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AgriMarine Launches High Value Warm Water Fish Project in China
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 04/26/11 -- AgriMarine Holdings Inc. (TSX VENTURE: FSH)(OTCQX: AGMHF)(FRANKFURT: A2G) (the "Company" or "AgriMarine") and the Zhoushan Fisheries Research Institute in the People's Republic of China (ZFRI), are pleased to announce a joint venture for a commercial scale research project for the rearing of Yellow Croaker in a closed containment system. The joint venture project is an important step for the Company as it advances its solid wall closed containment technology into other high value species in China.
Yellow Croaker wild populations (called "Gold Fish" in China) have declined since the 1970's and are now cultured in ocean net cages in the Fujian Province. These practices are contributing to pollution, disease, and significant use of antibiotics, resulting in flesh quality issues. Previous research on the culture of Yellow Croaker using manufactured feeds has been conducted by the American Soya Association (ASA) in cooperation with the Ping Yang County Fisheries Bureau of Zhejiang Province. ASA will also provide advice on the feed formulation for the research conducted by AgriMarine and ZFRI.
The value of annual sales of farmed Yellow Croaker in China is over $460 million USD representing production of approximately 70,000 metric tonnes, having similar market size as the British Columbia salmon farming industry.
Director Luo of the ZFRI commented that, "The successful rearing of Yellow Croaker in a sustainable closed system will address consumer demand for healthy fish with similar flesh quality features as wild stocks." This is the first project for the intense rearing of Yellow Croaker in closed containment in China, with waste removal for land disposal.
The juvenile fish have been transferred into the rearing facility and are expected to reach harvest size in approximately eight months. The fish reaching a minimum weight of 0.5 kgs each will be sold in the Shanghai markets, which is less than 4 hours by surface transport from the rearing facility.
About Zhoushan Fisheries Research Institute
The ZFRI is a government held research and development institution, specializing in the laboratory culture of warm water species with potential commercial value. Under the terms of the joint venture, the ZFRI will provide husbandry expertise and the facility to house the technology provided by AgriMarine. The design and construction management was provided by AgriMarine's Canadian staff and advisors, with all equipment supplied by Chinese manufacturers. The parties have agreed to develop a full scale closed containment farming operation, based on the successful outcome of the commercial scale trials and market acceptance of the fish branded as sustainably raised in a closed containment system.
About AgriMarine Holdings Inc.
AgriMarine has developed and commercialized proprietary floating closed containment technology to produce salmon sustainably in its farms in Asia and North America. The technology can be applied worldwide for the rearing of other finfish such as trout, tuna, and yellow croaker. AgriMarine's technology resolves many of the environmental issues created by present net cage rearing practices and meets consumer and retailer demands for sustainable aquaculture while protecting the environment.
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
(604) 568-4673 (FAX)
rbb@agrimarine.com
AgriMarine Holdings Inc.
Alexia Helgason
Manager, Media Relations and Marketing
(604) 728-4407
alexia@agrimarine.com
www.agrimarine.com