VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov. 6, 2014) - AgriMarine Holdings Inc. (the "Company" or "AgriMarine") (CSE:FSH) (FRANKFURT:A2G) announces that it has completed the installation of its proprietary semi-closed containment tank technology at its Steelhead farm in Lois Lake, British Columbia. Four (4) AgriMarine System™ tanks have been installed and have been commissioned at the Company's West Coast Fishculture (Lois Lake) fish rearing facility. The Company announces that one (1) Version 1.2 and three (3) Version 2 tanks are now operational. Version 2 of the AgriMarine System™ features a more robust design, with enhanced structural strength and a more efficient pumping system.
Sean Wilton, President and CEO of AgriMarine said, "At West Coast Fishculture, we are now utilizing the tanks to accelerate crop turnover and improve fish production. We have already seen significant advantages with regards to temperature management between the tanks and the nets".
"With a more efficient pumping system, we have been able to increase access to deep water," remarked Robert Walker, President of AgriMarine Technologies Inc. He added, "We are witnessing significantly lower water temperatures in our tanks at Lois Lake, much closer to ideal conditions for salmon rearing than in the surrounding water. Being able to adjust and control in-tank temperatures is a key feature of our technology".
The installation of Version 1.2 tank in Lois Lake marks the completion of the joint research and demonstration project (the "Middle Bay Project") with Middle Bay Sustainable Aquaculture Institute ("MBSAI"). AgriMarine is pleased to announce that it has fulfilled all its obligations pertaining to the Middle Bay Project and in connection therewith, MBSAI has withdrawn its demand letter in the amount of $2.9 million, as announced on July 29, 2013.
About AgriMarine Holdings Inc.
Canadian-based AgriMarine is a producer of sustainable fin fish. The Company utilizes its proprietary, clean aquaculture technology to create an optimal fish rearing environment with economic and environmental benefits to meet the growing demands for healthy and sustainable food sources. The Company's mission is to build a global portfolio of fish farms utilizing its clean rearing technology. AgriMarine Industries Inc. operates the Company's Canadian and Chinese farming subsidiaries. Our flagship farm, West Coast Fishculture (Lois Lake) Ltd., is the premier supplier of Steelhead salmon in British Columbia and its premium OceanWise™ Lois Lake Steelhead is one of the leading brands of fin fish featured in top restaurants across the province. AgriMarine is a portfolio company of Dundee Agricultural Corporation, a subsidiary of Dundee Corporation.
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