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AgriMarine Commences Trading on Canadian Securities Exchange, Delists from TSXV
AgriMarine Holdings Inc. (TSX VENTURE:FSH)(FRANKFURT:A2G) (the "Company" or "AgriMarine") is pleased to announce that its common shares will commence trading on the Canadian Securities Exchange (the "CSE") at market open on Monday, April 28, 2014, under the symbol "FSH".
The Company also announces that it will voluntarily delist its common shares from the TSX Venture Exchange at the close of trading on Friday, April 25, 2014.
The Company expects that the transition between the TSXV and the CSE will be seamless to its shareholders.
About AgriMarine Holdings Inc.
Canadian-based AgriMarine is a producer of sustainable fin fish. The Company utilizes its proprietary, clean aquaculture technology to create an optimal fish rearing environment with economic and environmental benefits to meet the growing demands for healthy and sustainable food sources. The Company's mission is to build a global portfolio of fish farms utilizing its clean rearing technology. AgriMarine recently completed the acquisition of West Coast Fishculture (Lois Lake) Ltd. which is the Company's flagship steelhead farm in British Columbia. AgriMarine also owns and operates a salmon and trout farm in China. Both farms are wholly-owned subsidiaries of AgriMarine Industries Inc.
AgriMarine Announces $5,000,000 Loan from Dundee
VANCOUVER, BRITISH COLUMBIA--(Marketwired - April 22, 2013) - AgriMarine Holdings Inc. (TSX VENTURE:FSH)(FRANKFURT:A2G) (the "Company" or "AgriMarine") is pleased to announce that Dundee Agricultural Corporation ("Dundee") has agreed, subject to the approval of the TSX Venture Exchange (the "Exchange"), to advance a loan in the principal amount of $5,000,000 (the "Loan") to the Company.
The Loan will be evidenced by a convertible note, will bear interest at a rate of 12.68% per annum and will have a term of one year.
Pursuant to the terms of the Loan, the Company is required to complete a consolidation of shares within 90 days. Shareholder approval will be sought for the consolidation of shares at the Annual General Meeting of Shareholders to be held on April 26, 2013. Subject to the approval of the Exchange, Dundee may elect to convert the principal balance of the Loan into common shares of the Company at any time at a price per share equal to (a) prior to the consolidation, $0.10 per share, and (b) following the consolidation, at a price of $0.015 multiplied by the consolidation ratio.
The proceeds of the Loan will be used for the purchase and deployment of further AgriMarine System™ tanks. Proceeds of the Loan will also be used for supporting engineering work, filing of patents related to AgriMarine's IP, working capital and general and administrative expenses.
About AgriMarine Holdings Inc.
Canadian-based AgriMarine has developed innovative aquaculture technology for farming salmon, trout and other high value fin fish species in closed containment. The Company utilizes its solid-walled floating tanks to address sustainability issues in aquaculture, to create an optimal fish rearing environment with added economic and environmental benefits and to meet consumer and retailer demands for sustainable fin fish products. The AgriMarine System can be applied in warm or cold climate conditions, in oceans, reservoirs and lakes.
Will it hit sub-penny? Crutches at .015 and .02, these guys must have had some achievements in recent months, at least from the Chinese farm. I'd like to see this stop falling somewhere.
Ya. Looks headed to .01 and below.
Pounded. At .015, sub-penny likely... Waiting on good news to level out.
Big time news.
Way to go FSH.
AgriMarine Signs Purchase and Licensing Agreement with Norwegian Group
AgriMarine Holdings Inc. (TSX VENTURE:FSH)(OTCQX:AGMHF)(FRANKFURT:A2G) (the "Company" or "AgriMarine") the leader in clean aquaculture technology, is pleased to announce that it has executed a letter agreement (the "Agreement") with Akvatech AS ("Akvatech"), a Norwegian Private Equity Group, to advance the adoption of the Company's closed containment fish rearing technology (the AgriMarine System(TM)) in Norway, the world's largest salmon producing nation, and in other countries.
Agreement Summary
The Agreement contemplates the execution of a series of definitive agreements (collectively, the "Transaction"), the commercial terms of which include:
a. A secured loan from Akvatech to the Company's subsidiary AgriMarine Industries Inc. ("Industries") in the amount of CAD $2.5 Million
b. Purchase of the Company's IP rights and know-how within certain Northern European countries, including Norway
c. Technology and sales licenses to certain countries in Southern Europe, Middle East/Mediterranean region, and South America
d. Sale of two (2) 24m AgriMarine System(TM) marine tanks for use at a demonstration project in Norway
e. Development and patent protection of a 30m tank design with capacity of 5,500 cubic meters
Secured Loan
Pursuant to the Transaction, Industries will enter into a Loan Agreement with Akvatech for a loan of $2.5 Million (the "Loan"). The Loan will have a maturity date of eighteen months from the date of execution. The Loan will be secured by a charge over all of Industries' property and assets and guaranteed by the Company.
Purchase and Licensing of the AgriMarine System(TM)
Pursuant to the Transaction, Industries will enter into an IP and Licensing Agreement, under which Akvatech shall purchase from Industries the right, title and interest in the AgriMarine System(TM) fish-rearing technology for use in Norway and certain Northern European countries for an aggregate purchase price of CAD$1.5 Million. The Company will grant Akvatech a license to use the AgriMarine System(TM) fish-rearing technology within certain South American, Middle Eastern, North African and Southern European countries, with future acquisition rights for additional considerations. AgriMarine retains full and exclusive rights in Canada, US and China. The Agreement includes a provision for royalty payments to be made to the Company, in perpetuity, from future sales of the AgriMarine System(TM) tanks in those territories in which the technology is licensed.
Sale of 24m Tanks for Demonstration Project
In connection with the Transaction, Akvatech will arrange for the sale of two (2) 24m AgriMarine System(TM) Version 2 marine tanks manufactured by Janicki Industries Inc. for use at a demonstration project in Norway. This marks the first sale of AgriMarine's technology and establishes the Company as a supplier of closed containment technology.
The demonstration project is expected to be jointly financed by a consortium of industry players and salmon farmers, as well as Innovation Norway, the Norwegian Government's innovation and development arm.
Development of 30m Tanks
The Agreement contains a provision for joint technology development whereby Akvatech will fund the continued design and development of a 30m tank based on AgriMarine's Version 2 marine system design.
"This agreement with Akvatech not only validates our IP and signals the immediate sale of two AgriMarine tanks for use in Norway, and it also sets the stage for future tank sales and expansion throughout Europe", said Sean Wilton, President and CEO of AgriMarine. "We are confident that the transaction will also bolster further support and interest from salmon producing companies in other territories such as Southeast Asia and Australia". Mr. Wilton added, "We believe that we have the answer to sustainable salmon farming with substantial operational advantages in terms of reduced mortalities, improved feed conversion, and mitigation of sea lice infestations."
