Edgewater Foods International Acquires Granscal Sea Farms, Adding Substantial New Production Capacity
GAITHERSBURG, MD--(Marketwire - November 24, 2008) - Edgewater Foods International, Inc.
(OTCBB: EDWT), the first fully integrated shellfish producer with the
largest private marine research hatchery in Canada, announced today that
its operating subsidiary Island Scallops Ltd. (ISL) has acquired Granscal
Sea Farms Ltd. for the sum of 400,000 restricted shares of EDWT common
stock, a cash fee of $30,000, and the assumption of a $35,000 loan from the
Bank of Montreal. Island Scallops shall also pay Granscal a sum equal to
50% of the gross revenue Island Scallops earns on account of the sale of
Granscal's 2004, 2005 and 2006 brood year inventory currently in the water
-- to be paid out as and when Island Scallops receives such sales.
Granscal operates approximately 100 acres of scallop farms, adding a total
production capacity of 6.6 million scallops to ISL's current capacity.
Located in Kanish Bay on Quadra Island on the South Coast of British
Columbia, Canada, Granscal has been farming this lease in cooperation with
ISL since 1992.
In addition, Les Rombough, owner and CEO of Granscal Sea Farms, will lead
Island Scallops' efforts to develop partnerships with Cape Mudge First
Nation Bands and potential farm sites on First Nation owned lands --
projects expected to provide new business opportunities to the Cape Mudge
First Nation and to enhance Island Scallops' farming capacity and provide
future joint venture revenues.
Robert Saunders, Chairman, CEO and President, Edgewater Foods
International, said, "This important acquisition will provide substantial
new farming capacity to Island Scallops. We have been working with Granscal
and Les Rombough for 16 years. He has the same strong commitment to
environmentally sustainable scallop farming that Island Scallops practices.
Acquiring his farms adds to ISL's financial strength and ability to grow as
the dominant producer of scallops in Canada. Mr. Rombough will lead the
ongoing development at the Cape Mudge First Nations Bands. He is currently
heading up the Inventory Program and is a great addition to the Island
About Edgewater Foods International, Inc.
Edgewater Foods International Inc., a Nevada Corporation, is the parent
company of Island Scallops Ltd. ("ISL"), a Vancouver Island aquaculture
company. Established in 1989, ISL has successfully operated a scallop
farming and marine hatchery business for almost 20 years. ISL's facilities
represent the largest private marine research hatchery and the first fully
integrated shellfish producer in Canada.
Edgewater Foods is dedicated to the farming, processing and marketing of
high quality, high value marine species: scallops and sablefish. Farmed
Pacific scallops are unique to North America, and Edgewater is the
predominant producer of live-farmed Pacific scallops.
The Pacific scallop is a hybrid developed by ISL through extensive research
and development and proprietary hatchery technology that significantly
increases growth yields while resisting disease. It is one of the largest
scallops in the world, reaching about 15 cm in size and more than 1 pound
in weight. The Company believes there is virtually no existing competition
for producing this scallop. Edgewater is committed to rapidly expanding
production and profits and financing aggressive growth, while maintaining
quality and a healthy respect for a clean, sustainable marine environment.
Scallop farming is inherently a "green," environmentally sustainable
industry. Scallops require clean water to grow and can only be harvested
from clean waters. No chemicals or food are added to the environment, and
cultured scallops are an organic food product. All scallop seed is
produced in the Island Scallops' hatchery, so no native populations are
To learn more about Edgewater Foods International, Inc., please visit the
company's Web site at http://www.edgewaterfoods.com. To receive email
updates about the company and to be added to Edgewater Foods International
Inc. investor lists, please sign up at www.CFSG1.com or contact Adam
Brooks at abrooks@CFSG1.com.
Except for historical information contained herein, the statements in this
news release are forward-looking statements that are made pursuant to the
safe harbor provisions of the Private Securities Act of 1995.
Forward-looking statements involve known and unknown risks and
uncertainties, which may cause a company's actual results, performance and
achievement in the future to differ materially from forecasted results,
performance, and achievement. These risks and uncertainties are described
in the Company's periodic filings with the Securities and Exchange
Commission. The Company undertakes no obligation to publicly release the
results of any revisions to these forward-looking statements that may be
made to reflect events or circumstances after the date hereof, or to
reflect the occurrence of unanticipated events or changes in the Company's
plans or expectations.
Pursuant to an April 1, 2008 contract, Consulting For Strategic Growth 1,
Ltd. ("CFSG1") provides Edgewater Foods International, Inc. ("the Company")
with consulting, business advisory, investor relations, public relations
and corporate development services. Independent of CFSG1's receipt of cash
compensation from the Company, CFSG1 may choose to purchase the Company's
common stock and thereafter liquidate those securities at any time it deems
appropriate to do so.
Contact Information: Company Contact:
Edgewater Foods International Inc.
Chairman, CEO & President
Consulting for Strategic Growth I
Web site: http://www.cfsg1.com