VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 08/03/11 -- AgriMarine Holdings Inc. (TSX VENTURE: FSH)(OTCQX: AGMHF)(FRANKFURT: A2G) (the 'Company' or 'AgriMarine'), the leader in floating closed containment technology for sustainable aquaculture, and the Middle Bay Sustainable Aquaculture Institute ('MBSAI') are pleased to announce that Sustainable Development Technology Canada ('SDTC') has increased its contribution to the Middle Bay solid-wall containment salmon rearing demonstration facility (the 'Middle Bay Project') located in Campbell River, BC from the $2.36 million previously committed to a maximum of $5.77 million.
'Through our support for cutting-edge clean energy technology we are creating high-quality jobs and protecting our environment,' said Natural Resources Minister Joe Oliver. 'This project demonstrates our leadership in driving technology innovation to help create a vibrant clean energy industry in Canada.'
The SDTC contribution will be advanced to MBSAI pursuant to specific milestones, while AgriMarine has committed $7.27 million to rear the salmon as part of the demonstration project. The increased contribution by SDTC will be used to provide additional support for the development and demonstration of a 4-tank salmon operation with an annual capacity of approximately 900 tonnes. The Gordon and Betty Moore Foundation and Coast Sustainable Trust, contributed to earlier milestones of the project.
SDTC is a not-for-profit foundation created by the Government of Canada to support the development and demonstration of clean technologies which provide solutions to issues of climate change, clean air, water quality and soil, and which deliver economic, environmental and health benefits to Canadians. SDTC supports technologies with the potential to both meet market demand and help achieve Canada's environmental goals.
'SDTC's contribution to the Middle Bay Project demonstrates the Canadian government's commitment to fostering emerging clean technologies that will contribute to the strengthening of the environment, and solid-wall containment salmon rearing technology will assist in the protection of the marine environment and wild fish stocks', said Richard Buchanan, President and CEO of AgriMarine. 'We believe that the Middle Bay Project will continue to demonstrate that solid-wall containment salmon farming is a viable and cost effective alternative to net cage operations and is capable of supporting sustainable growth of the salmon farming industry in BC and around the world.'
'The technology being developed through this project is a great example of the combined environmental and economic benefits that clean technologies can provide to Canadians,' said Vicky Sharpe, President and CEO of SDTC. 'It has the potential to increase the rearing capacity of the Canadian and global salmon farming industry by allowing for sustainable aquaculture growth in coastal communities, while minimizing interference with marine environments.'
SDTC is an arm's-length foundation created by the Government of Canada which has received $1.05 billion as part of the Government's commitment to create a healthy environment and a high quality of life for all Canadians.
SDTC operates two funds aimed at the development and demonstration of innovative technological solutions. The $550 million SD Tech Fund supports projects that address climate change, air quality, clean water, and clean soil. The $500 million NextGen Biofuels Fund supports the establishment of first-of-kind large demonstration-scale facilities for the production of next-generation renewable fuels.
SDTC operates as a not-for-profit corporation and has been working with the public and private sector including industry, academia, non-governmental organizations (NGOs), the financial community and all levels of government to achieve this mandate.
MBSAI is a not for-profit organization formed for the purpose of researching and developing the use of commercial-scale environmentally responsible technologies for aquaculture. In addition to MBSAI, consortium members in the Middle Bay Project include AgriMarine Industries Inc., and the US-based Gordon and Betty Moore Foundation. The project has received the endorsement of the following environmental non-governmental organizations: Coastal Alliance for Aquaculture Reform - which includes the David Suzuki Foundation, Living Oceans Society, Georgia Strait Alliance, T. Buck Suzuki Environmental Foundation and Watershed Watch Salmon Society - as well as Coast Sustainability Trust and the Wilderness Tourism Association. AgriMarine and MBSAI are also very grateful to have the cooperation and support of the K'omoks, Campbell River, Cape Mudge, and Homalco First Nation Bands.
About AgriMarine Holdings Inc.
AgriMarine has developed and commercialized proprietary floating solid-wall 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.
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AgriMarine Holdings Inc.
President and CEO
(604) 568-4673 (FAX)
AgriMarine Holdings Inc.
Manager, Media Relations and Marketing
Sustainable Development Technology Canada
(613) 234-6313 ext. 295
Chief Financial Officer