One Company Sinking Cash Into Artificial Reefs

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May 27 (Bloomberg) –- Walter Marine Founder and Owner David Walter discusses the artificial reef business. He speaks with Pimm Fox on Bloomberg Television’s “Taking Stock.” (Source: Bloomberg)

? according to one research report, 30% of the world's aircraft are owned by certain companies.

If you are looking to capitalize on this, surfair.

A california airline that offers all you can fly for $2000. welcome jeff porter.

Tell us about surfair.

Where'd you find?

Good afternoon.

We fly in the bay area out of an airport called san carlos and would like to four different point.

Santa barbara, hawthorne, burbank, and tahoe.

It is simple.

You give the sales pitch.

For $1600 a month, you can fly as much as you want between those points.

You talked about backers of the program and how it came to be.

With my background in aviation, i ran a membership club.

When the founder initially thought of this, i kicked myself.

He had the vision.

We went from there.

It was simply about the matter of convenience.

Economic convenience and low stress travel.

As you might suspect, between those points that i mentioned, there is a lot of travel.

We have created a non-stress travel experience.

We service private terminals.

You can arrive 15 minutes prior to departure time.

They know you by name.

The crew and the pilots help you with the luggage.

Off you go.

From a matter of convenience, you are receiving anywhere from two or three hours.

We are very much focused on those people.

That is part of this.

Described the aircraft equipment will stop it is swiss made.

It is a turboprop aircraft.

It is fast, safe, reliable stop it is quiet.

Our interior seating is executive seating.

The front four seats face each other.

What is interesting about this business model is the sense of community.

I happen to be one of those wi-fi guys.

When you close that question to our current membership, and we have 600 members, most of them say, no.

We do not want wi-fi.

We want interaction with other members.

You make a reservation, the mobile application.

You can book a reservation and 30 seconds.

You can opt in and allow other members to see you.

They get to interact of each other.

Where do you want to find that?

Do you have plans for las vegas?

We do.

We are waiting for government approval to fly to las vegas.

Our primary focus is in the southwest.

It is more in california.

There's not an infinite number.

We have developed our five-year plan.

We are now going through the process of deciding what that looks like.

We are starting the process to take an additional aircraft.

Thank you for joining us.

Jeff porter, the chief executive of surfair.

Coming up on "taking stock," thinking ships will stop we will find out how they can actually help the environment.

That is next on "taking stock." ? getting rid of old automobiles, it sounds like an environmental headache.

In some cases, a few single jump into the water, it can provide an environmental and economic benefit will stop joining us to discuss the business of artificial reefs is dave walter.

He is the founder and owner of walter marine.

David, explain what it is about making an artificial reef that can change the natural habitat?

In the gulf of mexico, we have flat, sandy desert on him.

-- bottom.

If you put something there, it creates a habitat for bottom-dwelling fish.

We have proven that it actually creates an environment.

We use those in a variety of scenarios.

Fishing reef, snorkeling reef, oyster reefs.

We have several different models.

They are used for different purposes.

Can you describe in terms of the scale these different rates?

How they can they get?

We make them anywhere from about three feet tall up to 20 feet tall.

We make them out of concrete and limestone rock.

The florida limestone rock is the perfect age for marine life.

Every animal that lives on a natural reef can live on our manufactured race.

-- reff.

Are they expected to make?

We charge about 1700 direct -- $1700. that includes everything.

We have different types of race.

-- reefs.

We have public reefs as an alabama we have a private reef.

It is for individual fishermen.

We do a lot of those.

They cannot own it, but the location a secret.

We have a 1200 mile square area.

David walter, can you describe the process of deploying these artificial reefs?

We have a vessel.

It is an old coast guard vessel.

We converted it to do reefs.

We can carry six of these 6000 pound reefs at one time.

We can deploy one every three minutes.

We go out with the vessel.

We stop the locations and use the gps coordinates.

We drop into the barn and release it.

Go ahead.

We also do ships.

I have done 14 ships.

That may be the most anybody else has done.

We do a ship for divers.

We sometimes want to locate an old ship.

We will find some government entity that wants to buy it all stop maybe the community will come together and put some money together to buy the ship.

We will take that out of sync it as well.

One of the most recent thinking involved a ship.

I found the ship in miami.

I brought it to alabama, thinking i might sell it all stop but when i came in to alabama, people sought and they were lined up along the canal.

They were cheering us on as we came in.

Someone put it on facebook.

The community came together and formed a foundation and raise half $1 million to sink the ship.

Jimmy buffett's sister has a restaurant and she put up most of the money.

They named it "the lulu." a partner with lulu buffett, weekly advance on a bar.

Since we do not use explosives to sink our ships because it might damage see life, we allowed everybody to get up close and personal.

We were able to sink it.

Thank you for sharing your story.

David walter, walter marine.


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