The only mention of exporting in the last C/C was regarding the following update included in this quarterly report, and that was seafood being exported FROM Norway. There has been no mention of SIAF exporting anything in the near term. Long-term, maybe. Near-term, no.
Management knows that most of China's aquaculture imports (live or frozen), most of which originate in South Asian countries (e.g., Thailand, Vietnam, Indonesia, etc.), are extremely poor in quality because of infestation with chemicals and pollutants unfit for human consumption. As of March 31, 2012, much of the seafood from South Asian countries to China has been banned. China's aquaculture industry faces the same dilemma, resulting in China's seafood exports to other countries declining year over year.
Taking these recent events into consideration, management has decided to capitalize on the opportunity and has begun investigating importing seafood from Norway, a country that is surrounded by clean waters, and is currently producing abundant supplies of seafood for European countries. Norway has very stringent health standards applied to its wild and farm harvested aquaculture industries.
By March 31, 2012, trial orders of frozen fish and live scallops were placed by the Company with a few reputable Norwegian suppliers. Management expects air shipment deliveries in May and by seafaring vessels later in the month to Guangzhou City.
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