Join our daily newsletter At The Bell to receive exclusive market insights
- A1 Investments & Resources (AYI) has announced that its first shipment of Peruvian dried sea cucumbers has arrived in Japan
- In September 2019, AYI entered an agreement with Tidal Moon to develop a sea cucumber business in Western Australia
- Under the agreement, a new entity was created to undertake the processing of the sea cucumbers from its factory in Denham
- The agreement was terminated in October 2020 due to a breach of contract from Tidal Moon, although the business claimed it did not breach the agreement
- AYI has proposed a short-term supply agreement to allow both companies to show a willingness to continue the partnership
- The company has also announced the resignation of Takashi Araya as Director as he could not fulfil all his obligations due to COVID-19 restrictions
- Shares in AYI have been trading steady at 0.1 cents since August 2020
A1 Investments & Resources (AYI) has announced that its first shipment of Peruvian dried sea cucumbers has arrived in Japan.
As a result, AYI will begin production and sales of its health supplements over the next few months.
In September 2019, AYI entered an agreement with Tidal Moon to develop a sea cucumber business in Western Australia.
As a result, a new entity was created, named Tidal Moon Australia, which is 51 per cent owned by Tidal Moon and 49 per cent by AYI.
Tidal Moon Australia will undertake the processing of sea cucumbers from a new factory in Denham on the shores of Shark Bay in Western Australia.
In May last year, Tidal Moon received final approval to process sea cucumbers at its factory in Denham, Western Australia.
Harvesting was meant to begin then but was delayed due to COVID-19 travel bans implemented in March 2020.
AYI has also revealed progress is being made towards a possible solution regarding the dispute with Tidal Moon.
The agreement was terminated in October 2020 due to a breach of contract from Tidal Moon but Tidal Moon claims it did not breach it.
AYI has proposed a short-term supply agreement to allow both companies to show a willingness to continue the partnership.
Tidal Moon has stated it is keen to find a way forward, however, there are still some issues, specifically regarding the supply price for wet sea cucumber.
Director resignation
AYI has also announced the resignation of Takashi Araya as Director as he could not fulfil all his obligations.
He was based in Singapore and, due to COVID-19 travel restrictions, he could not travel, which significantly hampered his role.
Shares in AYI have been trading steady at 0.1 cents since August 2020. The company has a $16.42 million market cap.
