VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sept. 6, 2013) -
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AgriMarine Holdings Inc. (TSX VENTURE:FSH)(FRANKFURT:A2G) (the "Company" or "AgriMarine") is pleased to announce that it has shifted the Company's strategy toward becoming a global producer of sustainable fin fish such as salmon and trout. To this end, AgriMarine announces that it has signed a non-binding term sheet ("Term Sheet') with an established steelhead trout producer in British Columbia. Under the terms and conditions of the Term Sheet, AgriMarine Industries Inc., a subsidiary of AgriMarine Holdings Inc., would acquire all of the outstanding shares of West Coast Fishculture (Lois Lake) Ltd. and West Coast Fishculture Ltd. (jointly referred as "WCFC") for cash.
The Term Sheet is subject to the successful execution of a Definitive Purchase and Sale Agreement, approvals by the TSX Venture Exchange, and other customary terms and conditions, such as satisfactory due diligence with respect to WCFC, including a valuation report, and the approvals from the Board of Directors from both companies. The acquisition price will remain undisclosed for the time being, as it will depend on a yet-to-be-completed count of the biological inventory upon closing of the transaction.
AgriMarine also announces that Mr. Robert Leckie has replaced Mr. Orest Zajcew as Chair of the Audit Committee. Mr. Zajcew remains a Member of the Audit Committee however, and he retains his position as the Company's Interim Chief Financial Officer.
About West Coast Fishculture (Lois Lake) Ltd.
WCFC is a British Columbia-based, privately-held steelhead trout farm operation. Established in 1988, its management team and other employees have succeeded in building up a brand name that is recognized for quality and sustainability. WCFC conforms to United Nations Food and Agriculture Organization's Code of Conduct for Responsible Fisheries and its Stillwater Steelhead brand is Ocean Wise™ recommended.
About AgriMarine Holdings Inc.
Canadian-based AgriMarine has developed a proprietary aquaculture technology that facilitates the farming of fish in a more productive and environmentally friendly manner. The Company's mission is now to build a global portfolio of fin fish farms that produce "clean" (hormone and pesticide-free) seafood products such as salmon and trout.
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 news release.
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.