The Company

Gulf Marine Institute of Technology (GMIT) is a 501(c)(3) nonprofit research institute that will conduct research to validate the concept for growing native finfish and cleansing mollusks (oysters) within their natural Gulf of Mexico environment. It is necessary to conduct onsite experiments to validate the concept of the utilization of offshore oil and gas platforms to demonstrate the technical and economic viability of sea farming.

GMIT has acquired over $6.2 million in equipment and assets consisting of a four-platform offshore complex and various vessels for its research and development activities. The Gulf of Mexico ocean farming project has tremendous potential for developing into a viable commercial industry. When commercialization commences it is estimated that in five years the project could have an economic impact affecting 1,100 jobs with an economic ripple effect of $17,600,000 per year.

GMIT's platform complex off Port O'Connor, Texas

The first acquired and permitted platform project in U.S. history for mariculture research and development.

Since 1995, GMIT has been developing a three-phase project for farming fast growing native finfish species in the Gulf of Mexico. Waldemar Nelson International prepared a feasibility study, which was funded by the National Oceanic and Atmospheric Administration (NOAA), addressing the fact that this concept has shown a vast potential for economic development. GMIT received its U.S. Army Corps of Engineers (ACOE) permit in June 1999 for the acquisition and conversion of an existing oil and gas platform complex to mariculture. GMIT has applied for and expects to receive before the end of June 2000, an NPDES permit from the Environmental Protection Agency/Texas Natural Resources Conservation Commission and a lease from the Texas General Land Office to conduct the necessary scientific research and development that will lead to Phase III, commercial mariculture operations in Texas state waters of the Gulf of Mexico.

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