May 12, 2011


AgriMarine expands into Norway



AgriMarine Holdings Inc, the company in the business of floating solid wall closed containment technology for fish rearing has announced that it has launched the commercialisation of its technology into Norway.


The Company has set up a joint venture company under the name AgriMarine Norway AS ("AgriNor"), with ZED Financial Partners of Toronto and Midos AS of Oslo (collectively the "Norwegian JV Partners"). In terms of the collaboration agreement signed between the Company and the Norwegian JV Partners, AgriMarine will license its technology and knowledge to AgriNor, and provide technical and financial support.


Norway is the epicentre of salmon and trout production in the world, and has more than 1,000 total farm sites. Norway contributes 65-70% of the total global farmed salmon market in terms of both tonnage and value.


Norway's fishing industry is now under environmental and consumer pressure to move away from conventional net cage practices. Economic losses due to parasites, escapes and diseases are factors that will adversely affect interest in the floating closed containment solution offered by AgriMarine through this new joint venture.


With commercial scale technology and production established in Benxi, China, the Company has proven that its production costs are comparable with industry standards for net cage operators.


Geir Spiten, a member of the Norwegian JV Partners, has been named President of AgriNor and will report to the Board of Directors of AgriNor. AgriMarine has appointed Sean Wilton as its representative for the joint venture and will serve as Director of Technology and Engineering within the management team of AgriNor. Wilton is President of AgriMarine's operating companies and has extensive worldwide engineering experience in closed system technology for the rearing of salmon and other fin fish.


Commenting on the expansion of AgriMarine into Europe, Richard Buchanan, CEO of AgriMarine said, "There is tremendous political, consumer and ENGO pressure on the salmon farming industry to improve business practices to make farming environmentally sustainable. AgriMarine's technology aims to solve sustainability issues by offering a farm management system that has the ability to expand growth in the industry while protecting the receiving water conditions."

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