HQ Sustainable Maritime Industries announced today that it cut a deal with a large seafood supplier to distribute the company's frozen tilapia products to major fast food and retail chains.
The vertically integrated Seattle company, which raises tilapia in China's Hainan Province, recently developed frozen tilapia fillet blocks to replicate the taste and texture of Alaska pollock, a species commonly used in fast-food fish sandwiches.
"This order signals a new direction for HQ Sustainable and will require a major increase in our production," said Norbert Sporns, the company's CEO and chairman, in a press release. "This customer does not take on new suppliers lightly and conducted substantial due diligence before deciding to work with us. We've been gearing up for some time, and we are thrilled to have earned their confidence, as this opportunity offers incredible market potential."
The company declined to name the customer.
HQ Sustainable is the first major tilapia producer to be certified according to the Global Aquaculture Alliance's Best Aquaculture Practices and is one of only 20 aquaculture operations in China to be directly inspected and approved by the U.S. Department of Commerce.
The company also today reported 2007 sales of $55 million, up 41 percent from 2006, and a 2007 gross profit of $25.5 million, up 49 percent from 2006.
