VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 06/11/12 -- AgriMarine Holdings Inc. (TSX VENTURE: FSH)(OTCQX: AGMHF)(FRANKFURT: A2G) (the 'Company' or 'AgriMarine'), the leader in clean aquaculture technology, is pleased to announce the appointments of Mr. John Buchanan as Chief Financial Officer, Mr. David Haig to its Finance Committee, and Mr. Harry Knutson as Chair of the Audit Committee.
In connection with the appointment of Mr. Buchanan, the Company announces the resignation of Mr. Frank Guo as Chief Financial Officer. Mr. Buchanan is a Director of the Board and previous Chair of the Audit Committee.
Mr. Buchanan is a Chartered Accountant (1963) and has a BSA (1959) in Agriculture Economics, Ontario Agricultural College, University of Guelph and an MBA (1965) Richard Ivey School of Business, University of Western Ontario. He has extensive business experience in both large and small companies in North America as well as international experience in Europe and the Pacific Rim. Early in his career, Mr. Buchanan was Director of Management Auditing for Avco Corporation and the Reed Paper Corporation, both public companies. His responsibilities in recent years included senior executive positions in finance, sales and marketing, engineering and manufacturing which subsequently lead to the position of President of Delphax Systems, a high-technology company in Mississauga, Boston and Europe.
Mr. Knutson is the founder of Nova Bancorp Group ('Nova Bancorp'). For a number of years, Nova Bancorp was a partner in a marine engineering business in France, but remains active in many investments through an affiliate base in Vancouver, British Columbia. Mr. Knutson previously held the position of Chairman of Strategic Nova Inc. from 1998 to 2002, a diversified wealth management company based in Montreal. Prior to that, Mr. Knutson held the positions of: President of a mid-sized trust company; President, Chief Executive Officer and Director of a real estate investment trust; and President of a conglomerate involved in the food, sports and real estate industries. Mr. Knutson holds an Honours BA degree in Economics and an Honours B. Comm. degree from Simon Fraser University. He serves on the Board of several TSX Venture listed companies.
Mr. Haig has held a wide variety of management positions in his 18-year career. His areas of expertise include planning and operations, management and development, project management, team building, and strategic partnering. Mr. Haig was the Senior International Affairs Advisor, Policy & Legislation for the Department of Fisheries and Oceans (DFO). He served as Senior Strategy Advisor for Westingdale Limited, a corporate development and financing firm to its several small and mid-capitalization portfolio companies. Most recently, Mr. Haig served as President and Chief Executive Officer for US-based Bio-Fertilis Inc., an organic fertilizer company. Prior to joining the Finance Committee, he served as Special Advisor to AgriMarine's CEO since 2011.
Mr. Richard Buchanan, AgriMarine's CEO, joined the Board in welcoming Mr. Haig to the Finance Committee and said, 'David possesses a deep understanding of the financial requirements of growth companies and the experience gained during his years at the Department of Fisheries and Oceans will be invaluable going forward.' We are also pleased to welcome John as CFO, a position he held in 2010. 'AgriMarine is rapidly evolving its business strategy and positioning itself as a technology developer and sustainable salmon producer,' added Mr. Buchanan. 'We are amassing the talent to take us to the next stage of our business growth.'
Grant of Stock Options
The Company also reports the grant of incentive stock options to certain of its directors to purchase up to 150,000 common shares in the capital stock of the Company pursuant to an approved share option plan. The options are exercisable at a price of $0.20 per share on or before June 11, 2016, subject to the approval of the TSX Venture Exchange.
About AgriMarine Holdings Inc.
Canadian-based AgriMarine is an aquaculture technology company engaged in the development, commercialization and licensing of proprietary floating solid-wall closed containment tank systems for salmon and finfish farming. The Company's clean technology is demonstrating economic and sustainability advantages in its own farms in Canada and China, as well as commercial scalability for hatchery and full grow-out applications. The AgriMarine System creates an optimal fish rearing environment, addresses sustainability issues in finfish aquaculture and can be applied worldwide in a variety of water bodies and climates.
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.
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AgriMarine Holdings Inc.
President and CEO
AgriMarine Holdings Inc.
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