AgriMarine Holdings Inc.
TSX VENTURE : FSH
OTCQX : AGMHF
FRANKFURT : A2G

AgriMarine Holdings Inc.

May 30, 2011 08:30 ET

AgriMarine and Safeway Sign Memorandum of Understanding (MOU)

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 30, 2011) - AgriMarine Holdings Inc. (TSX VENTURE:FSH)(OTCQX:AGMHF)(FRANKFURT:A2G) -

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AgriMarine Holdings Inc. (the "Company" or "AgriMarine"), the leader in floating closed containment technology for sustainable aquaculture, is pleased to announce that it has signed an MOU with Safeway Inc. ("Safeway").

The MOU sets out a framework for Safeway to commence a due diligence process leading to a definitive agreement for supply of Pacific Salmon from AgriMarine's closed containment salmon farming operations in Campbell River, BC. The salmon are raised in floating, solid-wall closed containment systems developed by AgriMarine as a sustainable alternative (green technology) for salmon farming. The AgriMarine system places a solid barrier between wild fish and farmed fish and protects the surrounding eco-systems through its proprietary solid waste collection system.

AgriMarine's closed containment technology is currently in operation in Benxi, China where successful rearing, harvesting and sales to the market are occurring. The Company recently signed a joint venture agreement to license AgriMarine's technology to the Norwegian salmon farming industry through the Company's subsidiary, AgriNor.

"We have received positive initial feedback from Safeway who share our vision of making positive contributions for our oceans by changing the way salmon are farmed, and feel that consumers will respond favourably to having sustainable farmed salmon options," said Richard Buchanan, CEO of AgriMarine Holdings.

About Safeway

Safeway is one of the largest food and drug retailers in the USA and Western Canada, with over 1,700 corporate stores located across 8 key market areas. Safeway has implemented a comprehensive Sustainable Seafood Policy and is taking credible steps to fulfilling its commitment to 'seek sustainable alternatives from sources that are working towards eliminating the impacts of traditional harvesting and production methods'. In April 2011, Greenpeace named Safeway the top most sustainable national grocery retailer for sustainable seafood from its list of the top 20 supermarket chains in the US.

About AgriMarine Holdings Inc.

AgriMarine has developed and commercialized proprietary floating closed containment technology to produce salmon sustainably in its farms in China and Canada. The technology can be applied worldwide to the rearing of other finfish such as trout, tuna, and yellow croaker. AgriMarine's technology creates an optimal fish rearing environment, offers a better farm management system with added environmental benefits over net cage rearing practices and meets consumer and retailer demands for sustainable aquaculture.

Forward-Looking Information

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