AgriMarine Holdings Inc.
CNSX : FSH
FRANKFURT : A2G

AgriMarine Holdings Inc.

November 06, 2014 09:30 ET

AgriMarine Completes Installation of its New Tank Design

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov. 6, 2014) - AgriMarine Holdings Inc. (the "Company" or "AgriMarine") (CSE:FSH) (FRANKFURT:A2G) announces that it has completed the installation of its proprietary semi-closed containment tank technology at its Steelhead farm in Lois Lake, British Columbia. Four (4) AgriMarine System™ tanks have been installed and have been commissioned at the Company's West Coast Fishculture (Lois Lake) fish rearing facility. The Company announces that one (1) Version 1.2 and three (3) Version 2 tanks are now operational. Version 2 of the AgriMarine System™ features a more robust design, with enhanced structural strength and a more efficient pumping system.

Sean Wilton, President and CEO of AgriMarine said, "At West Coast Fishculture, we are now utilizing the tanks to accelerate crop turnover and improve fish production. We have already seen significant advantages with regards to temperature management between the tanks and the nets".

"With a more efficient pumping system, we have been able to increase access to deep water," remarked Robert Walker, President of AgriMarine Technologies Inc. He added, "We are witnessing significantly lower water temperatures in our tanks at Lois Lake, much closer to ideal conditions for salmon rearing than in the surrounding water. Being able to adjust and control in-tank temperatures is a key feature of our technology".

The installation of Version 1.2 tank in Lois Lake marks the completion of the joint research and demonstration project (the "Middle Bay Project") with Middle Bay Sustainable Aquaculture Institute ("MBSAI"). AgriMarine is pleased to announce that it has fulfilled all its obligations pertaining to the Middle Bay Project and in connection therewith, MBSAI has withdrawn its demand letter in the amount of $2.9 million, as announced on July 29, 2013.

About AgriMarine Holdings Inc.

Canadian-based AgriMarine is a producer of sustainable fin fish. The Company utilizes its proprietary, clean aquaculture technology to create an optimal fish rearing environment with economic and environmental benefits to meet the growing demands for healthy and sustainable food sources. The Company's mission is to build a global portfolio of fish farms utilizing its clean rearing technology. AgriMarine Industries Inc. operates the Company's Canadian and Chinese farming subsidiaries. Our flagship farm, West Coast Fishculture (Lois Lake) Ltd., is the premier supplier of Steelhead salmon in British Columbia and its premium OceanWise™ Lois Lake Steelhead is one of the leading brands of fin fish featured in top restaurants across the province. AgriMarine is a portfolio company of Dundee Agricultural Corporation, a subsidiary of Dundee Corporation.

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.

Contact Information

  • AgriMarine Holdings Inc.
    Sean Wilton
    President and CEO
    sean@agrimarine.com

    AgriMarine Holdings Inc.
    Alexia Helgason
    Manager, Corporate Communications and Marketing
    alexia@agrimarine.com

    For information regarding AgriMarine's technologies,
    please contact:
    Robert Walker
    President, AgriMarine Technologies Inc.

    #240-1829 Beaufort Avenue
    Comox, BC V9M 1R9 Canada
    250.941.3099
    250.941.3081 (FAX)