July 27, 2007

Australia's Australis to expand into Asian and American markets

Barramundi specialist Australis Aquaculture Ltd has raised US$3.3 million through its oversubscribed share purchase plan and would use the funds to expand into the North American and Asian markets.

Australis Aquaculture Managing Director Josh Goldman, said that the Directors are heartened by the high level of support from shareholders and the confidence expressed in the company's strategies.

The company has embarked on an aggressive program to introduce barramundi to North American markets and to grow it at large volumes during the past three years.

Goldman said the company is now well positioned to execute growth plans and meet increasing demand in North American, European and Australian markets.

The company said it would expand barramundi production by establishing production and sourcing operations in Vietnam and realise full 1,000 tonne per annum production at a US facility.