AgriMarine has set up a Norwegian subsidiary under the name AgriMarine Norway AS (“AgriNor”). AgriMarine has licensed its technology and know-how to AgriNor and will continue to provide technical and financial support. AgriNor will be the exclusive sales agent of AgriMarine’s solid-wall containment technology in Norway, Denmark, Sweden, Finalnd, the United Kingdom, Ireland, Iceland and Russia (“the Territories”). AgriNor’s goal is to identify suitable locations in the Territories for the use of AgriMarine’s technology, to establish concessions on those locations and to place the Company’s floating containment systems with suitable purchasers.
Norwegian Fish Farming
Norway is the epicentre of salmon and trout production in the world today. With over 1,000 total farm sites and 65-70% of the total global farmed salmon market in terms of both tonnage and value, Norway must figure prominently in any new development in farm technology. This large ratio of the global business also means that salmon farming is a critical part of the coastal economic picture in Norway with over $7 billion in direct economic impact. This industry is under pressure however with environmental and consumer pressure to change from conventional net cage practices. Economic losses due to parasites, escapes and disease are other factors that will drive great interest to the floating closed containment solution offered by AgriMarine through this new joint venture.
The Subsidiary
AgriMarine has signed definitive agreements with two partners, and is 50% owned by AgriMarine, with the remaining 50% owned by ZED International Holdings (“ZED”) a Canadian Company, and Midos AS (“Midos”), a Norwegian company, as to 25% each respectively. The agreements provide for the appointment of a board of directors and key management.
Board of Directors
• Sean Wilton, AgriMarine
• Phil Fitzpatrick, AgriMarine
• Geir Spiten, CEO of Midos AS
• Leon Raubenheimer, President of ZED International
• Geir Lislerud, independent
The partners will apply for concessions earmarked for closed containment fish farming in Norway, with the aim of establishing a closed containment demonstration facility for the rearing of salmon. The Norwegian Partners will arrange for both technical and financial support from Norwegian Government agencies and industry participants.