Finders' fees may be payable in connection with certain elements of the Transaction. The Company anticipates execution of the definitive agreements by December 7, 2012 or earlier, subject to certain terms and conditions. The Transaction remains subject to certain approvals, including the approval of the TSX Venture Exchange. There can be no assurance that the transactions contemplated under the Agreement will be completed as proposed.
About AgriMarine Holdings Inc.
Canadian-based AgriMarine is an aquaculture technology company engaged in the development, commercialization and licensing of proprietary floating solid-wall closed containment tank systems for salmon and finfish farming. The Company's clean technology is demonstrating economic and sustainability advantages in its own farms in Canada and China, as well as commercial scalability for hatchery and full grow-out applications. The AgriMarine System(TM) creates an optimal fish-rearing environment; addresses sustainability issues in finfish aquaculture and can be applied worldwide in a variety of water bodies and climates.
Some good buying volume incoming.
.055's eaten up.
Sounds like this could be a precursor to a JV.
Year of the fish is approaching.
Agrimarine Engages Cormark Securities As Financial Advisor
AgriMarine Holdings Inc. has appointed Cormark Securities Inc. to act as its financial adviser with regard to alternatives the company is currently considering. To meet its financial objectives, AgriMarine will work with Cormark in assessing the capital requirements for the company's operations in Canada and China. Cormark will conduct financial and valuation analyses on the company, provide due diligence services, and carry out reviews and evaluations of any proposed financial transactions and negotiations the company undertakes to meet its objectives.
About Cormark Securities
Cormark Securities is a leading independent investment dealer counselling Canadian and international institutional investors and Canadian-listed mid-cap and emerging-growth companies from offices in Toronto and Calgary. Established in 1981 as Sprott Securities, Cormark has evolved into an industry leader recognized for its knowledge and commitment to the mid-cap and emerging-growth market.
Agrimarine Holdings Announces Director Resignation
AgriMarine Holdings Inc.'s D. Greg Hall has resigned from the board of directors and audit committee. AgriMarine's board and management team would like to thank Mr. Hall for his valuable contributions to the company's development over the last two years.
Read more at http://www.stockhouse.com/bullboards/messagedetail.aspx?p=0&m=31690914&l=0&r=0&s=FSH&t=LIST#DdCwU7ePkuG3ZBJo.99
Finally! With the way Mr. Wilton handled the Janicki deal its no wonder he was appointed to CEO. We need a forward thinking man for the job that can execute and quickly.
He seems to be a bit more proactive and engaged. I think this is a good move by the BOD.
I fully expect some kind of JV shortly based on everything that is happening with this company.
GLTA
AgriMarine Appoints New President and CEO
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 10/05/12 -- AgriMarine Holdings Inc. (TSX VENTURE: FSH)(OTCQX: AGMHF)(FRANKFURT: A2G) (the "Company" or "AgriMarine"), the leader in clean aquaculture technology, announces that effective immediately, Mr. Sean Wilton has been appointed by the Board to succeed Mr. Richard Buchanan as President and Chief Executive Officer of the Company. Mr. Wilton is a director of the Company and has been responsible for overseeing the Company's technology sales and licensing initiatives. Mr. Buchanan will remain a director of AgriMarine Holdings Inc.
"We are extremely pleased that Mr. Wilton has been named as President and CEO of AgriMarine," said Mr. Harry Knutson, AgriMarine's Chairman. "Mr. Wilton has been instrumental in the development and the commercialization of AgriMarine's unique solid-wall closed containment technology. As Founder of the Company, the Board wishes to thank Mr. Buchanan for his valuable service."
AgriMarine is currently exploring strategic alternatives to fund the capital requirements for its operations in Canada and China.
About AgriMarine Holdings Inc.
Canadian-based AgriMarine is an aquaculture technology company engaged in the development, commercialization and licensing of proprietary floating solid-wall closed containment tank systems for salmon and finfish farming. The Company's clean technology is demonstrating economic and sustainability advantages in its own farms in Canada and China, as well as commercial scalability for hatchery and full grow-out applications. The AgriMarine System™ creates an optimal fish rearing environment, addresses sustainability issues in finfish aquaculture and can be applied worldwide in a variety of water bodies and climates.
I really liked this news - and I checked out Janicki when it first hit - looks like a quality outfit with lots of expertise. That's a load of fiber and resin, but I guess they want them super-strong and to last a long time - wish they would post some more information on their website.
Janicki reels in fish-farming contract
~Produced new tank design for changing Norwegian market
Posted: Tuesday, September 25, 2012 1:00 am
By Mark Stayton
SEDRO-WOOLLEY — Janicki Industries, high-tech manufacturer of composite aerospace parts and molds, boat hulls and alternative-energy harvesting equipment, is now waist deep into a new venture: fish tanks.
Janicki just finished manufacturing its second order of contained, in-ocean fish farming tanks for AgriMarine Holdings Inc., based in Vancouver, B.C., and has an agreement to build 10 more for the company.
Rob Walker, president of AgriMarine Industries Inc., said while his company manufactured a prototype of an open-water, 3,000 cubic-meter tank in 2011, it turned to Janicki to produce a redesigned tank that would be stronger and sleeker in rough waters, better at waste collection and easier to transport to developing markets overseas.
Improvement over current systems
AgriMarine’s mostly submerged water-based tanks offer significant advantages in efficiency, performance and environmental care over current fish farm designs, said Walker, who has experienced problems with the other systems firsthand.
Walker said his company started farming salmon on the west coast of Vancouver Island with net-cage farms in the ocean, but the harsh realities of open water took their toll on the business. Plankton blooms that deprive water of oxygen wreaked havoc on his fish stock a number of times, killing whole schools of farmed fish before harvesting.
In addition, seals and sea lions found ways to kill fish through the nets, and sea lice infestations attacked juvenile fish.
“After a couple of years, we learned it was impossible to compete with Mother Nature in that situation,” Walker said.
These environmental hurdles and green initiatives pushed by provincial government spurred AgriMarine to move to land-based flow-through tanks, Walker said.
In the land-based tanks, fish waste could be collected and disposed of, and food was not wasted as much as in nets. Predators weren’t a concern and water could be pumped in from deeper water, where sea lice don’t usually live, Walker said.
However, the new system presented a new set of problems.
The tanks were placed above sea level and required two 175-horsepower pumps running 24/7 to keep oxygen-rich seawater in the tanks. Walker said the expense of pumping was too much to make a decent profit off relatively small tanks.
“Our power bills were $1,100 a month just to keep rolling,” Walker said. “So we knew that wasn’t going to be sustainable.”
Walker said company engineers then designed the first version of their enclosed water-based tank, which solved issues in both previous farm systems.
The closed design wards off predators and an integrated pump brings water up to avoid sea lice infestations. Fish waste can also be collected in the tanks and brought to land, where the company donates it for compost, Walker said.
