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TSXV:FSH | TSX Venture | Common Stock |
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AgriMarine Holdings Inc. (TSX VENTURE:FSH)(OTCQX:AGMHF)(FRANKFURT:A2G) (the "Company" or "AgriMarine"), a leader in floating solid-wall containment technology and production for sustainable aquaculture, is pleased to announce that it has exported 1.5 million Pacific salmon ova to its 100% owned hatchery in Benxi, China. The ova came from genetic stocks that have been selected for their high growth performance and are federally-certified and pathogen-free. It is estimated that the potential value of these fish in China will be over $20 million when they reach market size in 2013 and 2014. In order to accommodate the Company's largest shipment to date of Canadian salmon ova, AgriMarine recently completed Phase 2 of its plan to modernize its hatchery. With the installation of new Recirculating Aquaculture System (RAS) technology, the Company will be able to expand its smolt production capacity to 5 million annually through greater efficiency in the use of its already impressive ground water resources. This modernization lays the groundwork for future increased salmon harvests and puts the Benxi hatchery on par with the latest hatchery technology anywhere in the world. "Despite world-wide salmon price volatility in the markets in 2011, we are still seeing strong demand for our locally produced, fresh and frozen fish products, which are free of import tariffs, duties and transatlantic transportation costs," remarked Richard Buchanan, President and CEO of AgriMarine Holdings. "We have a progressive, planned approach to increase fish production in our Chinese farms as we focus our efforts into growing distribution channels." AgriMarine's strategic position in China makes it the leader in local salmon production. The next salmon harvest is scheduled for Q3, 2012. 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 environmental benefits 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.
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