August 24, 2010 (FinancialWire) — Rongfu Aquaculture, Inc (OTCBB: RNFU) said that the local government has designated it to operate the 3,300-acre Qingqi aquatic park. According to Rongfu, the new deal will be the first stage in the implementation of the firm’s co-op model.

In the Qingqi Project, located in Shanshui, Guangdong province, the government will spend 150 million RMB to create a modern aquatic production base. The government will construct ponds for fish farming, upgrade water conservation, construct roads, and install utilities. The land will then be leased to the farmers for aquaculture.

Rongfu has been granted a 30 year exclusive contract to manage the project. Under the deal, the company said it will provide the farmers with fish fry (baby fish), feed, medicine, and training.

The company will also be able to purchase the production and distribute the fish through its extensive distribution network. Rongfu said it will also be entitled to receive special subsidies and other preferential treatment from the local government.

China-based Rongfu Aquaculture, through its subsidiaries and the contractual agreements, is engaged in commercial freshwater aquaculture in the PRC. Rongfu cultivates its fish, mostly tilapia and snakehead, in fresh water, sells fish and fish fry, and also acts as a dealer of freshwater fish.

Rongfu operates 13 adult fish breeding farms, three of them located in Hainan Province, and the other ten in Guangdong Province.

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