AgriMarine Holdings Inc.
TSX VENTURE : FSH
OTCQX : AGMHF
FRANKFURT : A2G

AgriMarine Holdings Inc.

October 05, 2011 08:30 ET

AgriMarine to Expand into New Salmon Sites in the People's Republic of China

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 5, 2011) - (TSX VENTURE:FSH)(OTCQX:AGMHF)(FRANKFURT:A2G), AgriMarine Holdings Inc. (the "Company" or "AgriMarine"), the leader in floating solid-wall containment technology and production for sustainable aquaculture, is pleased to announce that it has signed an agreement with The People's Government of Benxi County with the intent of developing two additional farm sites in Benxi County, Liaoning Province, PRC. AgriMarine's flagship salmon and trout farm is situated in the clean water reservoir of Guanmenshan and plans to expand its operation into new sites on the nearby Guanyinge Reservoir.

Once sites on the Guanyinge Reservoir are selected, the Company will file all necessary permitting applications and third party environmental reports to obtain rights for long term land and water use. The Company feels that the Guanyinge Reservoir is well suited for AgriMarine's non-polluting, clean aquaculture technology for salmon rearing due to its proximity to the Company's existing operating farm, hatchery and processing facility. As a water supply, power generation and flood control reservoir, Guanyinge also offers a pristine environment with excellent water resources and extensive capacity for AgriMarine's salmon farms.

"The government of Benxi County is pleased with AgriMarine's progress in establishing a sustainable aquaculture industry in its county and has been supportive of the Company's farming technologies based on floating solid-wall containment fish farm systems", said Richard Buchanan, President and CEO of AgriMarine. "Based on the proven sustainability advantages demonstrated at our existing farm, we will be working closely with the Benxi County in developing and expanding the proposed farms at Guanyinge."

The Honourable John Reynolds, Senior Strategic Advisor to AgriMarine, presided over the signing ceremony which took place during the Benxi Maple Leaf Festival. The Hon. Reynolds remarked on the importance of the relationship between Canada and the PRC in terms of promoting cooperation and trade.

About AgriMarine Holdings Inc.

Canadian-based AgriMarine is an aquaculture technology company engaged in the development, commercialization and licensing of proprietary solid-wall closed containment systems for the rearing of finfish. The Company utilizes its innovative, clean technology to rear salmon and trout in its farms in China and Canada. The AgriMarine System can be applied worldwide in warm or cold climate conditions, in oceans, reservoirs and lakes.

The AgriMarine System addresses sustainability issues in finfish aquaculture and creates an optimal fish rearing environment. AgriMarine offers a better farm management system with added environmental benefits over net cage rearing practices and meets consumer and retailer demands for sustainable aquaculture.

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