| Nicaragua

In 1996, after surveying our best
options throughout Central and South America, the company
decided to establish its new aquaculture venture in
the northwestern corner of Nicaragua. Still on unsteady
democratic legs in 1996, Nicaragua appeared risky but
the timing seemed right to take advantage of its potential.
Coming into a remote region with a relatively undeveloped
shrimp-farming industry, the decision was made to
establish a strong presence and to be as fully integrated
as possible. Negotiations with the government yielded
three land concessions totaling 900 hectares on the
island of Mangles Altos in the Gulf of Fonseca. Additionally,
we found an excellent site for our processing plant
in El Viejo. In the Fall of 1996, the company began
construction of a 26-pond, 208 hectare, semi-intensive
shrimp farm on Mangles Altos. In 2000, the company
obtained another 240-hectare concession adjacent
to our landing site at Puerto Castilla, which is
20 kilometers by water from the island of Mangles
Altos.
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In
May of 1998, Sahlman Seafoods of Nicaragua was
opened as one of the most modern shrimp processing
plants in Central America with a daily capacity to
process 120,000 pounds of shrimp per day. Utilizing a
willing, well-trained staff as well as state-of-the-art
equipment, the company was able to produce a top grade
product acceptable to any market in the world. In addition
to shrimp produced on our farms, another supply of
shrimp comes mainly from local farms and cooperatives and
during certain seasons from the small trawler fleet
that operates off the Pacific coast of Nicaragua. The
processing plant was built to U.S. standards and is
in full compliance with the latest HACCP guidelines. Maintaining
these high standards ensures our clients the freshest
frozen shrimp available. Both farm and processing
plant were built and maintained in strict compliance
with Nicaraguan environmental protection laws.
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