VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 14, 2012) - AgriMarine Holdings Inc. (TSX VENTURE:FSH)(OTCQX:AGMHF)(FRANKFURT:A2G) (the "Company" or "AgriMarine"), the leader in floating solid-wall containment technology and production for sustainable aquaculture, advises that the Middle Bay demonstration farm in Campbell River, British Columbia, sustained damage from a powerful wind storm that hit the coast of British Columbia on Monday, March 12, 2012.
The severe storm that brought winds gusting over 130 kilometres per hour caused extensive damage to Vancouver Island, affecting the Company's farm as well as other coastal operators. The extreme weather conditions compromised an outlet panel of the demonstration floating rearing tank and may have allowed some storm related losses. The Company took immediate actions to contain the damage and an early assessment confirmed that there was little impact on fish health.
Although there was some structural damage to the upper part of the tank, the Company is pleased to report that all back-up power, oxygen supply and monitoring systems operated as designed throughout the storm related power failure and that all mooring systems remained intact.
"This was the largest storm in recent memory and by far one of the most destructive we have ever experienced," said Robert Walker, President of AgriMarine Industries. "Prior to this extreme storm event, the demonstration tank successfully withstood over 13 months of challenges from the marine environment in Campbell River as it was modelled against 50 year storm data." Mr. Walker added, "We have already implemented design changes for future marine tanks with more stringent manufacturing criteria based on the results of the environmental loadings on Tank 1."
While the Company is conducting physical inspections and an internal review to assess and mitigate the structural damage, management is taking all the necessary steps to minimize impacts and improve manufacturing and design processes for further installations.
An interim report has been filed with federal authorities, and a full report will follow upon receipt of more in-depth assessments by our technical team.
About AgriMarine Holdings Inc.
Canadian-based AgriMarine is an aquaculture technology company engaged in the development, commercialization and licensing of proprietary solid-wall closed containment systems for the rearing of finfish. The Company utilizes its innovative, clean technology to rear salmon and trout in its farms in China and Canada. The AgriMarine System can be applied worldwide in warm or cold climate conditions, in oceans, reservoirs and lakes. The AgriMarine System addresses sustainability issues in finfish aquaculture, creates an optimal fish rearing environment, offers a better farm management system with added environmental benefits and meets consumer and retailer demands for sustainable aquaculture.
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.
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.