Prototypes of the product were built in China for both freshwater use there and open-water use here. Walker said the freshwater variants are faring fine in calm Chinese reservoirs, but a saltwater prototype tested in rough water in British Columbia needed to be redesigned for strength and easier transport if the company was going to sell the product commercially.
Cashing in on rising demand
Walker said huge interest for his redesigned product is coming from Norway, the global leader in fish farming. According to the AgriMarine website, Norway has more than 1,000 farms and produces 65 percent to 70 percent of the world’s farmed salmon, in tonnage and value. He said new environmental regulations in that country are creating incentives for farmers to switch from net-farming systems, with interest perking in Chile and Lake Huron, Canada, as well.
Walker turned to Janicki to create a strong, easy-to-transport unit for production.
Jim Payant, vice president of marine energy at Janicki, said AgriMarine gave his team designs for the second-generation tank and worked closely with Janicki engineers to create a plan for manufacturing addressed questions of strength, transportability and cost-efficiency.
Bryan Harris, project manager at Janicki, said he used computer models to break the design into pieces that would fit into regular shipping containers — a huge consideration for products of this magnitude.
“Transportation always ends up being a huge part of the cost when you’re building something this big,” Harris said.
Payant said the size and number of products in the order was a change of pace for Janicki, which excels at one-off custom projects. He said dealing with inputs of a quarter-million pounds of Fiberglas and resin per tank was a challenge, but nothing the company couldn’t handle; the first two tanks for the order were finished one month ahead of schedule.
Harris said Janicki will emphasize efficiency in production and cost-reduction to win over farmers currently using other systems as it moves forward.
He said the experience of delving into a new industry was exciting for him and the company, especially considering the upside of the global market.
“That’s one of the cool things about working here, is you learn so much about industries you never knew existed,” Harris said. “To us, we see it as a huge opportunity.”
http://www.goskagit.com/all_access/janicki-reels-in-fish-farming-contract/article_c49b6bb5-f57e-5a8a-80f3-0bc0548a574a.html#.UGM9Bh8gJIN.facebook
Great find.
I think the article confuses the engineering capability of Janicki with the business and product of Agrimarine, but overall its a nice piece.
Big demand growing from Norway & a 10 unit deal are what stuck out.
Lets see what we can make of this.
GLTA
Janicki reels in fish-farming contract
http://www.goskagit.com/all_access/janicki-reels-in-fish-farming-contract/article_c49b6bb5-f57e-5a8a-80f3-0bc0548a574a.html#.UGM9Bh8gJIN.facebook
I think they are rounding out their team and starting to mature as a company. They have been light on PR's because they are still in the embryo stage of growth.
They are securing supply chain partners and logistical details as with the Janicki deal. This was crucial as it provides them with a proven asset manufacturer and the new design should alleviate any concerns with future tank integrity.
This is an exciting time for this company and when the new tanks come online it will allow them to expand distribution channels in China.
Once they have a few harvests under their belt you will see that interest in the technology will grow and they will start to generate more revenue from licensing aswell as fish husbandry.
The private placement was at .20 with warrants at .30
This is a great time to average down. I am slowly dipping in. With the volume we have seen lately it appears someone is accumulating this stock in the .08 range.
Another 200K today.
Keep in touch and good luck.
Thanks for the updates, junkHustler.
I'm in bit by bit over the past year and a half as an investor, not a trader. Average 0.16 and I'll be picking up some more this coming week.
Sad to see what I think is a great story taking so long to get a bite, but even sadder would be if I let this one get away.
Does it seem to you that they have been upgrading their PR efforts in the last few months?
I especially think this news is great. Janicki has a great site and top-end technology. Wise move.
AgriMarine Introduces New Tank Design and Secures Manufacturing Agreement With Industry Leader
VANCOUVER, BRITISH COLUMBIA -- (MARKET WIRE) -- 08/29/12 -- AgriMarine Holdings Inc. (TSX VENTURE:FSH)(OTCQX:AGMHF)(FRANKFURT:A2G) (the "Company" or "AgriMarine"), the leader in clean aquaculture technology, is pleased to announce the implementation of its new tank design for marine applications. The AgriMarine Systemâ„¢ is the Company's proprietary floating tank technology for fin fish farming, which has been redesigned to better withstand high-energy marine environments, with enhanced structural strength and hydro-dynamic performance. The design improvements also include refinements to the materials composition, enhanced vacuum resin transfer technology and increased efficiency in waste capture.
The tank parts have also been redesigned to fit into common shipping containers in order to streamline manufacturing, lower the costs of shipping and expedite the assembly process. With a more efficient pumping system, the Company has increased the access to deep water and hydraulic flow. With the intent to expand into Norway, the tanks are being designed and built to conform to NS94.15 certification standards.
In order to facilitate the manufacturing process, AgriMarine is pleased to announce that it has negotiated a long-term Manufacturing Agreement with Washington State-based Janicki Industries Inc. Janicki has produced both tooling and tank moulds based on AgriMarine's exact design specifications and IP, and has now concluded the manufacturing phase for the first two tanks incorporating the new design elements. Janicki has over 20 years of experience in large scale composite work and in designing precision molds, tooling and fabricating parts for highly technical equipment for a variety of industries.
By working in collaboration with Janicki in creating economies of scale, the Company will be able to ramp up manufacturing capabilities and lower the production costs of the AgriMarine Systemâ„¢, thus increasing the Company's ability to deploy the floating closed containment tank technology into the rapidly growing international aquaculture industry.
Company CEO, Mr. Richard Buchanan, said, "Signing the Manufacturing Agreement and establishing a strategic working relationship with Janicki is a major milestone for the Company. We now have two completed tanks one month ahead of schedule. We are extremely impressed with the high level of technical expertise exhibited by the team at Janicki and their willingness to work with us." He added, "The implementation of our new tank design will further demonstrate the advantages of our technology in the areas of environmental sustainability, fish husbandry and improved production performance for salmon farming. Securing a manufacturing leader for our systems allows the Company to move forward with its sales and licensing strategy for the AgriMarine Systemâ„¢ in Europe and the Americas."
About Janicki
US-based Janicki Industries is a technical engineering company that creates custom engineering solutions and manufactures precision composite and metal tools, prototypes and production parts for transportation, aerospace, space and defense, marine, alternative energy and other innovative markets throughout the world (www.janicki.com).
About AgriMarine Holdings Inc.
Canadian-based AgriMarine is an aquaculture technology company engaged in the development, commercialization and licensing of proprietary floating solid-wall closed containment tank systems for salmon and finfish farming. The Company's clean technology is demonstrating economic and sustainability advantages in its own farms in Canada and China, as well as commercial scalability for hatchery and full grow-out applications. The AgriMarine Systemâ„¢ creates an optimal fish rearing environment, addresses sustainability issues in finfish aquaculture and can be applied worldwide in a variety of water bodies and climates.
