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HQ Sustainable Marine buys out partner
HQ Sustainable Maritime Industries, Inc. (HQ), a Delaware corporation engaged in integrated aquaculture and aquatic product processing, announced today that the company has acquired the totality of its Joint Venture in China (Hainan Quebec Ocean Fishing Co. Ltd.), bringing its percentage ownership up to 100% from the previous 84.42%.
The management believes this acquisition, which completes the ownership of the Joint Venture, should be accretive. The transaction was for $5.7 million. Cash for the acquisition was sourced internally. No common shares were issued. The company has filed a Form 8K.
The company purchased the remaining 15.58% from Hainan Fuyuan Investment Company Ltd., a PRC company principally owned by Fusheng Wang. In order to maintain the exceptional network of government and business contacts maintained by Mr. Fusheng Wang, Lillian Wang, Chairman of the Board, has named Mr. Wang as director and Honorary Chairman, a decision approved by the company's Board of Directors at a meeting on August 17th.
A senior economist, Fusheng Wang, 69, worked for nearly 50 years with the Government of China and was founder of the China Huan Dao Group. It was this company that he took to the level of one of the top 200 companies in China (assets in excess of $1.5 billion) listed on the China "A" share index from 1995 to 2003. With its head office in Haikou, The China Huan Dao Group was a conglomerate responsible for development in many sectors including tourism, real estate and energy and developed strong ties across China. Now retired, Mr. Wang has maintained an exemplary network of government and business contacts. He remains Chairman of the Hainan Chamber of Commerce and is a Director for the China National Chamber of Commerce. He has been the recipient of numerous awards including the prestigious American Five Star Diamond award in 1997 for his outstanding achievements in tourism development in China (Hainan).
Said Norbert Sporns, "Mr. Wang's knowledge of business and government in China is invaluable to HQ. Our position in China as a leading business in our sector and our rapid growth, owe much to Mr. Wang's leadership and vision. It is his wish that we continue to bring western technologies and management skills to further our development. This growth must be to the highest standards of environmental sustainability and social responsibility for the industry. We are extremely pleased that he has agreed to accept the position of director and Honorary Chairman and will continue to provide us with his broad experience and insight."
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, 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, a Sino-Canadian Joint Venture, 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 also been certified by the Government of China as a leading agricultural enterprise. In addition to operational offices based in Haikou, Hainan, HQ has offices in Montreal, Hong Kong, New York City, Beijing, and Shanghai. (http://www.hqfish.com ) |
