AgriMarine Expands Its Reach Into Norway

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Source: Marketwire

VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 05/11/11 -- AgriMarine Holdings Inc. (TSX VENTURE: FSH)(OTCQX: AGMHF)(FRANKFURT: A2G) (the 'Company' or 'AgriMarine'), the leader in floating solid wall closed containment technology for fish rearing is pleased to announce that it has launched the commercialization of its technology into Norway. The Company has set up a joint venture company under the name AgriMarine Norway AS ('AgriNor'), with ZED Financial Partners of Toronto and Midos AS of Oslo (collectively the 'Norwegian JV Partners'). In terms of the collaboration agreement signed between the Company and the Norwegian JV Partners (the 'Agreement'), AgriMarine will license its technology and know-how to AgriNor and provide technical and financial support.

Norwegian Fish Farming

Norway is the epicentre of salmon and trout production in the world today. With over 1,000 total farm sites and 65-70% of the total global farmed salmon market in terms of both tonnage and value, Norway must figure prominently in any new development in farm technology. This large ratio of the global business also means that salmon farming is a critical part of the coastal economic picture in Norway with over $7 billion in direct economic impact. This industry is under pressure however with environmental and consumer pressure to change from conventional net cage practices. Economic losses due to parasites, escapes and disease are other factors that will drive great interest to the floating closed containment solution offered by AgriMarine through this new joint venture.

With commercial scale technology and production established in Benxi, China, the Company has proven that its production costs are comparable with industry standards for net cage operators.

The Joint Venture

Under the terms of the Agreement, the Norwegian JV Partners will apply for concessions earmarked for closed containment fish farming in Norway, with the aim of establishing a closed containment demonstration facility for the rearing of salmon. The Norwegian JV Partners will arrange for both technical and financial support from Norwegian Government agencies and industry participants. AgriNor will also pursue additional concessions earmarked for closed containment fish farming in its own right and in partnership with other industry participants, in order to commercialize AgriMarine's solid wall closed containment technology throughout Europe.

Mr. Geir Spiten, a member of the Norwegian JV Partners, has been named President of AgriNor and will report to the Board of Directors of AgriNor. Mr. Spiten is a Certified Information System Auditor with extensive consultative experience in the aquaculture industry in Norway. Mr. Spiten has also worked as Principal Consultant at Pricewaterhouse Coopers. AgriMarine has appointed Mr. Sean Wilton as its representative for the joint venture and will serve as Director of Technology and Engineering within the management team of AgriNor. Mr. Wilton is President of AgriMarine's operating companies and has extensive worldwide engineering experience in closed system technology for the rearing of salmon and other fin fish.

Commenting on the expansion of AgriMarine into Europe, Mr. Richard Buchanan, CEO of AgriMarine said, 'There is tremendous political, consumer and ENGO pressure on the salmon farming industry to improve business practices to make farming environmentally sustainable. AgriMarine's technology aims to solve sustainability issues by offering a better farm management system that has the ability to expand growth in the industry while protecting the receiving water conditions.'

About AgriMarine Holdings Inc.

AgriMarine has developed and commercialized proprietary floating closed containment technology to produce salmon sustainably in its farms in China and Canada. The technology can be applied worldwide to the rearing of other finfish such as trout, tuna, and yellow croaker. AgriMarine's technology 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.

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

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