AgriMarine to Supply Fresh Salmon to Ito-Yokado Retail Chain in the People's Republic of China
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 27, 2012) - AgriMarine Holdings Inc. (TSX VENTURE:FSH)(OTCQX:AGMHF)(FRANKFURT:A2G) (the "Company" or "AgriMarine"), the leader in clean aquaculture technology, is pleased to announce that it has entered into an agreement with the Ito-Yokado grocery retail chain for the supply of locally produced fresh Chinook salmon from AgriMarine's closed containment freshwater farm in Benxi, China.
Previous harvests of Steelhead trout were sold through distributors to 5-star hotels and restaurants however the agreement with Ito-Yokado marks the Company's debut into the retail market. On August 28th, AgriMarine's salmon will be available initially at Ya Yun Cun Beijing Huatang Ito-Yokado with in-store promotions and marketing programs developed in cooperation with AgriMarine's Beijing sales staff. These programs will involve the branding of the product as Chinese produced in pristine waters of the northeast regions. The Company plans to ramp up deliveries to supply all 15 Ito-Yokado retail stores in the near future.
AgriMarine is the only company that raises salmon in China with floating closed containment technology. Operational advantages inherent with the AgriMarine System™, including the ability to moderate seasonal temperature extremes, allow for the production of high quality salmon from reservoirs that can be sold fresh, within 24 hours of harvest. This is a major consumer advantage over the imported Atlantic salmon that is currently available in that country.
AgriMarine's CEO Richard Buchanan said, "Ito-Yokado sees the opportunity to offer a salmon product with improved freshness over imports, to their customers in Beijing and they are launching our product in one of their largest stores in a high income community." He added, "Securing this supply contract is a significant step for the Company. It provides protection against price fluctuations, brings significant sales and cash flow, and demonstrates our ability to deliver quality Pacific salmon at competitive prices."
About Ito-Yokado
Ito-Yokado is a Japanese retailer, part of Seven & I Holdings Co. with 174 Ito-Yokado stores operating in Japan. The group has quickly expanded in China since 1997, where the company now operates 10 stores in Beijing, 5 stores in Chengdu, Seven-Eleven, Seven & I Restaurants, and plans for further expansion throughout China.
About AgriMarine Holdings Inc.
Canadian-based AgriMarine is an aquaculture technology company engaged in the development, commercialization, sales and licensing of proprietary floating solid-wall closed containment tank systems for salmon and finfish farming. The Company's clean technology is demonstrating economic and sustainability advantages in its own farms in Canada and China, as well as commercial scalability for hatchery and full grow-out applications. The AgriMarine System™ creates an optimal fish rearing environment, addresses sustainability issues in finfish aquaculture and can be applied worldwide in a variety of water bodies and climates.
AgriMarine’s strategic position in China makes it the leader in local salmon production. The next salmon harvest is scheduled for Q3, 2012.
It is estimated that the potential value of these fish in China will be over $20 million when they reach market size in 2013 and 2014.
Waiting for this to level out, will be getting in before 2013.
Latest Annual Report:
https://www.otciq.com/otciq/ajax/showFinancialReportById.pdf?id=86746
Not sure really. I dont know much about life cycles. But closing at .08 doesnt make feel very good.
What is going on with these guys? No news. Why are they keeping everyone in the dark after such a successful private placement.
Junk - have you calculated when the 1.5 million Benxi, China Salmon will be ready to harvest? early 2013?
AgriMarine Appoints Chief Financial Officer, Finance Committee Member and Audit Committee Chair
June 11, 2012
AgriMarine Holdings Inc. (the “Company” or “AgriMarine”), the leader in clean aquaculture technology, is pleased to announce the appointments of Mr. John Buchanan as Chief Financial Officer, Mr. David Haig to its Finance Committee, and Mr. Harry Knutson as Chair of the Audit Committee. In connection with the appointment of Mr. Buchanan, the Company announces the resignation of Mr. Frank Guo as Chief Financial Officer. Mr. Buchanan is a Director of the Board and previous Chair of the Audit Committee.
Mr. Buchanan is a Chartered Accountant (1963) and has a BSA (1959) in Agriculture Economics, Ontario Agricultural College, University of Guelph and an MBA (1965) Richard Ivey School of Business, University of Western Ontario. He has extensive business experience in both large and small companies in North America as well as international experience in Europe and the Pacific Rim. Early in his career, Mr. Buchanan was Director of Management Auditing for Avco Corporation and the Reed Paper Corporation, both public companies. His responsibilities in recent years included senior executive positions in finance, sales and marketing, engineering and manufacturing which subsequently lead to the position of President of Delphax Systems, a high-technology company in Mississauga, Boston and Europe.
Mr. Knutson is the founder of Nova Bancorp Group (“Nova Bancorp”). For a number of years, Nova Bancorp was a partner in a marine engineering business in France, but remains active in many investments through an affiliate base in Vancouver, British Columbia. Mr. Knutson previously held the position of Chairman of Strategic Nova Inc. from 1998 to 2002, a diversified wealth management company based in Montreal. Prior to that, Mr. Knutson held the positions of: President of a mid-sized trust company; President, Chief Executive Officer and Director of a real estate investment trust; and President of a conglomerate involved in the food, sports and real estate industries. Mr. Knutson holds an Honours BA degree in Economics and an Honours B. Comm. degree from Simon Fraser University. He serves on the Board of several TSX Venture listed companies.
Mr. Haig has held a wide variety of management positions in his 18-year career. His areas of expertise include planning and operations, management and development, project management, team building, and strategic partnering. Mr. Haig was the Senior International Affairs Advisor, Policy & Legislation for the Department of Fisheries and Oceans (DFO). He served as Senior Strategy Advisor for Westingdale Limited, a corporate development and financing firm to its several small and mid-capitalization portfolio companies. Most recently, Mr. Haig served as President and Chief Executive Officer for US-based Bio-Fertilis Inc., an organic fertilizer company. Prior to joining the Finance Committee, he served as Special Advisor to AgriMarine’s CEO since 2011.
Mr. Richard Buchanan, AgriMarine’s CEO, joined the Board in welcoming Mr. Haig to the Finance Committee and said, “David possesses a deep understanding of the financial requirements of growth companies and the experience gained during his years at the Department of Fisheries and Oceans will be invaluable going forward.” We are also pleased to welcome John as CFO, a position he held in 2010. “AgriMarine is rapidly evolving its business strategy and positioning itself as a technology developer and sustainable salmon producer,” added Mr. Buchanan. “We are amassing the talent to take us to the next stage of our business growth”.
Grant of Stock Options
The Company also reports the grant of incentive stock options to certain of its directors to purchase up to 150,000 common shares in the capital stock of the Company pursuant to an approved share option plan. The options are exercisable at a price of $0.20 per share on or before June 11, 2016, subject to the approval of the TSX Venture Exchange.
