VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec. 8, 2014) - AgriMarine Holdings Inc. (the "Company" or "AgriMarine") (CSE:FSH)(FRANKFURT:A2G) announces that its technology subsidiary, AgriMarine Technologies Inc. ("ATI"), has initiated a Pilot Study and evaluation project in Ontario (the "Ontario Project"), involving new floating trough technology for the commercial production of trout. The floating trough model can be deployed in smaller man-made water bodies such as rehabilitated gravel pits.
The Ontario Project is located in southern Ontario near consumer markets and will be evaluated and tested over a one-year period. The floating troughs are now stocked with rainbow trout with a first harvest expected during the first quarter of 2015.
ATI will use the Ontario Project to test existing small scale technology and if successful, to develop and test an innovative commercial scale prototype, with the aim of developing new sites across North America.
ATI further announces the completion of its latest technology geared for improving and expanding fish production. The AgriMarine Deep Injection O2 System is ATI's newest product offering, designed specifically to enhance oxygen absorption in fresh water. "Our aim is to continually innovate and improve our technologies for utilization in our own farms and also to assist our aquaculture clients worldwide to resolve the biological and ecological challenges inherent in the industry", said Robert Walker, President of ATI. He added, "Our team of engineers is extremely pleased with the new oxygenation system, which has already yielded excellent results".
The Company also wishes to report that it has received the fiberglass parts for the next round of tanks for installation at its fish rearing facility in Lois Lake. Two AgriMarine System™ tanks will be installed and commissioned by the end of the second quarter of 2015, bringing the total to six (6) operating tanks at the West Coast Fishculture Steelhead salmon farm in British Columbia.
The Company is exploring options for the repayment of its secured senior debt in the amount of $5 Million, due February 2015 (please refer to the Company's news release dated February 14, 2014, for more information). To this end, the Company is currently in discussions with its existing loan holder, as well as with certain European financial institutions and industry partners as potential investors and licensees to service its debt obligation. There can be no assurance that the Company will be successful in its efforts to arrange additional financing on terms satisfactory to the same. If adequate funds are not available, or are not available on acceptable terms, the Company may not be able to take advantage of other opportunities, be forced to curtail business operations or cancel planned projects, or otherwise remain in business.
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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