AgriMarine Announces First Salmon Harvest From Canadian Demonstration Site
VANCOUVER, BRITISH COLUMBIA, Mar 27, 2012 (MARKETWIRE via COMTEX) -- AgriMarine Holdings Inc. /quotes/zigman/547672 CA:FSH 0.00% (otcqx:AGMHF)(frankfurt:A2G) (the "Company" or "AgriMarine"), the leader in floating closed containment technology and production for sustainable aquaculture, is pleased to report the first commercial harvest at its Canadian demonstration site at Middle Bay on Vancouver Island, British Columbia.
The Company previously announced damage to its floating, solid-wall containment tank incurred during a hurricane-grade windstorm that hit Vancouver Island earlier this month. After an initial assessment of the damage, the Company harvested its first crop of Chinook salmon and has begun the process of raising the tank for insurance evaluation and repair. The Company is proceeding with the demonstration project, which is partly funded by Sustainable Development Technology Canada ("SDTC"). Subsequent tanks which are currently being manufactured have been redesigned and will be installed on schedule, including the upgraded pilot tank.
Management feels that harvest results prove the commercial value of AgriMarine's unique technology for sustainable aquaculture. The Company has made the following early findings:
// The fish reached a harvestable size in 13 months, thus demonstrating excellent growth rates achievable in the AgriMarine System
// It appears that there was no loss of inventory, although final harvest umbers are not complete
// The harvested salmon were delivered under contract to our U.S. customer
// Only 3 sea lice were found in the entire crop of salmon, proving that the AgriMarine System effectively controls sea lice infestations
// No antibiotics or chemicals were used and overall fish health was excellent
// The processing yield was 91%
// The mooring system functioned as designed to help stabilize the floating tank in an extremely high-energy situation
"We are extremely proud of our team and how they managed the facilities and harvest procedures during the windstorm," said Richard Buchanan, President and CEO. "Although final harvest numbers are not complete, we have so far harvested and sold over 95% of the original stocking numbers." Mr. Buchanan added, "We have taken the lessons learned into our new tank deliveries and continuing farm research at the site."
A report was filed on March 14th with the federal authorities.
About AgriMarine Holdings Inc.
Canadian-based AgriMarine is an aquaculture technology company engaged in the development, commercialization and licensing of proprietary solid-wall closed containment systems for the rearing of finfish. The Company utilizes its innovative, clean technology to rear salmon and trout in its farms in China and Canada. The AgriMarine System can be applied worldwide in warm or cold climate conditions, in oceans, reservoirs and lakes. The AgriMarine System addresses sustainability issues in finfish aquaculture, creates an optimal fish rearing environment, offers a better farm management system with added economic and environmental benefits and meets consumer and retailer demands for sustainable aquaculture.
