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AgriMarine To Open Shop In Norway

Technology & equipment Economics +2 more

NORWAY - Canadian company, AgriMarine, a leader in leader in floating solid-wall closed containment technology and production for sustainable aquaculture, has establised AgriNor, a subsidiary company.

AgriNor will be the company's exclusive sales agent of its solidwall containment technology in Norway, Denmark, Sweden, Finland, the United Kingdom, Ireland, Iceland and Russia.

AgriNor is 50 per cent owned by AgriMarine, with the remaining 50 per cent owned by ZED International Holdings (“ZED”), a Canadian company, and Midos AS (“Midos”), a Norwegian company, as to 25 per cent each respectively.

AgriNor’s goals are to identify suitable locations in the Territories for the use of AgriMarine’s technology, to establish concessions on those locations, and to place the Company’s floating containment systems with suitable purchasers.

The agreements provide for the appointment of a board of directors and key managerial staff for AgriNor. The board will consist of five members; two appointed by AgriMarine, one from each of Midos and ZED, and one independent director agreed upon by all of AgriNor’s shareholders. Sean Wilton and Phil Fitzpatrick will represent the Company on the board of AgriNor.

Norwegian directors Geir Spiten, CEO of Midos AS, Leon Raubenheimer, President of ZED International Holdings Inc. and Geir Lislerud join AgriNor’s board and bring significant expertise with both the Norwegian seafood industry and senior government relations to the company.

In addition to the technology license, AgriMarine will provide a starting capital injection of $250,000 over the next four months, with subsequent funding for the initial concessions to be sourced by Midos and ZED.