HALIFAX, NS – Ocean Trout Canada Inc. (“OTC” or the “Company”) is pleased to report commencement of its first harvest of Steelhead Trout from Bay d’Espoir, Newfoundland. OTC will be marketing these Steelhead Trout into the Eastern North American markets as both fillets and head on gutted fish.
W.D. (Bill) Robertson, CEO of OTC commented: “OTC has achieved its initial steelhead production in Newfoundland, an important milestone in the rapid evolution of the Company. This accomplishment is the result of the hard work and diligence of the entire team. I would like to congratulate the team for exceeding expectations in the start-up of production. We expect that we will achieve revenue from our first harvest before the end of calendar Q3 2022, well within the timeline established in our multi-year plan. We remain on track to commercializing the largest portfolio of Steelhead Trout licenses in North America.”
Chris Grimes-Goard, CFO of OTC added, “This marks a critical operational milestone in our development plan. The reintroduction of OTC’s Steelhead product into the marketplace is an exciting step for both the Company and our consumers to have access to premium Steelhead, farmed responsibly”.
The Company is also pleased to report that it has over 1,500,000 juvenile Steelhead Trout at various development stages at its freshwater hatcheries, and it expects to stock additional marine sites this fall. OTC 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. The Company anticipates that its hatchery expansion will be completed by calendar Q2 2023.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.
