AgriMarine Exports Pacific Salmon Eggs to China

February 07, 2012

AgriMarine Holdings Inc. (the “Company” or “AgriMarine”), a leader in floating solid-wall containment technology and production for sustainable aquaculture, is pleased to announce that it has exported 1.5 million Pacific salmon ova to its 100% owned hatchery in Benxi, China. The ova came from genetic stocks that have been selected for their high growth performance and are federally-certified and pathogen-free. It is estimated that the potential value of these fish in China will be over $20 million when they reach market size in 2013 and 2014.

In order to accommodate the Company’s largest shipment to date of Canadian salmon ova, AgriMarine recently completed Phase 2 of its plan to modernize its hatchery. With the installation of new Recirculating Aquaculture System (RAS) technology, the Company will be able to expand its smolt production capacity to 5 million annually through greater efficiency in the use of its already impressive ground water resources. This modernization lays the groundwork for future increased salmon harvests and puts the Benxi hatchery on par with the latest hatchery technology anywhere in the world.

“Despite world-wide salmon price volatility in the markets in 2011, we are still seeing strong demand for our locally produced, fresh and frozen fish products, which are free of import tariffs, duties and transatlantic transportation costs”, remarked Richard Buchanan, President and CEO of AgriMarine Holdings. “We have a progressive, planned approach to increase fish production in our Chinese farms as we focus our efforts into growing distribution channels.”

AgriMarine’s strategic position in China makes it the leader in local salmon production. The next salmon harvest is scheduled for Q3, 2012.