VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 08/29/12 -- 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 implementation of its new tank design for marine applications. The AgriMarine System? is the Company's proprietary floating tank technology for fin fish farming, which has been redesigned to better withstand high-energy marine environments, with enhanced structural strength and hydro-dynamic performance. The design improvements also include refinements to the materials composition, enhanced vacuum resin transfer technology and increased efficiency in waste capture.
The tank parts have also been redesigned to fit into common shipping containers in order to streamline manufacturing, lower the costs of shipping and expedite the assembly process. With a more efficient pumping system, the Company has increased the access to deep water and hydraulic flow. With the intent to expand into Norway, the tanks are being designed and built to conform to NS94.15 certification standards.
In order to facilitate the manufacturing process, AgriMarine is pleased to announce that it has negotiated a long-term Manufacturing Agreement with Washington State-based Janicki Industries Inc. Janicki has produced both tooling and tank moulds based on AgriMarine's exact design specifications and IP, and has now concluded the manufacturing phase for the first two tanks incorporating the new design elements. Janicki has over 20 years of experience in large scale composite work and in designing precision molds, tooling and fabricating parts for highly technical equipment for a variety of industries.
By working in collaboration with Janicki in creating economies of scale, the Company will be able to ramp up manufacturing capabilities and lower the production costs of the AgriMarine System?, thus increasing the Company's ability to deploy the floating closed containment tank technology into the rapidly growing international aquaculture industry.
Company CEO, Mr. Richard Buchanan, said, 'Signing the Manufacturing Agreement and establishing a strategic working relationship with Janicki is a major milestone for the Company. We now have two completed tanks one month ahead of schedule. We are extremely impressed with the high level of technical expertise exhibited by the team at Janicki and their willingness to work with us.' He added, 'The implementation of our new tank design will further demonstrate the advantages of our technology in the areas of environmental sustainability, fish husbandry and improved production performance for salmon farming. Securing a manufacturing leader for our systems allows the Company to move forward with its sales and licensing strategy for the AgriMarine System? in Europe and the Americas.'
US-based Janicki Industries is a technical engineering company that creates custom engineering solutions and manufactures precision composite and metal tools, prototypes and production parts for transportation, aerospace, space and defense, marine, alternative energy and other innovative markets throughout the world (www.janicki.com).
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.
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