May 31, 2011


AgriMarine signs memorandum of understanding with Safeway



AgriMarine Holdings Inc., the chief in floating closed containment technology for sustainable aquaculture, is happy to declare that it has signed a Memorandum Of Understanding (MOU) with Safeway Inc.


The MOU sets out a framework for Safeway to commence a due diligence process leading to a definitive agreement for supply of Pacific Salmon from AgriMarine's closed containment salmon farming operations in Campbell River, BC. The salmon are raised in floating, solid-wall closed containment systems developed by AgriMarine as a sustainable alternative (green technology) for salmon farming. The AgriMarine system places a solid barrier between wild fish and farmed fish and protects the surrounding eco-systems through its proprietary solid waste collection system.


AgriMarine's closed containment technology is currently operating in Benxi, China, where successful rearing, harvesting and sales to the market are occurring. The company recently signed a joint venture agreement to license AgriMarine's technology to the Norwegian salmon farming industry through the company's subsidiary, AgriNor.


"We have received positive initial feedback from Safeway who share our vision of making positive contributions for our oceans by changing the way salmon are farmed, and feel that consumers will respond favourably to having sustainable farmed salmon options", said Richard Buchanan, CEO of AgriMarine Holdings.


Safeway is one of the largest food and drug retailers in the USA and Western Canada, with over 1,700 corporate stores located across eight key market areas. Safeway has implemented a comprehensive Sustainable Seafood Policy and is taking credible steps to fulfilling its commitment to seek sustainable alternatives from sources that are working towards eliminating the impacts of traditional harvesting and production methods. In April 2011, Greenpeace named Safeway the top most sustainable national grocery retailer for sustainable seafood from its list of the top 20 supermarket chains in the US.

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