Fishery co-op organizers agree to letter of intent with processor

The organizers of a fishery co-operative being formed to represent inshore enterprise owners have agreed to a letter of intent with Dan Meade to sell fish to the Ship Harbour-based processor.

Under terms of the agreement, a new fish processing company will be formed that will see the future co-op earn an equity stake in exchange for a pledge to sell at least two million pounds of snow crab a year to the business.

Meade intends to process snow crab at his groundfish plant in Ship Harbour, and the pledge will strengthen the financial position of the company to get the ball rolling.

It’s expected the new fishery co-op will be incorporated early next year.