AgriMarine Holdings Inc.
TSX VENTURE : FSH
FRANKFURT : A2G

AgriMarine Holdings Inc.

September 29, 2010 08:30 ET

AgriMarine and MBSAI Confirm Receipt of First Tank for the Middle Bay Project

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 29, 2010) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

AgriMarine Holdings Inc. (TSX VENTURE:FSH)(FRANKFURT:A2G) (the "Company" or "AgriMarine"), a leader in floating closed containment technology and production for sustainable aquaculture, and the Middle Bay Sustainable Aquaculture Institute (MBSAI) are pleased to announce the delivery in B.C. of the first marine based, commercial scale, solid wall, closed containment tank for the Middle Bay Project ("Middle Bay Project") located at Campbell River, BC.

AgriMarine and MBSAI have partnered together on the Middle Bay Project and will now begin the construction and installation of the first of a marine based four-tank system with an initial commercial volume of 3,000 cubic meters. When complete, the Middle Bay Project will demonstrate a new marine based commercially adaptable technology that will offer the socio-economic benefits of fish farming without many of the negative environmental issues associated with traditional net cage fish farms. The completed tank will be stocked with Chinook salmon fingerlings.

"This new marine installation will mark a new era of sustainable coastal aquaculture in BC and demonstrate that the industry can transition to closed containment without putting the environment or the economy at risk. This is game changing technology and we are grateful for the support of our project partners," said Richard Buchanan, CEO of AgriMarine.

MBSAI is a not for-profit organization formed for the purpose of researching and developing the use of commercial-scale solid wall containment systems for aquaculture. Contributing to this project are the following Consortium members: AgriMarine Industries Inc., Coast Sustainability Trust, the US-based Gordon and Betty Moore Foundation (GBMF) and Sustainable Development Technology Canada (SDTC), an arm's-length, not-for-profit corporation created by the Government of Canada. The project is also supported by the following environmental non-governmental organizations; the David Suzuki Foundation, Living Oceans Society, Coast Sustainability Trust, Georgia Strait Alliance, T. Buck Suzuki Environmental Foundation, and the Wilderness Tourism Association. AgriMarine and MBSAI are also very grateful to have the cooperation and support of the K'ómoks, Campbell River, Cape Mudge, and Homalco First Nation Bands.

About AgriMarine Holdings Inc.

AgriMarine is in the business of producing fish sustainably in its proprietary closed containment systems in China for the rearing of trout, salmon and other finfish such as tuna in floating solid-wall closed containment systems that allows for control of the rearing water environment. The technology resolves many of the environmental issues created by present net cage rearing practices worldwide and permits the installation of fish production systems in close proximity to consumer markets.

Forward-Looking Information

Information set forth in this news release may involve forward-looking statements. Forward-looking statements are statements that relate to future, not past, events. In this context, forward-looking statements often address a company's expected future business and financial performance, and often contain words such as "anticipate", "believe", "plan", "estimate", "expect", and "intend", statements that an action or event "may", "might", "could", "should", or "will" be taken or occur, or other similar expressions. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following risks: risks associated with marketing and sale of securities; the need for additional financing; reliance on key personnel; the potential for conflicts of interest among certain officers or directors with certain other projects; and the volatility of common share price and volume. Forward-looking statements are made based on management's beliefs, estimates and opinions on the date that statements are made and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change. Investors are cautioned against attributing undue certainty to forward-looking statements.

THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS NEWS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE SECURITIES LEGISLATION.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • AgriMarine Holdings Inc.
    Richard Buchanan
    President and Chief Executive Officer
    (604) 568-4672
    rbb@agrimarine.com
    or
    AgriMarine Holdings Inc.
    Alexia Helgason
    Manager, Media Relations and Marketing
    (604) 568-4672 or Mobile: (604) 728-4407
    (604) 568-4673 (FAX)
    alexia@agrimarine.com
    www.agrimarine.com