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Agassiz Aqua Farms Starts Up Arctic Char Farm

CANADA - Further to a press release issued on September 18, 2006, Outlook Resources Inc. is pleased to announce that its wholly owned subsidiary, Agassiz Aqua Farms, has now completed the business development plan, overall engineering designs and preliminary environmental permitting necessary to begin construction of the Ridgeland Hutterite Colony's Arctic Char grow-out farm.

Agassiz Aqua Farms Inc and Ridgeland Colony Ltd have now signed a Grow-out Contract committing both parties to the construction and supply of the Ridgeland Aqua farm. Based on the results of the business development plan and the environmental review now completed the farm will initially be sized at 32 metric tonnes of holding capacity yielding approximately 50 metric tonnes of annual production.

The Ridgeland Colony has committed to developing an environmentally conscientious facility that utilizes a high recirculation rate and state of the art filtration technology. The overall design calls for a 95% recirculation rate to be used. Some of the critical filtering equipment necessary will take up to 12 weeks to deliver to the site. Given the anticipated construction schedule the Ridgeland Colony should be in a position to accept their first stocking delivery in March of 2007 and have market ready fish available 8 months after delivery of the first fingerlings to the Ridgeland farm.

The addition of the Ridgeland Colony's aqua farm translates into an increase of production at Agassiz's processing facility of 3,400 kilograms of fresh filleted, Antibiotic Free, Arctic Char per month. This effectively increases Agassiz's current sales volume by four times, from 1,000 kilograms to +4,000 kilograms a month.

Revenue for Agassiz is generated from both the sale of the fingerlings to Ridgeland and from the spread between the price the fish are purchased back from Ridgeland for and the price the finished product is sold to Agassiz's wholesale brokers. Overall this one new farm translates into annual sales by Agassiz of $215,000. 

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