March 31, 2008

Cell Aquaculture announces board changes to shift focus to South East Asia
 

Cell Aquaculture has announced changes to its Board of Directors to more accurately represent the company's large-scale production interests in South-East Asia.

Executive Chairman Paul Hopper, based in San Diego based and non-executive director, Prof Glyn Tonge based in the UK, have stepped down. New appointments to the Board will be announced shortly.

Chairman elect, Mr Perry Leach said that both Mr Hopper and Professor Tonge had assisted the Company during an important period of change in the Company's development. He thanked them both for their contribution to the company.

Cell's primary focus is its Malaysian government production joint ventures and the Board's composition now needs to reflect specific skills in aquaculture, and locality to South-East Asia and Australia.

The company has a committed joint venture with Terengganu state government subsidiary, Terengganu Agrotech Development Corporation (TADC) and a Memorandum of Understanding with Sarawak State government subsidiary, ASSAR Fishery Sdn Bhd.

The first stage of the Terengganu venture will produce approximately 10 tonnes a month of barramundi, with sales of premium barramundi by late 2008. Plans are also in place to expand production from this venture to over 1,000 tonnes per annum within the next 24 months.

Negotiations are also being finalised on the Sarawak production joint venture, which will have a projected production of approximately 700 tonnes a year.