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.
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