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Cell Aqua on Course to Secure Funding

AUSTRALIA - Australian comapny Cell Aquaculture has completed sales of Cell proprietary equipment for finalisation of the first 100 plus tonnes per annum production facility, for its joint venture with the Terengganu state government, Malaysia.

Barramundi fingerling sales have now been sent to the venture, with more than 50,000 fish now stocked into the system.

The completion of this facility is the first stage of a planned 1,100 plus tonne per annum expansion programme in Terengganu state.

The Company is in the process of securing Malaysian government funding to push the projects forward.

A comprehensive financing proposal has been submitted by CAQ’s joint venture company, TRG Cell Sdn Bhd, to the Malaysian Ministry of Finance (MOF) to obtain funding for expansion of the Terengganu project.

A further funding facility for the Sarawak project is expected to be lodged in the near future.

According to reports the company has raised A$1.2 million.

It is anticipated that the Terengganu funding facility will be in place within the coming months.

Once the proceeds of this fund become available to the joint venture company, it will then purchase all equipment from CAQ, effectively seeing the bulk of the funding channelled back to CAQ as revenue.

System sales of Cells’ proprietary technology is an important cash flow strategy for the company in assisting to support the lead times required before aquaculture production becomes profitable.

Over the coming 36 months, Cell expects significant increases in income from aquaculture system sales as both Malaysian Government joint ventures scale-up towards 1,800 plus tonnes per annum of premium species production.