Just came across this. Hopefully something will come of it.
Serpent River studying feasibility of aquaculture
By: Northern Ontario Business staff
Serpent River First Nation has received federal funding for a feasibility study that will determine the viability of a freshwater, closed containment aquaculture project for the community.
FedNor has approved $40,363 for the study, which will outline the economic potential of the project, as well as the technical requirements needed for the business. The funding comes from the government's Northern Ontario Development Program.
“Establishing sound projects and investing in our community's economic vision is vital to sustainable growth in Northern Ontario,” Serpent River Chief Isadore Day said in a news release. “We welcome and acknowledge the importance of this investment from FedNor and look forward to the positive benefits this initiative will help deliver for the Serpent River First Nation.”
The First Nation, located on the North Shore of Lake Huron between Sudbury and Sault Ste. Marie, signed a memorandum of understanding with Vancouver-based AgriMarine Holdings Inc. last March to undertake the feasibility study, which proposes the rearing of trout on the First Nation.
AgriMarine has developed and commercialized proprietary floating closed containment technology for growing salmon in Asia and North America, and the technology can also be used for the rearing of other finfish, such as trout, tuna and yellow croaker. The Serpent River project, if successful, would be the first if its kind in Ontario.
Cantech Letter interviews Richard Buchanan, CEO of Agrimarine
April 25, 2012 By Cantech
Agrimarine CEO Buchanan: "It’s important to remember that our initial business is to deploy the technology ourselves and produce the salmon for commercial sale, but our long term objective is to be a technology enterprise."
Progress. In many parts of our daily life it can seem slow and incremental, as if it isn’t really there at all. But in reality, progress is ever-present and affects everything we do.
The capabilities of many electronic devices, for instance, are governed by the number of transistors that can be placed on a circuit. Moore’s Law, a surprisingly accurate rule of thumb attributed to Intel co-founder Gordon Moore, says chip capabilities double every eighteen months. This may not be readily apparent on a daily basis, but compare the price and processing power of your shiny new MacBook Pro or Sony Vaio to the computer you had in 1997 and it’s easy to understand.
There’s no Moore’s Law for the cleantech industries, but simply comparing eras yields similar results. We no longer smoke on airplanes, but this wasn’t banned by the FAA until 1989. The Clean Water Act, which has prevented billions of pounds of pollutants from entering rivers, wasn’t enacted until 1972. Leaded gasoline, which has been described as “one of the greatest public health failures of the 20th century” wasn’t entirely banned in the US until 1991, and not until 2000 in the EU.
One environmental issue that seems to be nearing a tipping point is fish-farming. In a recent editorial, The David Suzuki Foundation’s Jay Ritchlin, citing the risk of disease and parasites, and environmental impacts from escapes, pollution and predator control, called for the removal of open net-cage salmon farms a transition to closed-containment technologies.
Founded in 1993, Vancouver-based Agrimarine’s (TSXV:FSH) corporate history is something of a catalogue of the collective knowledge and history of commercial aquaculture. The company has quietly become a world leader in closed containment systems that operate in the marine environment and replicate natural conditions more closely than has ever been done before. With successful harvests underway and key business relationships solidified, Agrimarine has emerged from a lengthy R&D stage with technology that may be the better mousetrap that fish-farming needs in the 21st century.
Cantech Letter’s Nick Waddell sat down with Agrimarine CEO Richard Buchanan recently to discuss what’s next.
Richard, since the last time we talked a lot of things that were concepts for AgriMarine have now become reality. Could you catch us up on what the company has achieved in the past twelve to eighteen months?
Sure, Nick. As you may recall, the engineering and development of our technology was undertaken in Campbell River, British Columbia. We commercialized this technology, initially, in China, building a farm with trout production in Liaoning Province. We subsequently implemented our project in Campbell River in 2010 with the assistance of the Moore Foundation and Sustainable Technology Development Canada (SDTC), who has partly funded this project. As per our agreement with SDTC, we will be installing three additional tanks in Campbell River by the end of June of this year. We’re expecting one tank delivery from China in May and two from Seattle in June to complete the demonstration facility.
What happened recently with the tank in Campbell River?
When we finished installing the first tank, we put approximately 50,000 Chinook salmon fry in the marine-based, floating closed containment tank and commenced the grow out. This pilot tank served to prove the technology for salmon rearing and allowed us to test the life support systems, backup systems and mooring systems in the marine environment. Unfortunately, we had an incident in March of this year with a severe storm which compromised some of the wall panels. We were concerned about the structural integrity of the tank, so although we had planned to harvest after fifteen months, we decided to harvest the salmon at thirteen months old. We delivered the Chinooks to Safeway, USA.
Do you know what was deficient with the tank and how you can improve it?
Yes. The failure occurred due to inadequate resin infusion in the fibreglass. We have since been able to improve on that deficiency with a different manufacturer with wind-blade fabrication expertise. The wind power industry uses similar resin infusion techniques. We have also improved the quality of construction materials and we’re now using a marine grade resin, which is much stronger. We have also redesigned the whole tank to resemble a large barrel with overlapping flanges. We located a fabricator in Seattle that manufactures parts for Boeing that can produce the tanks parts cheaper and faster than currently at the plants in China. We have also changed the design so the water enters the centre of the tank, and thus gives buoyancy in the centre.
So there are positives you can take out of this?
Yes, and we know that the husbandry worked very well. In thirteen months, we reared fish that are six to eight pounds, which is just unheard of in conventional systems. Safeway was subsequently able to use all the fish we produced. We were also pleased with the AgriMarine System as we proved that the tank was an effective barrier between the marine environment and the cultured fish – there were no marine mammal predation or conflicts. We had no sea lice infestation. Although sea lice were in the tank, only 3 sea lice were found on two salmon, out of the entire crop. The salmon had no antibiotics and were pesticide-free, reared in a stress-free environment. The AgriMarine System Waste Collector worked as designed, showing no waste deposition on the surrounding sea floor. We also validated the back-up, alarm, monitoring and mooring systems which all worked as designed as well. Finally we were pleased to prove the environmental benefits of our systems in terms of waste collection and fish health.
Buchanan: "The feedback we are getting from our potential customers in Norway is that we have the leading technology in closed-containment. There are examples of closed-containment working on land, but it simply isn't as scalable as what we have."
The scale of your Campbell River project is much smaller than what you have in China. What do you have going on over there right now?
As I mentioned, we commercialized the technology in China first, and we have developed a full scale farm there. The cost of implementation in China is much lower than in Canada, even such things as the licensing process takes less time, is more cost effective, and less bureaucratic. We send Chinook eggs from a Vancouver Island hatchery to our hatchery in Benxi and grow them out in our reservoir farm in China. We don’t have the same storm condition concerns in China that we do here in British Columbia. The area is sheltered by mountains, the tanks are lower in the water, there are no predators; it’s a much more controlled environment. We have some pretty ambitious plans in China. Our objective is to have a hundred tanks in production within five years. That will bring our annual harvests up to 30,000 metric tonnes, which is the amount of salmon that is presently imported from Norway and other countries.
