| Norton Sound looking to expand footprint in crab industry |
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SEAFOOD.COM NEWS by John Sackton - Feb 17 2010 - At the recent Norton Sound Economic Development Corp. Board meeting, the board gave the go ahead for its fishing subsidiary Siu Alaska, owner of Glacier Fish and other operations, including Aleutian No. 1, and Pacific Star, both crab vessels, to expand its operations in the crab fishery. Norton Sound already owns some crab quota. After a discussion in executive session, the board approved a motion that 'that based on discussion held in executive session, the board approve Siu's proposal to guarantee a loan to Siu to purchase fisheries assets and fishing rights, and further that NSEDC purchase the crab quota associated with that asset.' This gives a NSEDC guarantee for a loan to purchase possibly another vessel and its associated quota. In response to a query from the Nome Nugget about the venture, Siu President and CEO John Eckels wrote in an e-mail that Siu is looking at an investment opportunity involved in the Bering Sea fisheries. We are very pleased that NSEDC has today seen fit to approve our request for the guarantee of a pending financing plan. We must emphasize that there are several significant hurdles before us, including regulatory approval, before the transaction can be closed. Due to confidentiality requirements between the parties and the ongoing sensitive negotiations, we are unable to disclose further details. Should we be successful in this opportunity, we look forward to issuing an announcement at the appropriate time. In recent years Alaskan based CDQ groups have significantly increased their ownership in crab fisheries, in somewhat of a similar pattern as to how most of the CDQ groups bought vessels and co-op rights in the pollock fishery. |
| Fish promotions ramp up for Lenten season |
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SEAFOOD.COM NEWS
[Nation's Restaurant News] Feb 17, 2010 - by Mark Brandau-At the
beginning of Lent, the 40-day, pre-Easter season for Christians, many U.S.
customers will be giving up meat on Fridays or personal vices starting
today on Ash Wednesday. Restaurants, however, are not willing to give up
anything, especially sales. Not only
do savvy independent restaurateurs ready their Friday night fish fry
promotions and upsell seafood entrŽes during Lent, but several
quick-service chains have deployed their marketing and research and
development dollars into seafood items for customers observing the
tradition. |