VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 03/15/11 -- AgriMarine Holdings Inc. (TSX VENTURE: FSH)(FRANKFURT: A2G)(OTCQX: AGMHF) (the 'Company' or 'AgriMarine'), the leader in floating closed containment technology and production for sustainable aquaculture, and the Serpent River First Nation ('SRFN') are pleased to announce the signing of a Memorandum of Understanding for a Closed Containment Aquaculture Feasibility Study.
Under the terms of the MOU, the parties agree to investigate the feasibility of developing a closed containment fish rearing operation within the territory of the SRFN, near Cutler, Ontario, on the North Shore of Lake Huron. The MOU paves the way for a comprehensive technical, social and economic assessment using AgriMarine's proprietary closed containment aquaculture technology for the rearing of trout in SRFN territory, using environmentally sustainable practices.
Commenting on this agreement, Richard Buchanan, CEO of AgriMarine Holdings said, 'The partnership with the SRFN is significant to AgriMarine as it is an integral part of our expansion strategy into Eastern Canada and produces seafood near urban communities. We are pleased to move forward with this project to further demonstrate that our unique technology can be applied in various aquatic environments with a minimal environmental footprint, while providing sustainable economic development to the region.' AgriMarine has successfully deployed the technology in Northern China, which has very similar year-round climatic conditions as the SRFN territory.
Chief Isadore Day, Wiindawtegowinini, Serpent River First Nation, said, 'This project has been in the works for quite some time in Serpent River. It is this partnership and the technology that AgriMarine is bringing forward that is providing us the assurance we need to take this venture one step further. Our project must establish and maintain the highest environmental standards possible and secondarily, this project must meet the economic needs of our community. So far we are showing signs that this project will establish those two high watermarks - that's what we are looking for in a project. At further glance, we are also keen on the ability to contribute to the global demand for food security and access to agricultural marine products.'
Gintas Kamaitis, Aquaculture Consultant to SRFN and AgriMarine, said, 'We believe that the North Channel of Lake Huron represents an ideal site to deploy AgriMarine's technology. Both parties are optimistic of the successful outcome of this feasibility study and are deeply committed to protecting the environment.'
Kerri Commanda, SRFN Community member said, 'Our connection to the land is vitally important. This relationship has the potential to bring some exciting opportunities to our community and surrounding area.'
Upon the successful completion of the feasibility study, both parties will undertake an Environmental Assessment and apply for all required licenses and permits for both tenure and operations.
About Serpent River First Nation
Serpent River First Nation is a signatory of the Robinson Huron Treaty of 1850 and occupies its traditional territory extending into overlapping territories east and west with neighbouring First Nations, south into the Lake Huron basin and north to the height of land at the southern boundary of Treaty #9 Territory. Serpent River is a progressive First Nation with a number of strategic policies in place supporting a growing regional economy and strong partnership developments toward strong collaborative investments. Serpent River First Nation strives to establish investments that reach optimum sustainability and respect for the environment.
About AgriMarine Holdings Inc.
AgriMarine has developed and commercialized proprietary floating closed containment technology to produce salmon sustainably in its farms in Asia and North America. The technology can be applied worldwide for the rearing of other finfish such as trout, tuna, and yellow croaker. AgriMarine's technology resolves many of the environmental issues created by present net cage rearing practices and meets consumer and retailer demands for sustainable aquaculture while protecting the environment.
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AgriMarine Holdings Inc.
President and CEO
AgriMarine Holdings Inc.
Manager, Media Relations and Marketing
Serpent River First Nation
Chief Isadore Day, WIINDAWTEGOWININI
Lake Huron Region Grand Chief