Klahoose corporation reports income and new ventures

Forestry income of $1.8 million and acquiring an interest in a geoduck tenure at Squirrel Cove were just two of the highlights in a January update from Qathen Xwegus Management Corporation (QXMC).

The update was a ‘snapshot’ progress report and financial summary for Klahoose Forestry Limited Partnership and Klahoose Shellfish for the second quarter of the financial year.

“Our forestry program has been a real success,” said QXMC president Chief Ken Brown. “As a result of our efforts, Klahoose is now recognized as a key part of the economic fabric of BC.

“Our focus remains on asset and capital development. The board is building a foundation across a range of business areas that will last for years to come.”

The report said that the financial position of the company “is very positive” as it oversees an asset base of about $6 million. QXMC has outstanding liabilities of about $1.8 million. “Therefore, in little over two years, QXMC has developed a net value of $4.2 million in equity,” said the update.

The report said that the QXMC board was researching and developing new ventures in a number of areas including gravel extraction, tourism, water bottling, a partnership with the University of BC in business, forestry and aquaculture.

Shellfish agreement

The QXMC report also announced that Klahoose Shellfish had entered into a management services agreement with Taylor Shellfish. The Shelton, Washington-based company purchased Fanny Bay Oysters north of Qualicum in 2007. It has a 20,000-square-foot processing plant that counts and sorts oysters and washes and sorts clams.

The Klahoose-Taylor team will start operations on beaches owned by Klahoose this spring.

This spring will also see the seeding of a geoduck tenure in which Klahoose recently acquired an interest.