VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/14/12 -- AgriMarine Holdings Inc. (TSX VENTURE: FSH)(OTCQX: AGMHF)(FRANKFURT: A2G) (the 'Company' or 'AgriMarine'), the leader in floating solid-wall containment technology and production for sustainable aquaculture, is pleased to announce that its subsidiary, AgriMarine Norway AS, has signed a Letter of Intent with Marine Harvest ASA ('Marine Harvest') for a demonstration site using AgriMarine's core technology to increase salmon production capacity up to 1 kg. Under the terms of the proposed demonstration project, AgriMarine's solid-wall, floating closed containment tank would be tested and adapted for the production of salmon in Norway. A successful demonstration of the AgriMarine System may result in a Definitive Agreement with Marine Harvest in the near future.
Geir Spiten, President of AgriMarine Norway, said, 'We are confident that the Letter of Intent is the first step in establishing a business relationship with Marine Harvest aimed at the commercialization of AgriMarine's technology for sustainable aquaculture in Norway. This new project follows previous announcements of two other projects in conjunction with Norwegian salmon companies that aim to demonstrate the economic benefits of the AgriMarine System over conventional net cage systems.'
Cato Lyngoy, Group Technical Manager Technology & Environment, Marine Harvest, said, 'We look forward to working with AgriMarine to establish the first application of the AgriMarine System in Norway during the current production year. Our objective is to test AgriMarine's technology to support semi-contained postsmolt production of fish up to 1 kg.'
'Establishing a strategic relationship with a recognized industry major and receiving industry validation is a priority for AgriMarine's management. Marine Harvest is the world's largest farmed salmon producer and we are confident of the benefits that our system will bring to the industry,' added Mr. Spiten.
About AgriMarine Holdings Inc.
Canadian-based AgriMarine is an aquaculture technology company engaged in the development, commercialization and licensing of proprietary solid-wall closed containment systems for the rearing of finfish. The Company utilizes its innovative, clean technology to rear salmon and trout in its farms in China and Canada. The AgriMarine System can be applied worldwide in warm or cold climate conditions, in oceans, reservoirs and lakes. The AgriMarine System addresses sustainability issues in finfish aquaculture, creates an optimal fish rearing environment, offers a better farm management system with added economic and environmental benefits and meets consumer and retailer demands for sustainable aquaculture.
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AgriMarine Holdings Inc.
President and CEO
+47 41 51 49 74