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Agrimine Develop Sustainable Aquaculture Plan

by the Fish Site Editor
12 June 2009, at 1:00am

GLOBE - AgriMarine Holdings Inc. continues its rapid corporate development towards the sustainable production of finfish in its proprietary closed containment aquaculture technology, by emerging as a new publicly traded company on the TSX Venture Exchange under the symbol "FSH".

AgriMarine has declared it is entering its aggressive commercialization and technical refinement phase with the support of the public markets. With initial fish stock production in the water on two countries, Canada and China, and licensing agreements for other countries and species under negotiation, the Company aims to fulfill its mission statement - "to feed the world - responsibly".

AgriMarine has over 500,000 trout fry rearing in its recently acquired hatchery in China, with the first commercial crop of 100,000 already at size for entry into the floating closed tank systems. The tanks are currently being manufactured at two plants in China to keep pace with the Company's aggressive deployment strategy, and will be ready for launch in July 2009. Field crews are already on site at the reservoirs installing life support infrastructure systems for the first tank farm. These will be operated by the Company as part of its exclusive license for fish farming and water rights in the Benxi Region reservoirs, in China.

This first harvest will commence the Company's commercial revenue stream in China, launching AgriMarine's growth in the world's largest aquaculture market. Concurrently, the Company continues the development of its unique floating closed containment farms, in conjunction with a research institute, at a demonstration site in Campbell River, BC. With the non-dilutive support of research funding, an initial crop of 300,000 Pacific salmon smolts are in various stages of growth for the first full scale commercial tank farm of this design in the world.

Capitalizing on over CDN $7.5 million in Research and Development expenditure over the last 7 years, this marine based solid wall system will prove that salmon and other finfish can be grown in closed containment systems at commercial scale both sustainably and profitably.

"With food protein demand continuing to grow and the ongoing pollution problems associated with net cage fish farming, AgriMarine plans to take a worldwide lead in solving these issues through the use of our revolutionary closed containment technology," said Richard Buchanan, President and CEO of AgriMarine.

the Fish Site Editor