Florida-based seafood brokerage International Specialty Seafood Inc (ISSI) has signed the fifth Letter of Intent with the opportunistic Gatlin Holdings, which acquires companies and establishes financial stability within them.
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ISSI brokers seafood for US and Canadian processors, as well as Chinese fish farms. This can be done very profitably because of China’s WTO status and NAFTA. ISSI will also serve as the procurement arm for GTNH’s restaurants under management.
The company is executing a five-phase approach beginning with the acquisition of the Southeastern distributorship from a Canadian processor with strong ties to the Chinese. Direct ship items are the first step, then bulk purchases utilizing strategically located cold storage/repackaging facilities to fill specific market channels. The profit on direct ship items is about US$.40 per pound, this triples if ISSI handles the product.
Proforma projections are US$1.7m in sales for 2002 with a profit before taxes of US$465,000. As the facilities and staff expand, by 2004, ISSI is predicting sales of US$2.3m and profits of US$946,000.
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