What kind of harvests have you had in China?
We have had harvests over two years there. First, we harvested steelhead trout and Pacific salmon this year. We have a million fish in our hatchery and farm system in China. Each production tank, like here in BC, has about fifty-thousand fish in it. We have five tanks running, and a sixth being installed in the spring. We are currently selling our fish in China to Japanese restaurants and five star hotels mainly, through distributors in Shanghai and Beijing.
On a scale basis, what happened in Campbell River is minor compared to the total size of your operation…
You’re right. But it’s important to remember that our initial business is to deploy the technology ourselves and produce the salmon for commercial sale, but our long term objective is to be a technology enterprise. Our Campbell River site is a demonstration site for marine applications. It was important for us to gather a lot of data from the site, and the storm event has shown us the kinds of conditions we can expect worldwide.
When you talk about AgriMarine as a technology company, who are the potential buyers of your technology?
The existing industry, 60% of which is based in Norway. We have signed letters of intent with three companies there, and we have a plan to deliver test tanks to these customers this fall. They have been to Campbell River to see our tank in operation, and they know we are making improvements to the design. We need to have these tanks certified for Norwegian applications, which we are doing now. We expect to enter into supply agreements this summer, and have tanks running at three different sites in Norway this fall.
What’s motivating the industry to adopt new technology?
I would say it is a combination of improved efficiency in their existing production of salmon and government regulations requiring the industry to move to closed containment in some regions.
Can you quantify the improvements you deliver over open-containment?
Certainly. There are two applications which the Norwegians are considering. One is to produce yearling salmon for their net cage operations, which shortens the time of exposure to sea lice. As I mentioned, we have no sea lice at our operations in Campbell River, and that is a significant improvement. And we have shown that, in a single year, we can grow fish that are almost two kilograms, because of our controlled feeding and ideal oxygen conditions. The second application is for a full grow-out. There are some sites where they will test our technology for growing Atlantic salmon to production size. We now have two customers; one is for an extension of their hatchery production and the other is for full-scale production.
Buchanan on fish-farming: "It's akin to the history of the BC forest industry. The old companies such as MacMillan-Blodel and Weyerhaeuser harvested old growth forest. There was an environmental movement that caused them to change. It took a new generation and environmental movement, but I think that is about to happen in the aquaculture industry as well."
It occurs to me that some things investors might have critiqued about AgriMarine have become advantages. What I mean is that the difficult regulatory environment and the capital intensive nature of the business may deter others from entering the space…
I agree. The feedback we are getting from our potential customers in Norway is that we have the leading technology in closed-containment. There are examples of closed-containment working on land, but it simply isn’t as scalable as what we have. There’s no other technology in the world that is sea-based or in situ, and we enjoy huge energy advantages. We also experienced the difficulties of husbandry in net cages, and our trials in Campbell River reveal improved growth rates and improvement of husbandry conditions; our mortality rate is very low and the feed conversion is excellent. We also have zero interaction with predators such as sea lions, which attack net cages. The other aspect of our technology that we have experienced is in the waste production. About 15% of the feed provided to the fish becomes a valuable waste product. And we have learned, through our testing in Campbell River, how to collect the waste and thicken it for use as a fertilizer. This waste capture system in the base of our tanks is a proprietary technology. It’s very high value fertilizer, and some experts we have talked to believe the value of this waste may offset 10% of our feed costs.
You mentioned the Norwegians are being motivated by profit, but also government. Do you find the push from government is still strong?
Absolutely. Governments realize the current density of production has a negative impact on the environment. They have very high production densities in places similar to conditions in Chile. Closed containment simply allows the industry to have less impact on the environment. Our footprint is simply smaller.
How would the capital cost of a super-scale build out of your technology be funded?
One alternative is by the Norwegian financial institutions that presently fund the industry. Most of the Norwegian operations are funded through leasing companies. We’ve had discussions with those companies and they may fund the capital costs of the tanks. The discussions are ongoing at this point. This also may be a way for us to collect royalties; by leasing our facilities rather than direct payment of biomass.
There are still some people in the fish-farming business that are in favour of net cages, but you have had success in converting at least one fish-farming skeptic and thought leader, David Suzuki to your side. Why do you think closed-containment farming is inevitable?
It’s akin to the history of the BC forest industry. The old companies such as MacMillan-Blodel and Weyerhaeuser harvested old growth forest. There was an environmental movement that caused them to change. It took a new generation and environmental movement, but I think that is about to happen in the aquaculture industry as well.
http://www.cantechletter.com/2012/04/cantech-letter-interviews-richard-buchanan-ceo-of-agrimarine/
Who is selling at these prices? It doesnt make sense.
Shorts? Private placement was at .20 so why would anyone sell here at the current pps.
We need a few contracts already.
Not sure whats going on here. Looks like Bid support is evaporating. New 52 week low today.
Whoever got in on the private placments @ .20 are not going to be happy.
FSH needs to make some headway here.
"The options are exercisable at a price of $0.20 per share on or before June 11, 2016, subject to the approval of the TSX Venture Exchange."
Anything below .20 is a gift IMO.
AgriMarine Appoints Chief Financial Officer, Finance Committee Member and Audit Committee Chair
VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 11, 2012) - AgriMarine Holdings Inc. (TSX VENTURE:FSH)(OTCQX:AGMHF)(FRANKFURT:A2G) (the "Company" or "AgriMarine"), the leader in clean aquaculture technology, is pleased to announce the appointments of Mr. John Buchanan as Chief Financial Officer, Mr. David Haig to its Finance Committee, and Mr. Harry Knutson as Chair of the Audit Committee.
In connection with the appointment of Mr. Buchanan, the Company announces the resignation of Mr. Frank Guo as Chief Financial Officer. Mr. Buchanan is a Director of the Board and previous Chair of the Audit Committee.
Mr. Buchanan is a Chartered Accountant (1963) and has a BSA (1959) in Agriculture Economics, Ontario Agricultural College, University of Guelph and an MBA (1965) Richard Ivey School of Business, University of Western Ontario. He has extensive business experience in both large and small companies in North America as well as international experience in Europe and the Pacific Rim. Early in his career, Mr. Buchanan was Director of Management Auditing for Avco Corporation and the Reed Paper Corporation, both public companies. His responsibilities in recent years included senior executive positions in finance, sales and marketing, engineering and manufacturing which subsequently lead to the position of President of Delphax Systems, a high-technology company in Mississauga, Boston and Europe.
