Lobster Made Easy

Mark Lowe, of Mahone Bay, Nova Scotia, pitched Lobster Made Easy, asking for $350,000 for 30% of his company. The product is a fully cooked, vacuum-sealed frozen lobster that can be prepared in a microwave in six minutes, using a patent-pending pressure release valve in the packaging. Production cost is $13 per unit, grocers pay $19, and it retails for $24.99. Mark Lowe invested $200,000 of his own money testing the concept through food trucks that also sell items like ice cream, generating $240,000 in sales from one truck and $160,000 from another, for total sales of about $400,000 over a year and a half. The product recently launched in Sobeys stores, marking the start of retail sales.

Michele Romanow declined, saying she was not the right partner given the complexity of combining the lobster and food truck business. Wes Hall also went out over concerns about combining the two business lines. Arlene Dickinson offered $350,000 for 32%, and Robert Herjavec matched that offer, later joined by Vincenzo Guzzo. Mark Lowe accepted Arlene Dickinson's offer of $350,000 for 32%.

Lobster Made Easy appears to have closed. Its products may no longer be available.