| Atlantis Aquafarm, Inc. | |||
| Proposed Ticker: | - | 175 27th Street | |
| Exchange: | Over-the-Counter Market | Brooklyn, NY 11032 | |
| Industry: | Agricultural (SIC Code 0912) | (718) 361-1200 | |
| Type of Shares: | Common Shares | Filing Date: | 10/28/97 | |
| U.S. Shares Filed: | 300,000 | Filing Price: | $6.00 | |
| Non-U.S. Shares Filed: | 0 | Offering Amount: | $1,800,000 | |
| Primary Shares: | 300,000 | Expenses: | - | |
| Secondary Shares: | 0 | Shares Out After: | 835,400 |
| Manager | Tier | Phone |
| Boe & Company, Inc. | Lead Manager |
| Issuer's Law Firm: | Chambers Davidson, LLP |
| Bank's Law Firm: | Rounds, Stephen, E. |
| Auditor: | Chadwick, Ronald R |
| Registrar/Transfer Agent: | America Securities Transfer |
Dollar amounts in U.S. millions except for per share data | |||||
| 7 Month Ending Financials | |||||
| Full Year Audited Income | Latest Unaudited Income | Prior Unaudited Income | Balance Sheet | ||
| 11/30/96 | 6/30/97 | 6/30/97 | |||
| Revenue: | $0.00 | $0.00 | Assets: | $0.08 | |
| Net Income: | -$2.87 | $0.00 | Curr Assets: | ||
| EPS: | -$0.13 | Liabilities: | $0.03 | ||
| Prior EPS: | -$0.02 | Curr Liabilities: | |||
| Cash Flow/Oper: | $0.00 | $0.01 | Equity: | $0.04 | |
| Cash Flow/Fin: | $0.00 | Cash: | $0.36 | ||
| Cash Flow/Inv: | |||||
| Business Description |
| The company is a development stage company recently formed for the primary purpose of farming European Sea Bass and other types of fish in a controlled environment on a large scale for the North Eastern U.S. market. The Company believes that concerns about environmental pollution and diet, the corresponding increase in popularity of farm-raised fish, and the lack of available fresh product, particularly salt water species such as European Sea Bass and other species not indigenous to U.S. waters, will provide Atlantis with a market for its product. Initially the Company plans to market European Sea Bass through direct relationships with several of the larger wholesale seafood distributors in the New York metropolitan area. It is anticipated the fish will be sold primarily live on a cash-and-carry basis to the ethnic oriental market. Preliminary market research appears to indicate that the entire start-up production level can be absorbed by this limited part of a much larger market. |
| Competition |
| At this time the Company is not aware of any other U.S. producers of European Sea Bass. It is currently imported from Europe on ice and cannot therefore compete in terms of price or freshness. Nor are there currently any facilities local to the Metro New York/Tri State area producing any type of salt water fish. The most similar locally available fish is Sea Bass. This fish is caught in the Southern United States and shipped. It therefore cannot be sold live to the Company's target market area and cannot compete in terms of freshness. At full capacity, the Company will be initially seeking approximately a 0.352% market share at a projected market price of $4.50/lb. Thus, in terms of freshness and price, Atlantis' product will be extremely competitive. Nevertheless, it should be recognized that direct and indirect competitors could begin operations in the Company's market area, and competitors not located in the Company's market area could provide a supply of European Sea Bass and other fish to the Company's customers and potential customers, thereby reducing sales revenue, earnings and market share. |
| Use of Proceeds |
| The proceeds from the proposed offering will be used for purpose of equipment and livestock, real property and working capital and general corporate purposes. |
| Name of Shareholder | % Owned Before | % Owned After |
| Patrick D. Trimble | 68.78% | 44.08% |
| Eric Popkoff | 14.02% | 8.97% |
| Govind Srivastava | 10.50% | 6.73% |
| Officer Name | Title | Age |
| Patrick D. Trimble | President, Director | 39 |
| Graeme Chambers | Secreatary, Director | 41 |
| Govind Srivastava | Treasurer, Director | 42 |
| Eric Popkoff | Vice-President - Corporate Development, Director | 42 |
| # of Units: | 300,000 | |||
| Unit Ticker: | - | Unit Price: | ||
| Warrant Ticker: | ZZZZZ | Warrant Price: | ||
| Warrant Exercise Date: | Warrant Exercise Price: | $7.50 | ||
| Warrant Expiration Date: | ||||
| Warrant Detachable: | Yes | Warrant Detach Date: | ||
| Warrant Callable: | No |
| Unit Composition: 1 Common Share + 1 Class A Warrant |
| Warrant Entitlement: 1 Common Share + 1 Class B Warrant |