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AgriMarine to Rear Bluefin Tuna in Japan
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 06/27/11 -- AgriMarine Holdings Inc. (TSX VENTURE: FSH)(OTCQX: AGMHF)(FRANKFURT: A2G) (the "Company" or "AgriMarine"), the leader in floating closed containment technology for sustainable aquaculture, is pleased to announce that it has entered into a Research & Development Agreement with Tokai University in Japan, for a project to rear Bluefin tuna on a commercial scale, using AgriMarine's proprietary solid-wall closed containment systems.
AgriMarine will collaborate with the School of Marine Science and Technology at Tokai University, Shimizu Campus, an internationally recognized leader in tuna husbandry studies, to scale up their current research and establish the husbandry and design parameters for rearing Bluefin tuna in closed containment to commercial production levels.
Ensuring a stable supply of food fish resources without depleting wild stocks has become an important issue of the 21st century. Bluefin tuna is one of the most prized fish worldwide but currently faces pressure due to intensive overfishing and is at risk of collapse. With demand at an all-time high, a 342 kg Bluefin tuna was recently sold by auction at Tsukiji Fish Market, Japan, for a record 32.49 million yen (approx. $400,000 USD).
Bluefin tuna is reared in captivity using net cages which has met with limited success to date due to a number of factors, including challenges associated with breeding, feed, and maintaining a suitable marine environment. Tokai University's recent research has led to patents related to Bluefin tuna juvenile feeding and husbandry, while AgriMarine has successfully implemented its alternative sustainable technology for rearing salmon.
"We look forward to working with Tokai University. This project represents another avenue to demonstrate the application of the Company's containment and life support technology with a very high value, high margin species," said Richard Buchanan, CEO of the Company. "AgriMarine's strategy is to prove that our technology has the flexibility to operate in various aquatic environments, that it can be used to rear high value finfish species and that it can be deployed close to markets, around the world. With our Pacific salmon and trout rearing facilities in China and Canada, and with our research projects into Yellow Croaker and Bluefin tuna, we are positioning the Company to become the leader in sustainable aquaculture production technologies."
About Tokai University
Tokai University is one of the largest general education and research institutions in Japan with a focus on sciences and engineering. Between 1994 and 2004, Tokai University has led all universities in Japan in the registration of new patents.
About AgriMarine Holdings Inc.
AgriMarine has developed and commercialized proprietary floating closed containment technology to produce salmon sustainably in its farms in China and Canada. The technology can be applied worldwide to the rearing of other finfish such as trout, tuna, and yellow croaker. AgriMarine's technology creates an optimal fish rearing environment, offers a better farm management system with added environmental benefits over net cage rearing practices 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.
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