AgriMarine and MBSAI Complete Launch of First Marine Closed Containment Tank in BC

January 17, 2011

AgriMarine Holdings Inc.(TSX-V:FSH; FRANKFURT:A2G)(the “Company” or “AgriMarine”), a leader in floating closed containment technology and production for sustainable aquaculture, and the Middle Bay Sustainable Aquaculture Institute (MBSAI) are pleased to announce the successful launch of the first marine based, commercial scale, closed containment tank for rearing salmon.

The launch of Tank 1 at the Middle Bay facility in Campbell River, BC, marks the culmination of years of research and development into alternative sustainable technologies for salmon farming. Intended to address the sustainability challenges faced by conventional net cage fish farming, Tank 1 will showcase the technology for closed containment saltwater salmon aquaculture.

Sean Wilton, President of AgriMarine Industries remarked, “The team in Campbell River has worked very hard over the last months to ensure a smooth assembly and launch process. Additional strengthening and anchor ring supports as well as a high factor of safety mooring and anchoring systems were included in the tank design in order to meet the challenging requirements of the high tidal energy marine site in Campbell River.”

The tank will be operational once the life support and waste recovery systems are installed and commissioned and the transfer of Chinook fingerlings into the tank is completed.

MBSAI is a not for-profit organization formed for the purpose of researching and developing the use of commercial-scale solid wall containment systems for aquaculture. Contributing to this project are the following Consortium members: AgriMarine Industries Inc., Coast Sustainability Trust, the US-based Gordon and Betty Moore Foundation (GBMF) and Sustainable Development Technology Canada (SDTC), an arm’s-length, not-for-profit corporation created by the Government of Canada.