AgriMarine Reports Damage to BC Demonstration Tank in Severe Storm

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, advises that the Middle
Bay demonstration farm in Campbell River, British Columbia, sustained damage
from a powerful wind storm that hit the coast of British Columbia on Monday,
March 12, 2012. 


The severe storm that brought winds gusting over 130 kilometres per hour caused
extensive damage to Vancouver Island, affecting the Company's farm as well as
other coastal operators. The extreme weather conditions compromised an outlet
panel of the demonstration floating rearing tank and may have allowed some storm
related losses. The Company took immediate actions to contain the damage and an
early assessment confirmed that there was little impact on fish health. 


Although there was some structural damage to the upper part of the tank, the
Company is pleased to report that all back-up power, oxygen supply and
monitoring systems operated as designed throughout the storm related power
failure and that all mooring systems remained intact. 


"This was the largest storm in recent memory and by far one of the most
destructive we have ever experienced," said Robert Walker, President of
AgriMarine Industries. "Prior to this extreme storm event, the demonstration
tank successfully withstood over 13 months of challenges from the marine
environment in Campbell River as it was modelled against 50 year storm data."
Mr. Walker added, "We have already implemented design changes for future marine
tanks with more stringent manufacturing criteria based on the results of the
environmental loadings on Tank 1."


While the Company is conducting physical inspections and an internal review to
assess and mitigate the structural damage, management is taking all the
necessary steps to minimize impacts and improve manufacturing and design
processes for further installations. 


An interim report has been filed with federal authorities, and a full report
will follow upon receipt of more in-depth assessments by our technical team.


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.