VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 05/26/11 -- AgriMarine Holdings Inc. (TSX VENTURE: FSH)(OTCQX: AGMHF)(FRANKFURT: A2G) (the 'Company' or 'AgriMarine'), the leader in floating solid wall closed containment technology for sustainable aquaculture, is pleased to announce that it has completed the assembly and launch of its fourth tank at its salmon rearing facility in Benxi, in the People's Republic of China.
The successful completion of the fourth tank at the world's first floating closed containment salmon farm is an important milestone for AgriMarine as it increases capacity by 25% or 300,000 kg. The tank will now undergo commissioning to test its life support systems, including oxygen and waste recovery systems. Once commissioning is complete, the Pacific salmon juveniles under grow-out in the Company's 100% owned hatchery will then be transferred into the tank.
Each tank plays an important part of AgriMarine's increasing ability to generate positive cash flow from fish sales in China. The Company is capitalizing on its ability to produce fresh salmon locally, where traditional net cage farming cannot occur due to highly variable surface water temperatures. AgriMarine's proprietary technology resolves this critical challenge, while its domestic production is quickly gaining market share in the high value salmon market.
Sean Wilton, President of Benxi AgriMarine added, 'Significantly, the Company reduced its latest cost of assembly by 50% from our previous tank launch utilizing improved techniques developed during the construction and installation of the Company's marine tank in Middle Bay, Campbell River, BC. Future tank installations will further benefit from these new streamlined procedures, which ultimately lead to higher return on investment and lower capital requirements.'
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.
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.
AgriMarine Holdings Inc.
President and CEO
(604) 568-4673 (FAX)
AgriMarine Holdings Inc.
Manager, Media Relations and Marketing