CAPE FISHERIES BUYS FISHING FLEET FROM STARKIST
Cape Fisheries Becomes the Largest US Tuna Fishing Company
SAN PEDRO, CALIFORNIA April 30, 2001
Cape Fisheries Holdings, LP announced today that it has completed the acquisition of the fleet of eight super tuna purse seiners from StarKist Seafood Company, a wholly owned subsidiary of Heinz.
"This is a win-win situation for everybody. The timing of Heinz' plan to divest its tuna fishing fleet coincided with TriMarine's plans to expand its tuna fishing activities. This acquisition puts us firmly on the map as an important tuna supplier," said Kenny Alameda, President and Chief Operating Officer of Cape Fisheries.
TriMarine recently formed Cape Fisheries Holdings, LP to acquire and operate tuna fishing boats. "Production from these boats will strengthen TriMarine's role as a strategic supplier of raw material to the tuna industry worldwide. I am thankful to the StarKist organization, especially their President Don Binotto, for making it happen so quickly," said Renato Curto, President of TriMarine International, Inc.
Cape Fisheries intends to continue operation of the fleet in the Western Pacific Ocean under US flag. This will help to preserve the viability of the US Treaty for fishing access in exclusive economic zones of certain Pacific Island States.
Background on Tri Marine
TriMarine is a premier independent strategic supplier of raw material to the global tuna industry. Its activities include fishing, trading, processing and marketing primarily of tuna and tuna products. TriMarine was formed in Singapore in 1972. Since then the company has grown to be one of the largest tuna trading company in the world. Its subsidiary companies, own or otherwise control processing plants, fishing assets and operations and representative offices located strategically around the world. In January 2001, the Company sold its interest in Chicken of the Sea to Thai Union International Inc., thus concluding successfully a three and half year joint venture with Thai Union and with Mr. Edmund Gann, a preeminent tuna fishing operator. TriMarine's mission is to be the most reliable and significant supplier of both round (whole and unprocessed) tuna and cooked tuna loins.