AgriMarine starts harvesting salmon in China
Although FishfarmingXpert has yet to be granted an interview with the company’s Manager of Media Relations and Marketing, Ms. Alexia Helgason, there is much information about the company’s activities and performance available on its web site. But for some reason the latest financial statements were those issued for the fourth quarter in 2010, with Q1 and Q2 for this year still missing. Some of the highlights of the December 31, 2010 numbers for the past nine months were a loss of CAD$3,746 million (~€2.772 million) and an accumulated deficit of some CAD$16.12 million (~€11.93 million). The trading value of the company’s shares has decreased from CAD$0.61(~€0.45) in February this year to CAD$0.29 (~€0.215) on July 21. The company issued a Press Release in connection with the first harvest of Chinook salmon from its facilities in the Benxi Region in China this week, suggesting that it will not have to market frozen fish and that it should see lower production costs than those experienced by land-based closed containment facilities;
AgriMarine Holdings Inc. (the “Company” or “AgriMarine”), the leader in floating solid-wall containment technology for sustainable aquaculture, is pleased to announce that it has begun to harvest the Company’s first crop of Chinook salmon ever reared in solid-wall closed containment in the People’s Republic of China. AgriMarine has successfully proven its unique, clean technology for rearing salmon in the Benxi region of the PRC. Situated on the Guanmenshan Reservoir, where ambient temperatures range from -30°C in the winter to 30°C in the summer, the Company’s farm is rearing Rainbow trout and Chinook salmon to a desired market size in approximately 14-16 months.
Because of its proprietary patented design, the Company’s floating tanks outfitted with low-pressure pumping systems ensure that optimal water temperatures are maintained year-round. AgriMarine’s cost competitive technology bridges the gap between traditional fish farming methods and high cost land-based tanks while producing fish sustainably with no negative impact to the aquatic environment.
The harvest at Benxi will continue through the summer and fall, and the fish will be sold through distributors to 5-Star hotels and restaurants. The Company previously announced its expansion at the Benxi farm to four 24-metre tanks. Two additional tanks are now being fabricated and scheduled for delivery later this summer which will increase production capacity for fish sales in 2012.
AgriMarine delivers freshly harvested fish ‘next day’ to major Chinese markets, without being subject to import taxes or international air freight charges. At present, imported fresh salmon takes up to four days to arrive in Chinese markets after being flown in from Europe or the Americas.
The company did not provide details of its marketing of frozen rainbow trout from its initial harvest of fish in China last year.
