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.
