Wrangell Seafoods


The fishing industry in Wrangell, Alaska can be traced back to the late 1800s. During that time, Wrangell served as a hub for early explorers, entrepreneurs and Hudson Bay prospectors. When gold was found on the Stikine River, it became a well-traveled access to the wild interiors of the Yukon. Many sought gold and gave everything they had to strike it rich. But it soon became apparent that people weren't the only ones traveling against the currents of the mighty Stikine River. Salmon, a sustainable, natural resource was discovered -- and that made it more precious than gold. Fishermen followed the salmon runs from the cold waters of the Pacific Ocean to the mouth of the Stikine River. The local community responded with the establishment of several canneries and Wrangell seafood earned its name. Today, you will find the Wrangell Seafoods processing plant in full operation on the original creosote pilings built at the entrance of the Wrangell Harbor. Working closely with the community it serves, Wrangell Seafoods is comprised of industry participants, fishermen, local residents and business owners. Backed by community support, Wrangell Seafoods is the only locally owned and operated independent business in its class of services! Wrangell Seafoods remains dedicated to providing exceptional seafood products and services to existing and new markets worldwide. Wrangell Seafoods is a supporter of the Marine Stewardship Council (MSC) and certified to the MSC Chain of Custody Certification Standard to sell Alaska salmon. This strong commitment to eco-friendly seafood processing ensures sustainable fisheries at Wrangell Seafoods for years to come. Wrangell Seafoods' corporate office and processing plant is located in Southeast Alaska.	Mission Wrangell Seafoods has expanded its market share as a suppler of the world's finest seafoods from Alaska, with an emphasis on service, quality, and finished products. Our priority will be customer based. WSI, in its efforts will educate the general public on the benefits of wild, healthy, nutritional, and environmentally friendly products from Alaska. WSI markets will define our products with their knowledge of customer product demands. Our employees will also be encouraged to be the best they can be. We will assist in their training, education, health, and welfare. We understand that their quality of life is important to a safe, productive work environment. The future of our company and product quality will be determined on our fishers' involvement and commitment to quality . They will need to be stockholders that hold the keys to our success as a company. Harvesters will need to be partners in the future, with the understanding we will need to work together to achieve our goals. WSI will always play a positive role in the health and prosperity of our community. Company History Harbor Seafoods Inc. ("HSI") was the original Company started in 1956 as a partnership located in Wrangell, Alaska. HSI focused on and expanded into several areas of seafood processing. In 1974 HSI was purchased by the Alaska Pulp Corporation, and sold again in 1984 to J.S. McMillan Fisheries Ltd. ("JSM") and given a new name Wrangell Fisheries Inc. ("WFI")	In 1998 JSM wanted to divest its interest in the company sue to financial restructuring. As a major employer in Wrangell, employing at a seasonal peak up to 130 personnel and servicing 200 fishing vessels, the City of Wrangell was concerned about the economic effect of the loss of employment in the area. Therefore, in order to protect emplo yment, the City purchased the assets of the Company in June 1998. To manage the operations, the assets were leased to a newly formed company named Wrangell Seafoods, Inc. ("WSI"). WSI shareholders consist of roughly 21 shareholders that make up a cross section of seafood industry participants, fishermen, local residents, and business owners. WSI shareholders shared a common goal of saving the last major seafood producer in Wrangell. With the public support of the citizens of Wrangell, after a positive b Èallot proposition, the City of Wrangell solicited proposals for the sale of the cannery and cold storage. WSI was the successful bidder chosen by the city council. In 2000, WSI entered into a sales agreement with the City with the financing terms of 30 years at a 4% interest rate. Shareholder participation was the key to making the acquisition of the facility from the City of Wrangell possible. During 2000 a significant management restructuring took place within WSI in order to enhance the effectiveness of the Company. This included replacement of a number of the officers and management of the Company. The new management has a renewed focus on the risk aversion and is trying to develop new markets to ensure the success of WSI.