Subject: AgriMarine Introduces New Tank Design and Secures Manufacturing Agreement With Industry Leader
Company News Alert
AgriMarine Introduces New Tank Design and Secures Manufacturing Agreement With Industry Leader (ccnm)
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 29, 2012) - AgriMarine Holdings Inc. (TSX VENTURE:FSH)(OTCQX:AGMHF)(FRANKFURT:A2G) (the "Company" or "AgriMarine"), the leader in clean aquaculture technology, is pleased to announce the implementation of its new tank design for marine applications. The AgriMarine System™ is the Company's proprietary floating tank technology for fin fish farming, which has been redesigned to better withstand high-energy marine environments, with enhanced structural strength and hydro-dynamic performance. The design improvements also include refinements to the materials composition, enhanced vacuum resin transfer technology and increased efficiency in waste capture.
The tank parts have also been redesigned to fit into common shipping containers in order to streamline manufacturing, lower the costs of shipping and expedite the assembly process. With a more efficient pumping system, the Company has increased the access to deep water and hydraulic flow. With the intent to expand into Norway, the tanks are being designed and built to conform to NS94.15 certification standards.
In order to facilitate the manufacturing process, AgriMarine is pleased to announce that it has negotiated a long-term Manufacturing Agreement with Washington State-based Janicki Industries Inc. Janicki has produced both tooling and tank moulds based on AgriMarine's exact design specifications and IP, and has now concluded the manufacturing phase for the first two tanks incorporating the new design elements. Janicki has over 20 years of experience in large scale composite work and in designing precision molds, tooling and fabricating parts for highly technical equipment for a variety of industries.
By working in collaboration with Janicki in creating economies of scale, the Company will be able to ramp up manufacturing capabilities and lower the production costs of the AgriMarine System™, thus increasing the Company's ability to deploy the floating closed containment tank technology into the rapidly growing international aquaculture industry.
Company CEO, Mr. Richard Buchanan, said, "Signing the Manufacturing Agreement and establishing a strategic working relationship with Janicki is a major milestone for the Company. We now have two completed tanks one month ahead of schedule. We are extremely impressed with the high level of technical expertise exhibited by the team at Janicki and their willingness to work with us." He added, "The implementation of our new tank design will further demonstrate the advantages of our technology in the areas of environmental sustainability, fish husbandry and improved production performance for salmon farming. Securing a manufacturing leader for our systems allows the Company to move forward with its sales and licensing strategy for the AgriMarine System™ in Europe and the Americas."
About Janicki
US-based Janicki Industries is a technical engineering company that creates custom engineering solutions and manufactures precision composite and metal tools, prototypes and production parts for transportation, aerospace, space and defense, marine, alternative energy and other innovative markets throughout the world (www.janicki.com).
About AgriMarine Holdings Inc.
Canadian-based AgriMarine is an aquaculture technology company engaged in the development, commercialization and licensing of proprietary floating solid-wall closed containment tank systems for salmon and finfish farming. The Company's clean technology is demonstrating economic and sustainability advantages in its own farms in Canada and China, as well as commercial scalability for hatchery and full grow-out applications. The AgriMarine System™ creates an optimal fish rearing environment, addresses sustainability issues in finfish aquaculture and can be applied worldwide in a variety of water bodies and climates.
Forward-Looking Information
Information set forth in this news release may involve forward-looking statements. Forward-looking statements are statements that relate to future, not past, events. In this context, forward-looking statements often address a company's expected future business and financial performance, and often contain words such as "anticipate", "believe", "plan", "estimate", "expect", and "intend", statements that an action or event "may", "might", "could", "should", or "will" be taken or occur, or other similar expressions. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following risks: risks associated with marketing and sale of securities; the need for additional financing; reliance on key personnel; the potential for conflicts of interest among certain officers or directors with certain other projects; and the volatility of common share price and volume. Forward-looking statements are made based on management's beliefs, estimates and opinions on the date that statements are made and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change. Investors are cautioned against attributing undue certainty to forward-looking statements.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS NEWS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE SECURITIES LEGISLATION.
FOR FURTHER INFORMATION PLEASE CONTACT:
Richard Buchanan AgriMarine Holdings Inc. President and CEO rbb@agrimarine.com
OR
Alexia Helgason AgriMarine Holdings Inc. Manager, Marketing, Communications and Media alexia@agrimarine.com
OR
604.568.4672 AgriMarine Holdings Inc. 604.568.4673 (FAX) www.agrimarine.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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