Mr. Knutson is the founder of Nova Bancorp Group ("Nova Bancorp"). For a number of years, Nova Bancorp was a partner in a marine engineering business in France, but remains active in many investments through an affiliate base in Vancouver, British Columbia. Mr. Knutson previously held the position of Chairman of Strategic Nova Inc. from 1998 to 2002, a diversified wealth management company based in Montreal. Prior to that, Mr. Knutson held the positions of: President of a mid-sized trust company; President, Chief Executive Officer and Director of a real estate investment trust; and President of a conglomerate involved in the food, sports and real estate industries. Mr. Knutson holds an Honours BA degree in Economics and an Honours B. Comm. degree from Simon Fraser University. He serves on the Board of several TSX Venture listed companies.
Mr. Haig has held a wide variety of management positions in his 18-year career. His areas of expertise include planning and operations, management and development, project management, team building, and strategic partnering. Mr. Haig was the Senior International Affairs Advisor, Policy & Legislation for the Department of Fisheries and Oceans (DFO). He served as Senior Strategy Advisor for Westingdale Limited, a corporate development and financing firm to its several small and mid-capitalization portfolio companies. Most recently, Mr. Haig served as President and Chief Executive Officer for US-based Bio-Fertilis Inc., an organic fertilizer company. Prior to joining the Finance Committee, he served as Special Advisor to AgriMarine's CEO since 2011.
Mr. Richard Buchanan, AgriMarine's CEO, joined the Board in welcoming Mr. Haig to the Finance Committee and said, "David possesses a deep understanding of the financial requirements of growth companies and the experience gained during his years at the Department of Fisheries and Oceans will be invaluable going forward." We are also pleased to welcome John as CFO, a position he held in 2010. "AgriMarine is rapidly evolving its business strategy and positioning itself as a technology developer and sustainable salmon producer," added Mr. Buchanan. "We are amassing the talent to take us to the next stage of our business growth."
Grant of Stock Options
The Company also reports the grant of incentive stock options to certain of its directors to purchase up to 150,000 common shares in the capital stock of the Company pursuant to an approved share option plan. The options are exercisable at a price of $0.20 per share on or before June 11, 2016, subject to the approval of the TSX Venture Exchange.
About AgriMarine Holdings Inc.
Canadian-based AgriMarine is an aquaculture technology company engaged in the development, commercialization and licensing of proprietary floating solid-wall closed containment tank systems for salmon and finfish farming. The Company's clean technology is demonstrating economic and sustainability advantages in its own farms in Canada and China, as well as commercial scalability for hatchery and full grow-out applications. The AgriMarine System(TM) creates an optimal fish rearing environment, addresses sustainability issues in finfish aquaculture and can be applied worldwide in a variety of water bodies and climates.
Great news. China and asia are HUGE markets for FSH.
Onward and upward.
In for another 15000 shares at these levels.
AgriMarine Appoints Chief Operating Officer to Lead Expansion in China
VANCOUVER, BRITISH COLUMBIA, May 14, 2012 (MARKETWIRE via COMTEX) -- AgriMarine Holdings Inc. /quotes/zigman/547672 CA:FSH +2.94% (otcqx:AGMHF)(frankfurt:A2G) (the "Company" or "AgriMarine"), the leader in floating closed containment clean technology for sustainable aquaculture and commercial salmon producer in Canada and China, is pleased to announce the appointments of Ms. Lily Gao as Chief Operating Officer (China) and Mr. Josh McKibben (Hong Kong) as General Manager of Farm Operations, effective immediately.
As a qualified lawyer in China, Ms. Gao has extensive experience working for foreign-based, international law firms in the areas of investment, M&As, commercial transactions, business structuring and labour issues. Ms. Gao has expertise in the structuring of WOFE, FICE and joint ventures as well as prospectus preparation and due diligence for listings on the HKEX. Ms. Gao holds a Law Degree from Tsinghua University, School of Law, as well as a Bachelor of Economics Degree from Shandong University of Finance. Ms. Gao will lead the Company's growth strategy in China and will oversee all business units in Asia.
AgriMarine has also appointed Mr. Josh McKibben as General Manager of Farm Operations for China. Mr. McKibben brings significant practical aquaculture experience to AgriMarine, having worked in the salmon farming industry for over 12 years and managed marine aquaculture projects in Australia, Hong Kong and Panama.
In addition, the Company recently established a wholly-owned subsidiary based in Hong Kong under the name AgriMarine (Asia) Limited, to pursue regional business opportunities.
Company CEO Richard Buchanan commented, "We are very pleased to welcome Lily and Josh to the team. The appointments are an important step in the growth of our management team in China who will carry out the expansion of our business in the near future." Mr. Buchanan added, "AgriMarine is demonstrating the environmental and economic performance advantages of our proprietary clean technology by raising crops of Pacific salmon and Salmon Trout in commercial quantities at our farms in China and Canada."
About AgriMarine Holdings Inc.
Canadian-based AgriMarine is an aquaculture technology company engaged in the development, commercialization and licensing of proprietary floating solid-wall closed containment tank systems for salmon and finfish farming. The Company's clean technology is demonstrating economic and sustainability advantages in its own farms in Canada and China, as well as commercial scalability for hatchery and full grow-out applications. The AgriMarine System(TM) creates an optimal fish rearing environment, addresses sustainability issues in finfish aquaculture and can be applied worldwide in a variety of water bodies and climates.
I dont know for sure but seems like the next 10-K which includes Q4 for 2011 should be out in May.
I am not really sure how the revenues are booked by the company. If the recievables are booked prior to March 31 then I would suspect they should be included in the Q4 for 2011 which is included in the 10K.
Junk , do you know when the quarterly report will be released? Also would this (AgriMarine Announces First Salmon Harvest from Canadian Demonstration Site, March 27, 2012) be on their Q2?
Not that I can tell. I have been watching this and it seems to be following the trend of most canadian commodity stocks over the last week or so.
Should bounce back. The private placement was at .20 so this is a great opportunity. I will be buying more soon if it stays at this level.
Alright, super entry point. Is there any clear reason this is still going down? We're getting close to 52 week lows here.
AgriMarine at the European Seafood Exposition in Belgium
April 24, 2012
AgriMarine Holdings is joining thousands of seafood experts and exhibitors at the European Seafood Exposition (ESE) taking place on April 24-26, 2012. Held in Brussels, Belgium, this year's exposition marks the 20th edition of the event which has now become the most important global conference for the seafood industry. This forum is expected to attract thousands of seafood buyers and sellers from around the world with over 1,600 companies from more than 70 exhibiting countries. The exposition will serve as a platform for AgriMarine to hold high level meetings with potential customers, stakeholders and joint venture partners. Sean Wilton, Director of Licensing and Project Joint Ventures and Phil Fitzpatrick, Senior Advisor to the CEO and Board, will be attending the ESE on behalf of AgriMarine.
