VANCOUVER, British Columbia, March 01, 2018 (GLOBE NEWSWIRE) -- Gourmet Ocean Products Inc. (“Gourmet” or the
“Company”) (TSX-V:GOP) announces its financial and operating results for the three months ended December 31, 2017.
Highlights
- During the three months ended December 31, 2017, Gourmet reported sales of $141,783, compared with $391,327 during the same
period of last year. The decrease in sales was primarily as a result of a decrease in the sales of harvested sea cucumber in
China.
- EBITDA for the three months ended December 31, 2017 was negative $253,403 versus negative $135,756 during the corresponding
period in 2016.
- Gross margin during the three months period ended December 31, 2017 was 42.1% compared with 33.4% in the three months ended
December 31, 2016.
- Net loss for the three month period ended December 31, 2017 was $355,039, compared to a net loss of $219,172 in the same
period last year.
LIQUIDITY AND CAPITAL RESOURCES
At December 31, 2017 the Company had cash on deposit in the amount of $155,001, accounts and other receivables
of $1,055,153, and inventory of $277,162.
The working capital position of the Company at December 31, 2017 was negative $329,624 compared to a working
capital position of negative $36,635 as of September 30, 2017.
Net assets declined to negative $171,743 at December 31, 2017 compared to $183,296 at September 30, 2017.
About Gourmet Ocean Products Inc.
Gourmet is a B.C.-based aquaculture company specializing in the production, distribution, marketing and sale of
high-quality specialty seafood products including sea cucumbers, scallops and oyster with distribution to customers primarily in
Asia and Canada.
ON BEHALF OF THE BOARD
“Peter Hughes”
Peter Hughes, Chief Executive Officer
GOURMET OCEAN PRODUCTS INC.
T: 604.802.7372
E: petehughes@me.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in
the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release is not an offer of securities for sale in the United States. Securities may not
be offered or sold in the United States absent registration or an exemption from registration. Any public offering of securities by
the Company to be made in the United States will be made by means of a prospectus, which may be obtained from the Company and will
contain detailed information about the Company and its management, as well as financial statements.
Forward-Looking Statements
Certain of the statements made and information contained in this press release constitute forward-looking
information within the meaning of applicable securities legislation. Forward-looking statements in this press release include that
(a) the Company has adequate capital to grow its business and execute on its business plan, (b) continued growth in revenues is
expected from contracts with aquaculture farmers and distributors and (c) Gourmet’s will become a global leader in aquaculture. All
information and statements which are not historical fact constitute forward-looking information and, in many cases, can be
identified by words such as “proposed”, "may", "will", "expect", "intend", "anticipate", "believe", "estimate", "potential", or
other similar terminology. Forward-looking statements involve risks, assumptions, uncertainties and other factors that could cause
actual results, performance, prospects and opportunities to differ materially from those expressed or implied by such
forward-looking statements. Factors that could cause actual results to differ materially from the forward-looking statements made
in this press release include: products that are or become available from competitors, political and economic factors, including in
China and environmental factors. Should one or more of these risks and uncertainties materialize, or should underlying assumptions
prove incorrect, actual results, performance or achievements of the Company may vary materially from those described in this press
release. Accordingly, readers are advised not to place undue reliance on forward looking information. Except as otherwise required
by law, the Company does not intend to and assumes no obligation to update or revise forward looking information, whether as a
result of new information, plans, events or otherwise.
