Ocean Trout Canada Inc. ("OTC") Announces the appointment of Larry Ingalls to the Board of Directors
- Mr. Ingalls and family founded Northern Harvest Sea Farms in 1985, which was acquired by Marine Harvest (later renamed Mowi), the largest aquaculture company in the world, in 2018 for CAD$315 million
- Northern Harvest Sea Farms was awarded the first "Best Aquaculture Practices" (BAP) certified "three-star" salmon operation in North American in 2012
HALIFAX, NS, Oct. 11, 2022 /CNW/ - Ocean Trout Canada Inc. ("OTC" or the "Company") is pleased to welcome Larry Ingalls to its Board of Directors. Mr. Ingalls long standing reputation as a Salmon and Trout farmer will serve the Company well as it continues to ramp-up production from its fully licensed and permitted hatchery and marine sites across Atlantic Canada.
Mr. Ingalls, a graduate of the University of New Brunswick, founded Northern Harvest Sea Farms with his brothers in 1985. Under Mr. Ingalls guidance as Chief Executive Officer, Northern Harvest Sea Farms grew its operations in New Brunswick, Newfoundland, and Chile to become one of Canada's largest producers of Salmon and Trout with nearly 20,000MTs of annual production.
In 2018, Norther Harvest Sea Farms was acquired by Norway-based Marine Harvest (later renamed Mowi), the largest aquaculture company in the world, in a transaction valued at CAD$315 million.
Prior to selling, Northern Harvest was a fully integrated producer that operated its own broodstock, hatchery, farming, and processing operations throughout Atlantic Canada. This included 45 farming licenses in Newfoundland and New Brunswick, and more than 500 employees throughout Atlantic Canada. In 2012, Northern Harvest became the first salmon producer in North American to be awarded "three-stars" (the highest rating possible) by the independent Global Seafood Alliance "Best Aquaculture Practices" rating.
W.D. (Bill) Robertson, CEO of OTC commented: "The addition of Larry Ingalls to the Board significantly expands our depth and skillsets. Larry's past success, understanding of the industry, and knowledge of Atlantic Canada is an invaluable addition to our Board. He understands the opportunity in front of us better than anyone and has real world experience in growing an aquaculture company in Atlantic Canada."
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.
SOURCE Ocean Trout Canada Inc.
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