HQ Sustainable Maritime Swim Against the Tide

The company have announced that for the quarter that ended 31 December 2008, sales increased by 22 per cent to $21.5 million, compared to $17.7 million in the fourth quarter of 2007. The Aquaculture Product segment accounted for $14.1 million in sales, up 23 per cent from $11.5 million reported for the same period last year. Sales from the Health and Bio-product segment were $7.4 million, up 20 per cent from $6.2 million in the fourth quarter of 2007.

The gross profit for the fourth quarter increased by 13 per cent to $9.8 million, compared to $8.6 million for the same period of 2007. The overall gross profit ratio decreased to 46 per cent, compared to 49 per cent for the three month period ended in December 31, 2007.

"In the face of a recession that has touched almost every sector of the global economy, I am very pleased with our results for both the fourth quarter and full year 2008. Our business has proven resilient in a tough operating environment, but more importantly, has proven that it can continue to grow.

"We produce a high quality protein product with sustainable demand drivers, such as an increasing population and a drastically reduced supply of ocean caught fish. During the year, we increased capacity in order to satisfy increased demand and ensure that we take advantage of potential opportunities. I also believe that our management performed exceptionally well, making decisions that we expect to positively affect long-term shareholder value," said Norbert Sporns, CEO of HQ Sustainable Maritime Industries, Inc.

Mr. Sporns continued, "We are confident that we have only begun to scratch the surface of our true potential. In 2009, we will continue to grow and improve our operations, as well as seek out and correct areas of inefficiency. While the global financial crisis is disconcerting, it has opened the door to potential acquisition opportunities and has spotlighted the importance of healthy affordable food such as Tilapia. As we continue our vertical integration, we will evaluate and act upon additional near-term opportunities, which include direct pond ownership, and expansion of the footprint of our processing plants."