AgriMarine Holdings Inc.
TSX VENTURE : FSH
FRANKFURT : A2G

AgriMarine Holdings Inc.

December 06, 2010 08:30 ET

AgriMarine Announces Results of Annual General Meeting and Appoints Chief Financial Officer

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 6, 2010) - AgriMarine Holdings Inc. (TSX VENTURE:FSH)(FRANKFURT:A2G) (the "Company" or "AgriMarine"), a leader in floating closed containment technology and production for sustainable aquaculture, is pleased to announce that at its recently held Annual General Meeting of Shareholders on December 3, 2010, shareholders approved all motions put forth at the meeting. Management's nominees to the Board of Directors were also approved.

At the Board meeting held directly following the Annual General Meeting, the Board re-appointed Hon. John D. Reynolds P.C. as the Chairman of the Board and Richard B. Buchanan as President, Chief Executive Officer and Corporate Secretary, and nominated Mr. Frank Guo as Vice President and Chief Financial Officer of the Company. Mr. Guo replaces Mr. John H. Buchanan, who will continue as a Director of the Company and Chairman of the Audit Committee.

As a seasoned financial executive, Mr. Guo has extensive experience in corporate finance, business structuring, mergers and acquisitions, business planning, taxation, internal financial control, corporate governance, public relations, human resource management, international trade, and cross border transactions. Raised and educated in China, his career has encompassed university lecturer, government auditor, and business executive. Mr. Guo will report to the CEO and be responsible for the Company's finance and accounting functions as well as human resource management.

Prior to joining AgriMarine, Mr. Guo held the position of Vice President and Chief Financial Officer of Daytek Electronics Corporation, a division of Daewoo International Corporation, a Korea Composite Stock Price Index (KOSPI) listed multibillion dollar company with an extensive international network. Earlier in his career, Mr. Guo was an Accounting Manager of Canadian Tire Corporation, an Auditor of Australian Audit General Office, and a university lecturer in China. He holds a Certified General Accountant designation (Canada), a bachelor of Economics (China), and an Audit Certificate (Australia).

"The Board of Directors joins me in welcoming Frank to the team", said Richard Buchanan, CEO of AgriMarine Holdings. "He brings a wealth of financial and senior executive level operational experience and will provide financial and strategic leadership to AgriMarine as it expands in China. The Company would like to thank John Buchanan for his invaluable assistance and mentoring over the past months as Interim CFO and we look forward to his ongoing involvement as a Director of the Board".

The Board also re-appointed John Buchanan (chair), D. Greg Hall and Harry Knutson to the Audit Committee; and Hon. John Reynolds P.C. (chair), D. Greg Hall and Harry Knutson to the Governance/Compensation Committee. 

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. AgriMarine's 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.

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