February 18, 2010


AgriMarine to probe salmon system development potential

Press Release

AgriMarine Holdings Inc. and the Lax Kw'alaams First Nation have signed a Memorandum of Understanding to investigate the possibility of developing closed containment cultured salmon operations using AgriMarine technology in Band territory on the North Coast of British Columbia.


AgriMarine's proprietary technology for culturing salmon and other finfish in floating solid wall closed containment systems allows for a controlled rearing water environment and production of sustainable seafood.


"First Nations participation is a key element of our strategy in British Columbia", said Richard Buchanan, President and CEO of AgriMarine. "Prior to this agreement, the Tsimshian First Nation had been opposed to traditional net cage fish farming due to its negative impact on the environment. Our technology offers a solution to the issues facing this industry and mitigates the environmental impacts associated with conventional net cage fish farming practices."


Under the terms of the agreement, AgriMarine will investigate potential sites within the Band territory for placing closed containment technology systems for culturing fish with the assistance of the Lax Kw'alaams Band.


The Lax Kw'alaams Band will take the lead in undertaking the Environmental Assessment and applying for all required licensing and permitting processes for both tenure and operating permits. However, there is a current moratorium in place regarding the issuance of any new fish farm licenses until Fisheries and Oceans Canada (DFO) can assume control of regulating salmon farms at the end of this current year.


Upon the successful completion of the Environmental Assessment and permitting stage, AgriMarine will design, build and install closed containment rearing facilities in the Traditional Territory of the Lax Kw'alaams Band.


AgriMarine Holdings Inc., through its wholly owned subsidiary, AgriMarine Industries Inc., has developed proprietary technology for the rearing of salmon and other finfish in floating solid wall closed containment systems that allows for total control of the rearing water environment. Through AgriMarine Industries' Asian subsidiary, Benxi Agrimarine, the first commercial tank farm is currently being installed in China to produce large steelhead trout. The company is also examining applications of its technology for tuna and other warm water species.

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