The Company is also pleased to announce that Mr. Fitzpatrick has been named in the Seafood Power 100, a ranking of the top 100 most powerful executives in the global seafood industry. According to the list which is compiled by Seafood Executive, "He's been sought out for advice by dozens of major multinational seafood companies, and remains a go-to executive when companies need guidance".
Definitely. I think anything under .18 is a great price to get in.
The private placement was for .20
I bought more at .175
What do you think junk? Good entry point or what?
Agrimarine Holdings Inc. FSH 0.165*
AGRIMARINE HLDGS INC ORD AGMHF 0.176*
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.
AgriMarine Reports Damage to BC Demonstration Tank in Severe Storm
VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 14, 2012) - AgriMarine Holdings Inc. (TSX VENTURE:FSH)(OTCQX:AGMHF)(FRANKFURT:A2G) (the "Company" or "AgriMarine"), the leader in floating solid-wall containment technology and production for sustainable aquaculture, advises that the Middle Bay demonstration farm in Campbell River, British Columbia, sustained damage from a powerful wind storm that hit the coast of British Columbia on Monday, March 12, 2012.
The severe storm that brought winds gusting over 130 kilometres per hour caused extensive damage to Vancouver Island, affecting the Company's farm as well as other coastal operators. The extreme weather conditions compromised an outlet panel of the demonstration floating rearing tank and may have allowed some storm related losses. The Company took immediate actions to contain the damage and an early assessment confirmed that there was little impact on fish health.
Although there was some structural damage to the upper part of the tank, the Company is pleased to report that all back-up power, oxygen supply and monitoring systems operated as designed throughout the storm related power failure and that all mooring systems remained intact.
"This was the largest storm in recent memory and by far one of the most destructive we have ever experienced," said Robert Walker, President of AgriMarine Industries. "Prior to this extreme storm event, the demonstration tank successfully withstood over 13 months of challenges from the marine environment in Campbell River as it was modelled against 50 year storm data." Mr. Walker added, "We have already implemented design changes for future marine tanks with more stringent manufacturing criteria based on the results of the environmental loadings on Tank 1."
While the Company is conducting physical inspections and an internal review to assess and mitigate the structural damage, management is taking all the necessary steps to minimize impacts and improve manufacturing and design processes for further installations.
An interim report has been filed with federal authorities, and a full report will follow upon receipt of more in-depth assessments by our technical team.
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 environmental benefits and meets consumer and retailer demands for sustainable aquaculture.
$3Million invested by Dundee @ .20
If thats not a positive sign I dont know what is.
Anything under .25 is a good buy in my opinion.
Warrants are at .30 so this is likely to head way north.
Dundee Corporation Acquires Interest in Agrimarine Holdings Inc.
TORONTO, ONTARIO--(Marketwire - March 12, 2012) - In accordance with regulatory requirements, Dundee Corporation (TSX:DC.A) announced today that it has acquired, in a private placement, 15,000,000 units (each a "Unit") of Agrimarine Holdings Inc. ("Agrimarine") at a price of $0.20 per Unit. Each Unit is comprised of one common share in the capital of Agrimarine ("Common Share") and one-half of one common share purchase warrant (each a "Warrant"). Each whole Warrant entitles the holder to purchase one Common Share at an exercise price of $0.30 for a period of 24 months from the date of closing. This holding represents an approximate 13.86% interest in Agrimarine on an undiluted basis or an approximate 19.44% interest assuming the conversion of all Warrants.
The position in Agrimarine was acquired for investment purposes and may be increased or decreased in the future as considered appropriate in light of investment criteria, market conditions and other factors and in accordance with the provisions of applicable securities legislation.
The company just issued a PR that they are doubling the previous private placement quantity due to significant demand/interest.
If thats true. You know what to do. Get em while you can IMO.
Anything at .20 or below is a steal.
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AgriMarine is in the business of producing fish sustainably in its proprietary, solid-wall closed containment systems.
AgriMarine Holdings Inc. is a Canadian publicly traded company (TSX Venture Exchange: FSH; Frankfurt Exchange: A2G, OTCQX: AGMHF). The Company has developed a new farm management system with the intent of providing solutions to the issues that the fish farming industry faces, with the aim of moving the industry forward and expanding globally.
AgriMarine is currently commercializing its proprietary technology for the rearing of fin fish, specifically salmon, trout, yellow croaker and potentially other species such as tuna, in order to satisfy the global demand for sustainable seafood production.
AgriMarine has proven the economics of its new system in freshwater at it fish rearing facility in China, where successful rearing, harvesting and sales to the market are currently occurring. The Company has recently deployed a commercial pilot, with the intent of proving the economics and viability of this system in a marine environment, at its Campbell River facility in British Columbia.
From fish production to licensing, AgriMarine will also expand through strategic partnerships and joint ventures.
Our business model integrates all aspects of sustainable fish production, from providing fish stocks through consumer markets, in an ecologically sound production environment, utilizing our proprietary closed rearing system technology.
Our Technology
AgriMarine has developed proprietary technology that makes us the leader in advanced aquaculture practices.
AgriMarine's solid-wall containment systems are uniquely designed to float in inter-tidal regions or fresh water bodies, removing organic waste and using pristine rearing waters supplemented with oxygen to provide control of the fish culture environment.
Key benefits include:
Our goal is to offer a sustainable and economical solution with a minimal environmental footprint.
Innovative Solid-Wall Containment Technology
AgriMarine's solid-wall containment technology was developed to solve many issues faced by traditional fish farming practices that are used worldwide. AgriMarine's system reduces local nutrient pollution of the receiving water systems through the capture of waste feed/feces and facilitates improved feed conversions; mitigates environmental effects on wild fish through the prevention of escapes and avoids proximal contaminations such as marine parasites.
Investment Highlights
• Unique advanced technology poised to become the industry standard |
• System provides a more sustainable way to farm fish |
• $11 Billion worldwide salmon farming industry |
• Experienced management team in aquaculture, financing |
• Potential applications for other warm water fish species such as tuna |
• Comparable cost of production to existing industry |
• Proven technology with harvests and sales |
• No competition in the aquatic closed containment space |
• Fastest growing food production sector in the world and huge consumer market |
• Solid strategy for penetrating the Chinese market |
• Land and water rights in China, through wholly-owned subsidiary |
• Environmentally sustainable |
• Meets or exceeds proposed aquaculture standards |
Sustainable Products
Our systems are designed to produce environmentally sustainable aquaculture products such as trout, salmon, tuna, and yellow croaker.
AgriMarine is at the leading edge of a 'disruptive' transformation of one of the fastest growing agribusinesses in the world.
Consumers all over the world are demanding a transition into closed containment aquaculture. All major food retailers are moving toward sustainability, which opens up a billion dollar market for our products. The industry is at the cusp of an enormous shift and AgriMarine is poised at the leading edge of this transformation, providing a better way to farm fish
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