Isle shrimp company signs lease for 83 acres on Kauai

Ceatech plans to develop shrimp ponds at the Kekaha Agricultural Park location

By Rob Perez
Star-Bulletin

Controlled Environment Aquaculture Technology Inc. today said it has leased 83 acres on Kauai from the state for production of shrimp.

The company has plans to develop shrimp ponds at the Kekaha Agricultural Park site and expects weekly harvesting there to start in June.

The genetically improved shrimp will be sold initially in Hawaii, Japan and the U.S. mainland, the company said.

Ceatech said it has a 45-year lease with the Department of Agriculture, with a base rent of $150 per acre plus additional rent not to exceed 3 percent of sales for the first 15 years.

The Honolulu-based company said it also is negotiating with the state Department of Land and Natural Resources to lease an additional 280 adjacent acres.

The company intends to develop 52 one-acre ponds for its shrimp production.

"Securing this long-term lease was pivotal," said J. Albert Garcia, Ceatech chairman. "The land is strategically located and perfectly suited to meet our needs."

Ceatech went public in August, with its shares trading on the Nasdaq market. Its stock traded at $4 today.

That's up more than 20 percent since its first day of trading.