AgriMarine Holdings Inc.
CNSX : FSH
FRANKFURT : A2G

AgriMarine Holdings Inc.

December 08, 2014 22:00 ET

AgriMarine Holdings Provides Operational Update

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec. 8, 2014) - AgriMarine Holdings Inc. (the "Company" or "AgriMarine") (CSE:FSH)(FRANKFURT:A2G) announces that its technology subsidiary, AgriMarine Technologies Inc. ("ATI"), has initiated a Pilot Study and evaluation project in Ontario (the "Ontario Project"), involving new floating trough technology for the commercial production of trout. The floating trough model can be deployed in smaller man-made water bodies such as rehabilitated gravel pits.

The Ontario Project is located in southern Ontario near consumer markets and will be evaluated and tested over a one-year period. The floating troughs are now stocked with rainbow trout with a first harvest expected during the first quarter of 2015.

ATI will use the Ontario Project to test existing small scale technology and if successful, to develop and test an innovative commercial scale prototype, with the aim of developing new sites across North America.

ATI further announces the completion of its latest technology geared for improving and expanding fish production. The AgriMarine Deep Injection O2 System is ATI's newest product offering, designed specifically to enhance oxygen absorption in fresh water. "Our aim is to continually innovate and improve our technologies for utilization in our own farms and also to assist our aquaculture clients worldwide to resolve the biological and ecological challenges inherent in the industry", said Robert Walker, President of ATI. He added, "Our team of engineers is extremely pleased with the new oxygenation system, which has already yielded excellent results".

The Company also wishes to report that it has received the fiberglass parts for the next round of tanks for installation at its fish rearing facility in Lois Lake. Two AgriMarine System™ tanks will be installed and commissioned by the end of the second quarter of 2015, bringing the total to six (6) operating tanks at the West Coast Fishculture Steelhead salmon farm in British Columbia.

The Company is exploring options for the repayment of its secured senior debt in the amount of $5 Million, due February 2015 (please refer to the Company's news release dated February 14, 2014, for more information). To this end, the Company is currently in discussions with its existing loan holder, as well as with certain European financial institutions and industry partners as potential investors and licensees to service its debt obligation. There can be no assurance that the Company will be successful in its efforts to arrange additional financing on terms satisfactory to the same. If adequate funds are not available, or are not available on acceptable terms, the Company may not be able to take advantage of other opportunities, be forced to curtail business operations or cancel planned projects, or otherwise remain in business.

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:
    AgriMarine Technologies Inc.
    Robert Walker, President,

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