AgriMarine Holdings Inc.
CNSX : FSH
FRANKFURT : A2G

AgriMarine Holdings Inc.

December 30, 2014 17:24 ET

AgriMarine System™ Tank Delivers Market-Sized Steelhead Salmon

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec. 30, 2014) - As the pioneer of solid-wall floating semi-closed containment technology for rearing fish, AgriMarine Holdings Inc. (the "Company" or "AgriMarine") (CSE:FSH)(FRANKFURT:A2G) announces its first Steelhead salmon harvest from one of its tanks at its flagship farm in Lois Lake, British Columbia. Well-known for its sustainable fish rearing practices, the Company recently installed its proprietary technology at the farm in order to increase crop turnover and fish survival, and improve feed conversion ratios ("FCR" is defined as measure of an animal's efficiency in converting feed mass into increased body mass.). The Company reports that the fish in the AgriMarine System™ tanks are growing faster and performing better than those reared in the lake net-cages.

In this regard, the Company reports the preliminary results of a comparative study of a group of fish raised in a net cage versus another group raised in the AgriMarine System™ tank:

  • Specific Growth Rate - increased by 8% in tanks, which means larger fish in a shorter period
  • Survival rates (observed over the six month period) - 96% in tank vs 70% in cage, owing to the environmental controls that are integral to AgriMarine's tank technology
  • Significantly lower Economic FCR ("eFCR" includes fish that did not make it to market), due to higher survival and growth rates

"The introduction of this advanced technology has brought a new level of sustainability to our farm and is a clear accelerator for our business," said Bill Vandevert, Farm Manager at West Coast Fishculture. "We have seen a substantial increase in harvest size and survival rates in the tanks, which will directly impact our bottom line."

Sean Wilton, President and CEO of AgriMarine added, "We are pleased with the early results from our first harvest. On-site installation of two additional AgriMarine System™ tanks has now commenced. These tanks are scheduled for commissioning prior to the summer of 2015, in order to prepare for the high water temperature conditions that occur seasonally at this location."

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)