Business Overview

Business Overview

 

Gourmet Ocean Products Inc. is a BC-based company specializing in the production, distribution, marketing and sale of high-quality seeds and mature seafood products including sea cucumbers, scallops, and geoduck to customers worldwide. Gourmet’s goal is to become a global leader in the premium, cold-water aquaculture industry.

 

Our first hatchery is fully operational and is based on the east coast of Vancouver Island, near Courtney, British Columbia. Our corporate office is located in Vancouver, Canada. Part of Gourmet’s growth strategy is to expand our business by opening additional hatcheries in BC. This strategy is expected to increase sales and create a more consistent supply of shellfish seed and mature product. Once a site has been secured, management estimates it will take one year for a second facility to be operational. There are challenges in the BC shellfish market both in terms of limited species and inconsistency of supply. Gourmet’s strategy is to address these problems by supplying a variety of species, year-round, in an environmentally responsible and sustainable way.

 

The market for shellfish is large and growing, rapidly. China’s demand for sea cucumber is far greater than existing supply and shellfish grown in BC waters command premium prices in Asia due to the purity of BC waters. Gourmet’s revenue resulting from seed sales have very little cost associated with their production. We expect this to affect our profitability.

 

In addition to establishing shellfish seed production Gourmet has secured channels for production and distribution of product and is now focused on developing a “premium” brand.

 

History: The Company was first established in 2007. After years of research, development and discussions with governmental and environmental organizations, we recognized the future of acquaculture must be sustainable and environmentally friendly. We also recognized the need for a stable shellfish seed supply and invested over $3 million in our shellfish hatchery expansion and production system on Vancouver Island. This included upgrades to increase our productivity and success rate. After securing the shellfish supply, the company began working with shellfish tenure owners to produce different shellfish species in an economical, sustainable and environmentally-friendly way. This method is designed to provide a consistent and controllable supply leading to a well-recognized brand known for quality and consistency of supply. Such branding, together with supply issues from other countries has caused a dramatic increase of demand for Gourmet’s products.