AgriMarine Holdings Inc.
TSX VENTURE : FSH
FRANKFURT : A2G

AgriMarine Holdings Inc.

September 06, 2013 17:39 ET

AgriMarine Signs a Term Sheet to Acquire West Coast Fishculture

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.

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