Growth 1
    Tel: 800-625-2236
    Fax: 212-337-8089
    Email: Email Contact

    Daniel Stepanek
    Media Relations
    Consulting for Strategic Growth 1
    Tel: 212-896-1202
    Fax: 212-697-0910
    Email: Email Contact