The Industry

Farming of Pacific and Atlantic salmon species is one of the best examples of commercialized mariculture technology. The salmon farming industry is currently worth $4 billion in annual sales. Thirty-five percent of the salmon consumed worldwide is produced through mariculture (FAO). The dominant producer of farm-reared salmon is Norway with 548,950,410 pounds in 1995. Advances in production technologies related to genetic improvements, feeds, aeration, sea cage systems, and new strategies to control disease have lead the Company to an opportunity to farm fast growing Gulf marine finfish like Cobia (Lemonfish, Ling) and Mahimahi. GMIT will expand the success of the mariculture industry into the United States Gulf of Mexico and worldwide.

Channel catfish is the dominant fresh water aquaculture species in the United States with 202.8 metric tons (447 million pounds) produced in 1995. Other important fish cultured in the U.S. include salmon, trout and tilapia. Commercial culture of fast growing Gulf species like Cobia (Lemonfish, Ling) and Mahimahi has yet to be developed in the Gulf mariculture industry.