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NZ$4.4m Purchase Agreement for 100 Tonnes of Ling Maw

March 26, 2020 Financial No Comments
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New Zealand Coastal Seafoods Limited (“NZCS”, the “Company”) (ASX:NZS) is pleased to announce that the Company has entered a NZ$4.4m (approximately AU$4.29m) Purchase Agreement with SuperMilkBaba (NZ) Limited (“SMB”), for the sale of a minimum of 100 tonnes of frozen Ling Maw over a 12 month period, with the first 1000kg shipment to be dispatched to SMB today, on advance payment terms.

Highlights:

  • NZCS has entered a NZ$4.4m Purchase Agreement with SuperMilkBaba (NZ) Limited (SMB), for the sale of a minimum of 100 tonnes of frozen Ling Maw over a 12 month period, with the first 1000kg shipment to be dispatched today, on advance payment terms.

  • SMB is a leading New Zealand based international wholesaler and exporter of high quality sustainable food products, and has worked with leading brands including Melita Honey, Pure NZ spring water, Mr Apple and Ample Meat.

  • Under the Purchase Agreement, for each shipment, SMB is required to order a minimum of 8000kgs of Ling Maw for sea freight orders, and 1000kgs for airfreight orders.

  • The products will be processed through NZCS’s newly completed, expanded and upgraded, production and processing facility.

  • NZCS aims to build a long term relationship with SMB, as the companies seek to identify further Chinese export opportunities for the bulk wholesale of NZCS’s seafood products, and the recently developed NZCS branded ready to eat product range.

  • The Purchase Agreement aligns with NZCS’s growth strategy of entering new markets including China.

SMB is a leading New Zealand based international wholesaler and exporter of high quality sustainable food products, with a strict assessment criteria and focus on products which are both pure and healthy. SMB has worked with leading food brands, including Melita Honey, Pure NZ spring water, Mr Apple and Ample Meat

SuperMilkBaba CEO, Fish Lu, commented: “At SuperMilkBaba we have a strict assessment criteria based on quality and the requirements of our customers in China. New Zealand Coastal Seafood’s products are the perfect match for the Chinese market and we see huge potential. Based on the success of this order, we aim to build a longstanding and prosperous relationship with NZCS.”

NZCS Interim CEO, Andrew Peti, commented: “The NZ$4.4M Purchase Agreement with SMB is a monumental milestone for the Company, as it exponentially expands the Company’s revenues, but also provides future opportunities for the bulk sale of NZCS’s products into China, including the newly developed ready to eat product range. We look forward to building a long term relationship with SMB, and I would like to thank the NZCS team for their hard work and dedication in bringing this sale to fruition.”

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