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SeaDragon announces another major Squalene sales contract

SeaDragon announces another major Squalene sales contract

Australasia’s largest refiner and blender of fish oils, SeaDragon (NZX:SEA), has announced that it has signed a second large squalene sales agreement that will underpin its financial performance for the current financial year and well into 2016.

Following on from its March announcement of a major new raw material supply contract for its existing plant, and its May announcement regarding the first significant large sales contract, SeaDragon has signed a second major sales contract to take the refined squalene to customers throughout Australasia.

This second contract covers finished product using a significant amount of the raw material obtained from the supply agreement. The names of the party and the terms of the contract are confidential.

SeaDragon Chief Executive Ross Keeley said: “This contract represents another significant win for SeaDragon and vindicates our decision to take bold steps to secure raw material for our squalene processing factory.”

“The combined contracts have a gross sales value in excess of US$6m for the 12 months commencing October 1st 2014. Given that these sales contracts do not utilize all of the raw material contracted to be supplied to SeaDragon, considerable upside exists in terms of both volume and sales value for the balance of the finished product that will be produced.”

“We are now very well positioned for the current financial year and beyond and are looking forward to 2015 when the completion of our new oil refinery plant in Nelson will allow a major expansion in our range of Omega-3 fish oil products.”

ends

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