VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 24, 2011) - (TSX VENTURE:FSH)(OTCQX:AGMHF)(PINK SHEETS: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 its subsidiary and licensing arm, AgriMarine Norway AS ("AgriNor"), is moving forward with its licensing strategy by pursuing concessions in Norway earmarked for closed containment. To this end, AgriNor has signed Letters of Intent as part of joint applications with two Norwegian partners for the use of the AgriMarine System in research and development concessions.
The Letters of Intent were signed with smolt producer Smøla Klekkeriog Settefisk AS ("Smøla") and with fish farming producer Lingalaks AS ("Lingalaks") of Norway. Each party has filed applications with the Norwegian Directorate of Fisheries for the concessions. Research conducted at these concessions will focus on fish welfare, fish quality and the production parameters utilizing closed containment systems.
Geir Spiten, President of AgriNor, said, "We are pleased that our technology was selected for use at the R&D concessions and we are confident that the Company will play a prominent role in furthering closed containment research in Norway."
Licensing Strategy and Business Model
Through its operating subsidiaries, the Company is demonstrating the superiority of its farming technologies by building and operating showcase facilities based on the AgriMarine System. Based on the proven sustainability and economic performance advantages shown at these farms, the Company intends to optimize the value from sales and licensing agreements for its proprietary intellectual property.
The AgriMarine System has demonstrated the ability to substantially improve a salmon farming operation's working capital and profitability by:
- Reducing mortalities
- Improving feed conversion ratios
- Enabling rapid growth with enhanced oxygen concentrations
- Mitigating sea lice infestations– the estimated annual losses to Norway's aquaculture industry due to sea lice damage range from NOK 500 million to 2 billion (US $92-362 million) (Source: Research Council of Norway)
Recent trends in finfish production practices and related legislation in multiple jurisdictions are favouring a move to closed containment technology from traditional net pen production and the Company can now demonstrate that it has the lowest cost and highest operational efficiency method for making this transition.
AgriMarine believes that licensing is key to rapidly deploying its technology in a capital-efficient manner and is placing a high priority on this endeavour. The Company believes that as the AgriMarine System gains acceptance in Norway, that other salmon producing areas such as Chile (the second largest producer of salmon in the world), Scotland, Canada and the Faroe Islands will follow suit.
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, creates an optimal fish rearing environment, offers a better farm management system with added environmental benefits over net cage rearing practices and meets consumer and retailer demands for sustainable aquaculture.
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.
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 release.