Further Operational Update
February 15, 2021
Following its business update on 8 February 2021, The Kingfish Company [Euronext: KING] provides the following further update:
At the Netherlands operation (King Zeeland), Phase 1B commissioning has commenced successfully. The addition of Phase 1B, built in 2020 on time and on budget, increases the installed production capacity from the previous 650 ton to 1,250 ton per year.
Internal corporate restructuring, as detailed in the company’s published Euronext admission document and in an announcement on the 30th December 2020, has concluded. The internal reorganization which included setting up a property company and EU farming entity, retains all assets, operations, business activity and IP under 100% ownership of The Kingfish Company N.V., the listed parent company in the group (Euronext: KING).
Finally, and as a response to questions raised regarding last week’s secondary placement by an undisclosed financial investor, management can confirm that no negative operational or business event has occurred since the market update on February 8; in which The Kingfish Company shared sector leading production KPI’s, pre-covid sales performance through 2020, and expansion and development progress of both its US (Kingfish Maine) and European (Kingfish Zeeland) operations.
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February 8, 2021 business update for reference: https://www.the-kingfish-company.com/post/business-update-feb-8-2021
About The Kingfish Company
The Kingfish Company is a pioneer and leader in sustainable land-based aquaculture. Current annual production capacity at its Kingfish Zeeland facility in the Netherlands is 1,250 tons of high quality and high value Yellowtail Kingfish.
Expansion is underway in the Netherlands, which will increase capacity to 3,000 tons in the second half of 2022. In the US, permitting for the company’s 6,000-8,000 ton capacity facility is in advanced permitting and design, planned to break ground by Q4 21/Q1 22.
Production is based on proprietary design and the operation of an advanced recirculating aquaculture systems (RAS), ensuring optimal conditions year-round, and an environmentally friendly, bio-secure operation. Animal welfare is paramount, and the fish is grown without use of antibiotics, GMO, or hormones. Current operations run on 100 percent renewable energy, sourced from wind, solar and biogas. The company’s facilities operate on sea water, without use of precious fresh water.
The Kingfish Company’s first product, the Dutch Yellowtail (also known as Ricciola/Hiramasa/Greater Amberjack) is a highly versatile premium fish species, well known in its centre-plate cooked applications in the Italian cuisine, and a staple of sushi/sashimi applications in the Asian fusion cuisine.
The company’s operations are certified as sustainable and environmentally friendly by Aquaculture Stewardship Council (ASC), Best Aquaculture Practices (BAP) and the British Retail Consortium (BRC). It was the winner of the 2019 Seafood Global Excellence Award, and it is recommended as green choice by the Good Fish Foundation.
Phase 1B undergoing commissioning in The Netherlands
Overview of existing farm and expansion phases in the Netherlands operation (Kingfish Zeeland)