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Foundation president, Harvey Fineberg, and chairman emeritus and co-founder, Gordon Moore, discuss the Statement of Founders’ Intent with staff.

First salmon harvested from Canadian closed containment demonstration site

Courtesy of AgriMarine

March 27, 2012

AgriMarine Holdings Inc. (the “Company” or “AgriMarine”), the leader in floating closed containment technology and production for sustainable aquaculture, is pleased to report the first commercial harvest at its Canadian demonstration site at Middle Bay in Vancouver Island, British Columbia.

The Company previously announced damage to its floating, solid-wall containment tank incurred during a hurricane-grade windstorm that hit Vancouver Island earlier this month. After an initial assessment of the damage, the Company harvested its first crop of Chinook salmon and has begun the process of raising the tank for insurance evaluation and repair. The Company is proceeding with the demonstration project, which is partly funded by Sustainable Development Technology Canada (“SDTC”). Subsequent tanks which are currently being manufactured have been redesigned and will be installed on schedule, including the upgraded pilot tank.

Management feels that harvest results prove the commercial value of AgriMarine’s unique technology for sustainable aquaculture. The Company has made the following early findings:

- The fish reached a harvestable size in 13 months, thus demonstrating excellent growth rates achievable in the AgriMarine System
It appears that there was no loss of inventory, although final harvest numbers are not complete
- The harvested salmon were delivered under contract to our US customer
- Only 3 sea lice were found in the entire crop of salmon, proving that the AgriMarine System effectively controls sea lice infestations
- No antibiotics or chemicals were used and overall fish health was excellent
- The processing yield was 91%
- The mooring system functioned as designed to help stabilize the floating tank in an extremely high energy situation

“We are extremely proud of our team and how they managed the facilities and harvest procedures during the windstorm”, said Richard Buchanan, President and CEO. “Although final harvest numbers are not complete, we have so far harvested and sold over 95% of the original stocking numbers”. Mr. Buchanan added, “We have taken the lessons learned into our new tank deliveries and continuing farm research at the site.”