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HQ Sustainable Maritime Industries, Inc. Postpones Filing of Form 10-K for the Year Ended December 31, 2010

^{Published on 2011-04-01 06:05:19 - Market Wire}
 

SEATTLE, WA--(Marketwire - April 1, 2011) - HQ Sustainable Maritime Industries, Inc. (NYSE Amex: [ HQS ]) ("HQS" or the "Company"), a leading producer and marketer of health products derived from marine based raw materials as well as Tilapia resulting from vertically integrated operations, has postponed the filing of its Form 10-K for the year ended December 31, 2010. The Company is postponing the filing of its Form 10-K because the audit of the Company's financial statements has not been completed due to difficuties and delays in obtaining and verifying certain information. The Company's independent auditors will continue to work toward the completion of the audit. The Company expects to complete the audit within approximately 30 days.

About HQ Sustainable Maritime Industries, Inc.

HQ Sustainable Maritime Industries, Inc. ("HQS") is a leader in the production and marketing of health products derived from marine based raw materials as well as Tilapia resulting from vertically integrated operations. HQS practices cooperative farming of sustainable aquaculture, produces all-natural enriched feeds, Tilapia value added products and health products. The Company markets its nutraceutical and health products, including its "Omojo" branded health products through retail and franchise sales in China. Some of these products are now being introduced to the United States. The World Brand Laboratory and also the China Health Care Association have recognized these as China leading Health product brands.

The Company produces and sells certified, value added Seafood products, including "Gluten Free" "Lillian's Healthy Gourmet" products in the United States through its Seattle based affiliate. US based sales have been expanded to include "Omojo" health products.

The Company's subsidiaries hold HACCP and GMP certification from the U.S. FDA and the EU Code assignment of quality, permitting its products to be sold in these international markets. It has also achieved the ISO 9001 quality management system standards certification and the ISO 22000 certification for quality in food safety. HQS tilapia farming, processing and feed manufacturing standards met Best Aquaculture Practices, the new Global G.A.P., the Global Partnership for Good Agriculture Practice, standards for Tilapia. The Chinese government gave organic certification to the Company's tilapia processing, production, labeling, marketing and management system. In addition to headquarters in Seattle, HQ has operational and Sales and Marketing offices in Seattle, Newport Beach, Beijing, Shanghai, Hangzhou, Nanning, Changsha, Guangzhou, Shenzhen, Sanya, Zhuhai, Hong Kong, Wenchang and Haikou. The Company's website is [ www.hqfish.com ]; with subsidiary products marketing web sites at [ www.omojohealthusa.com ]; [ www.lillianshealthygourmet.com ]; [ www.oudun.cc/ ]; [ www.fishbao.net/ ]; [ www.jiahuabio.com ].

Safe Harbor Statement

Certain statements in this press release, including statements regarding the expected completion of the audit of the financial statements for the year ended December 31, 2010, may be "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks and uncertainties. Certain of these risks and uncertainties are or will be described in greater detail in our filings with the Securities and Exchange Commission. These forward-looking statements are based on the Company's current expectations and beliefs concerning future developments and their potential effects on the Company. There can be no assurance that future developments affecting the Company will be those anticipated by the Company. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.