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Norwegian technologist to acquire Canada's Future Sea Technologies Inc

NORWAY - Norwegian fish farming technology supplier AKVA Group has signed a letter of intent to acquire the assets of the Canadian company Future Sea Technologies Inc.

The proposed purchase is estimated at $500,000 CAN and the letter was signed today

Future Sea Technologies holds patents on enclosed and semi enclosed floating fish farming systems. Its primary product is the Sustained Environmental Aquaculture System, know as SEA.

AKVA Group said this would be a signifiacnt investment for the company. It alsready has plans to introduce the SEA system to the Chilean market, as well as combine it with UNI Aqua recirculation technology to create floating recirculation fish farms.

AKVA, which is based in Bryne, Norway, is a leading global provider of software, sensor systems, feed systems and cage technology for the fish farming industry. The company is listed on the Oslo Stock Exchange and trades under the ticker AKVA.