AgriMarine and Serpent River First Nation Sign MOU

0

Source: Marketwire

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.

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.

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.

Contacts:
AgriMarine Holdings Inc.
Richard Buchanan
President and CEO
(604) 568-4672
rbb@agrimarine.com

AgriMarine Holdings Inc.
Alexia Helgason
Manager, Media Relations and Marketing
(604) 728-4407
alexia@agrimarine.com
www.agrimarine.com

Serpent River First Nation
Chief Isadore Day, WIINDAWTEGOWININI
Lake Huron Region Grand Chief
(705) 844-2418
iday.srfn@ontera.net

Customer comments

No comments were found for AgriMarine and Serpent River First Nation Sign MOU . Be the first to comment!