China Marine Food Group
China Marine Food Group Limited is engaged in the business of processing, distribution and sale of processed seafood products, as well as the sale of marine catch.
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China Marine Food wins private label program for a leading HK snack food chain
China Marine Food Group Ltd. (Amex:CMFO), a processor of seafood-based snack foods and distributor of fresh and frozen marine catch, today announced its contract with a Hong Kong-based confectionary store chain which will use China Marine's seafood snack foods exclusively for a private label program for the chain's planned 300 store roll-out in China this year.
Building on China Marine's success in penetrating a large convenience store chain in Shanghai in 2008, the Company has initiated a private label program for one of Asia's most recognized snack-food and confectionary chain stores. The Hong Kong-based retailer features more than 1,000 company branded products for its 250 stores throughout Hong Kong, the Philippines, Singapore and China. The chain is currently expanding its network in China to 300 stores by the end of 2009.
China Marine's Roasted Squid, Roasted Sliced Octopus, Roasted Sliced Squid, Roasted Shredded Squid and Roasted Sea Robin will be packaged in specially designed bags at China Marine's Shishi factory for delivery and placement in each of the chain's planned 300 stores. The chain markets their goods in kiosk-like locations which are featured in high-traffic retail food stores, supermarkets and shopping malls in China.
Chairman and CEO, Pengfei Liu, said. "Since customers of the chain pay a premium for such foods, we are pleased the company has recognized our ability to supply quality products to support their fast growing network of stores throughout China."
The program will be managed through China Marine's distribution network to facilitate in store restocking and point of sale support. Located on the back of the private-label packaging are China Marine's company details. China Marine has forecasted revenues of US$3m for the initial year of the program, with gross margins that are consistent with its current product revenues.
