A group of Prince Edward Island fin fish aquaculture producers have joined together to create a new company and a new export product for the province. Ovatech Inc., based in Rollo Bay near Souris, is producing disease-free Atlantic Salmon, Arctic Charr and Rainbow Trout eggs. Disease-free eggs are shipped to fish farmers around the world who then grow the eggs to produce mature fish for the table market.
"The creation of Ovatech is another exciting step for the aquaculture industry in the province. The knowledge and experience of the shareholders involved will help to ensure Ovatech expands PEI's reputation for exporting high quality products," said the Honourable Lawrence MacAulay, Solicitor General of Canada, representing the Atlantic Canada Opportunities Agency (ACOA) and Human Resources Development Canada.
Shareholders in Ovatech Inc. include Aqua Bounty Farms Ltd., Atlantic Sea Smolt, Ben's Lake Inc., Dover Fish Hatchery Ltd., Winter Springs Aquaculture, and Lawrence Wood.
"Ovatech is capitalizing on the collective knowledge of its shareholders as well as the natural advantages that Prince Edward Island has to offer," said the Honourable Pat Binns, Premier of Prince Edward Island. "Our ample supply of fresh, clean water, and the access we have to the latest technology helps Ovatech to compete on the world stage. I want to congratulate the owners and employees of Ovatech on their vision and effort in establishing this world class facility."
The production process for Ovatech is relatively simple. Each of the six shareholders maintains brood stock at their individual sites where eggs and milt are collected. The eggs are then fertilized and brought to the incubation facility within 24 hours, where they are placed in incubation trays for 20-25 days until they reach the "eyed" stage. Eyed eggs are graded, counted and packed for shipment. The new incubation facility at Rollo Bay allows each producer's eggs to be kept separately, but under one roof in order to manage quality assurance.
"Ovatech was formed because we recognized we had two distinct advantages in PEI -- our disease-free brood stock status and our enclosed fresh water facilities which allow us to have higher production from our brood stock," said Craig Boudreau, Secretary/Treasurer of Ovatech Inc. "We also recognized the significant egg export market opportunities. Our target markets are South America, primarily Chile, North America and Europe."
Chile is the world's second largest producer of farmed salmon behind Norway. In 1997, Chile produced 172,000 tonnes of farmed salmon and production continues to increase.
While the production of fish eggs is Ovatech's primary focus, another key area is the development of PEI's Arctic Charr brood stock which will lead to greater and more economical production of Arctic Charr by Island fish farmers. Arctic Charr is still quite a new species to aquaculture having been introduced to the industry just over a decade ago, but it is becoming widely known as a "specialty" product with growing market potential.
Ovatech Inc. has received a $650,000 loan through Prince Edward Island Business Development Inc., a $231,035 repayable loan from ACOA, and a $215,000 contribution from HRDC through the Canada Jobs Fund.
This fund, successor to the Transitional Jobs Fund, was a national program designed to assist areas of high unemployment. The Canada Jobs Fund was brought to an end on June 22, 2000. This project was approved prior to that date. Human Resources Development Canada officials will continue to assess and, where appropriate, recommend for approval by the Minister, eligible projects submitted to the department before June 22, 2000. Uncommitted funding will be redirected to regional economic development agencies.
This project has been reviewed to ensure compliance with the Department's improved administration of its Grants and Contributions. The Department of Fisheries, Aquaculture and Environment has also worked closely with Ovatech throughout the duration of the project.