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It
was announced this week that the Oceanair Ltd. Project
at Wonthaggi was ready to move into the next phase of
its development program.
Oceanair are proposing to establish fully
environmentally enclosed saltwater prawn larval and
grow-out facilities, primarily to focus on production
of Black Tiger Prawns (penaeus monodon). The
water and enclosed spaces of the facility will be
heated and able to produce tropical species
year-round. The facility will biologically reprocess
and recirculate 100% of its saline water and
biologically process its solid waste on site.
The
company has been undergoing a full management and
share register restructure since it was placed into
administration by the original management, having
failed to capitalise on its unique technology
combination.
The
new owners have examined every aspect of the project,
confirming the technology to be used, the markets for
its product, regulatory licensing and key personnel
availability. They are confident that the project
will succeed with tight management controls and are
ready to build the facility once the capital is
available.
The
potential for licensing of the environmentally
sustainable technology to be used in the project
world-wide is believed to be a major opportunity for
the company once it has proved its technology in a
large scale production environment. Its ability to be
modified on site to meet any environmental parameters
of the species to be grown regardless of its physical
location is seen to be a major strength of the systems
to be applied and proven through the project.
Oceanair Ltd propose to raise the $5 million needed
for infrastructure and working capital over the coming
months through an offer to its existing shareholders
base. Any shortfall in funding is intended to be
sourced through large “sophisticated” investors,
rather than incur the prohibitive costs of a public
offering at this early stage.
Major
Oceanair Ltd shareholder and Managing Director, Mr
Gary Diamond, a leading Melbourne businessman,
indicated that all shareholder funds committed to the
project would be placed in trust until such time as
the construction phase is ready to begin. Failing the
requisite level of support being forthcoming the funds
raised will be returned to investors without
deduction. In addition, Oceanair has indicated that
as well as its non-executive Board providing the
essential oversight on the management of the project,
that a Shareholder Review Committee of suitably
qualified members will be established to monitor
project governance.
For
further information contact Tony McLennan on 0408 513
500. |
