TimberFish is seeking capital investment to fund the commercial development of its technology. Initial funding will be used to build and operate the small production facility at the Five & 20 Distillery in Westfield, New York. The operations of this facility will serve as tangible evidence to attract investors to the first large scale commercial facility, as a pilot for future commercial facilities, and as a market test for the sale of seafood into retail markets. Additional funding will be used to support and build the first large scale commercial facility. In 2018 we plan to begin construction of this large scale facility, which will produce one to two million pounds per year of seafood.
TimberFish’s preferred approach to entering into the global seafood market is by joint venturing with, or licensing technology to, industry leading operating partners. Our product is an alternative seafood supply option and our technology is the next generation of land-based seafood production, yielding a local, sustainable, higher quality product at a lower cost than competitors. Commercial development will be facilitated by leveraging the expertise of established operators within the existing supply chain. The market is fragmented and we anticipate developing multiple geography specific partners and possibly partners by market segment.
Over the next five years current management envisions sale of the entire company, including its technology and intellectual property, to a single buyer or to a number of companies based on geography or market focus. This may be accomplished by outright sales or licensing agreements. In the latter case TimberFish would survive as a holding company. To achieve this objective TimberFish plans to develop a management team capable of implementing and operating initial commercial facilities.
TimberFish seeks to engage a suitable partner for the first large scale commercial operation with a construction start in 2018. At this point we assume the first project will be in the US or Canada with a preference for the brewery, winery and distillery segment. We have started engaging potential partners and will continue to do this on an on-going basis. Efforts will focus initially in the US and Canada and in 2017 we will start making international contacts. By 2019 we expect to have an agreement to construct at least one additional facility. Potential partners in the industry include: producers, fish farms and wild caught fisheries; processors; distributors; wholesalers; and retailers, supermarkets, restaurants, and food processors. Other potential partners include: engineering design firms, waste water treatment companies and companies with ecological focuses. We have recently begun speaking to a number of such potential partners.
InApril of 2016 we will befgin construction of the small production facility in Westfield. The technology for growing fish has been demonstrated with rainbow trout at TimberFish’s outdoor facility and at the Freshwater Institute in Shepherdstown, West Virginia. We intend to use the Westfield facility to accomplish several major tasks.
Provide opportunities for potential partners to see, taste and perform chemical analyses on seafood from our process.
Provide fresh seafood to various supermarkets and restaurants to test the market, determine pricing and gauge consumer response
Compare seafood from the facility to current offerings (farmed and wild caught) and do side by side testing of contaminant levels and taste perceptions.
Grow different species of fish and crustaceans which will allow TimberFish to offer a broad range of seafood products and build facilities in different climates.
Optimize design criteria and operational parameters for the first large scale commercial operations.
Help define the supply chain, understand issues that impact seafood production and identify and build key relationships
During 2017 we will consider options for expanding the Five & 20 Distillery system and start implementation these by the end of 2018. In 2019 a long-term plan for the facility will be developed and implemented
The technical and market data we generate starting in 2016 and continuing throughout the plan period will be used to refine our financial model, improving the accuracy of our assumptions and reducing investor risk.