Ocean Smart Inc (OCSM)

Description:

Ocean Smart, Inc. was incorporated under the laws of the State of Nevada on June 12, 2000, with the name Heritage Management Corporation. In August 2005, the Company entered into a share exchange agreement with Ocean Smart, Inc. and changed its name from Heritage Management, Inc. to Edgewater Foods International, Inc. Effective March 3, 2009, the Company changed its name from Edgewater Foods International, Inc. to Ocean Smart, Inc. The Company's wholly owned subsidiary, Ocean Smart, a Nevada Corporation, is the parent company of Island Scallops Ltd., a Vancouver Island aquaculture company. Island Scallops was established in 1989 and for almost 20 years has successfully operated a scallop farming and marine hatchery business. Island Scallops is dedicated to the farming, processing and marketing of high quality, high value marine species: scallops and sablefish. All seafood products are produced in private hatcheries and grown on ocean farm sites. Currently, the Qualicum Beach Scallop is the only product that Island Scallops produces, grows, processes and markets. Island Scallops has, however, produced a number of other shellfish species including the Pacific oyster, European flat oyster, Manila clam, eastern blue mussel, Mediterranean mussel, rock scallop, geoduck clam and sea urchin, which in the past the Company has sold to third party shellfish farmers. Additionally, its hatchery has produced and is capable of producing a number of shellfish seed including mussel, oysters and geoduck as well as scallop seed. Island Scallops has developed proprietary hatchery techniques for a number of marine species, most notably the hybridizing of the Qualicum Beach Scallop and becoming the first company to produce commercial quantities of sablefish juveniles. The Company's marketing and distribution strategy for Island Scallops is focused on developing and maintaining long-term relationships with distribution channel members. Island Scallops also strives to differentiate its products to achieve consistent supply and quality.