FOR IMMEDIATE RELEASE
Ocean Trout Canada Inc. (“OTC”) Announces the Successful Stocking of Steelhead Trout at Two Additional Open Net Pen Sites in Atlantic Canada and a Plan to begin the Sales & Marketing of Steelhead Trout from its First Site later this summer 2022
- OTC has over 450,000 Steelhead Trout stocked at three marine sites in Atlantic Canada (two in Newfoundland and one in Nova Scotia)
- These sites are expected to result in approximately 1,000 metric tonnes of product that will be marketed over the next 18 months
- The Company looks forward to its next operational milestone later this summer when it expects to begin its first harvest of market-ready Steelhead Trout
Halifax, Nova Scotia (July 14, 2022) – Ocean Trout Canada Inc. (“OTC” or the “Company”) is pleased to report the completion of its Spring 2022 transfer of juvenile Steelhead Trout from its fish hatchery operations to its corporate net pen sites. OTC has completed the stocking of its marine site in Nova Scotia, representing the reintroduction of Steelhead to this area after a two-year hiatus. Additionally, the Company has stocked a second marine in Newfoundland & Labrador. The Company began its build out program by stocking the first site in Newfoundland & Labrador in November 2021. With the stocking of these marine sites now completed, OTC is executing on its plan to commercialize the largest portfolio of Steelhead Trout licenses in North America.
OTC’s CEO, W.D. (Bill) Robertson stated, “These activities are part of the initial phase of an ambitious growth plan aimed at establishing a significant Steelhead Trout production presence in Atlantic Canada”. CFO Chris Grimes-Goard added, “the North American market dynamics and pricing context are exceeding our original expectations, and we believe the environment will remain robust for some time as the demographic changes, population growth and healthy protein demand trends continue to be constructive”.
The Company is also pleased to report that it has over 1,000,000 juvenile Steelhead Trout at various development stages at its freshwater hatcheries, and it expects to stock additional marine sites this fall.
OTC’s plans to continue to build its inventory and has embarked on a strategic development plan aimed at upgrading and expanding its freshwater production capacity to support the stocking additional production sites in Atlantic Canada.
About Ocean Trout Canada Inc.
Ocean Trout Canada Inc. is a leading Canadian aquaculture company focused on supplying premium steelhead products to North American seafood markets. OTC is dedicated to the responsible production of Steelhead in Canada with operations in Nova Scotia, Prince Edward Island, and Newfoundland.
Cautionary Statement on Forward Looking Information
This news release may contain “forward-looking statements” within the meaning of applicable Canadian securities laws, including, but not limited to, statements with respect to Ocean Trout Canada’s plans, financial performance and operating performance, anticipated growth in aquaculture, the estimation of revenue, the timing and targets of M&A activity, costs, future capital expenditures, and the success of integration. Forward-looking statements are based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive risks including but not limited to: risks related to the successful integration of acquisitions; risks related to operations; risks related to general economic conditions and credit availability, ability to obtain sufficient and suitable financing, actual results of current production and decorating, fluctuations in prices of aluminum; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes, title disputes, claims and limitations on insurance coverage and other risks of the aquaculture industry; delays in the completion of capex activities, changes in national and local government regulation of manufacturing operations and labour laws in light of the current COVID pandemic, tax rules and regulations, and political and economic developments where Ocean Trout Canada operates. These statements generally can be identified by the use of forward-looking words such as “may”, “should”, “will”, “could”, “intend”, “estimate”, “plan”, “anticipate”, “expect”, “believe” or “continue”, or the negative thereof or similar variations. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause future results, performance, or achievements to be materially different from the estimated future results, performance or achievements expressed or implied by those forward-looking statements and the forward-looking statements are not guarantees of future performance. Forward-looking statements expressed or implied by Ocean Trout Canada are subject to a number of risks, uncertainties, and conditions, many of which are outside of Ocean Trout Canada’s control, and undue reliance should not be placed on such statements. Although Ocean Trout Canada has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. Forward-looking statements are qualified in their entirety by the inherent risks and uncertainties related to Ocean Trout Canada’s business, including that Ocean Trout Canada’s assumptions in making forward-looking statements may prove to be incorrect; delays in filing of financial information; adverse market conditions; risks inherent in the aquaculture sector in general; that future results may vary from historical results; and competition in the markets where Ocean Trout Canada operates. Except as required by securities law, Ocean Trout Canada does not assume any obligation to update or revise any forward-looking statements, whether as a result of new information, events or otherwise.