Publish Date : 02-Dec-2013
Further to its news release dated September 6, 2013, AgriMarine Holdings Inc. (the "Company" or "AgriMarine") is pleased to announce that its subsidiary, AgriMarine Industries Inc., has executed a definitive Share Purchase Agreement (the "Agreement") with the shareholders of West Coast Fishculture (Lois Lake) Ltd. and West Coast Fishculture Ltd. (collectively, "WCFC"), a British Columbia-based steelhead producer, for the acquisition of all the issued and outstanding shares of WCFC (the "Acquisition"). The cash purchase price for the Acquisition is CAD $5.2 Million dollars, subject to post-closing adjustments related to the calculation of WCFC's biological inventory and other items.
WCFC is a private company incorporated under the laws of British Columbia whose assets include fish inventory, hatchery, and farm infrastructure in Lois Lake, near the city of Powell River, British Columbia. The founding WCFC management team will continue to operate the farm. WCFC is the premier supplier of steelhead trout in the province and its premium Stillwater Steelhead brand is recognized for its quality and sustainability, and is sold throughout North America. A longtime proponent of improving fish farming techniques, WCFC developed one of the first commercial recirculation hatcheries in B.C during the mid-1990?s. WCFC is committed to offering sustainable fish products that adhere to best practices, as is AgriMarine.
The Acquisition is an arm's-length transaction. No finder's fees have been paid in connection with the Acquisition. The closing date of the Acquisition is subject to customary conditions and receipt of all necessary regulatory approvals by the TSX Venture Exchange. There can be no assurance that the Acquisition will be completed as proposed or at all.
Separately, the Company advises that it has permanently shut down its research and demonstration site at Middle Bay, Campbell River. The WCFC site will become the Company's flagship production site.
"We are enthusiastic about the acquisition of WCFC and the strategic opportunity it represents as we focus on becoming a global producer of sustainable fin fish", commented Mr. Sean Wilton, President and CEO of AgriMarine. "Our plan is to install our proprietary AgriMarine Systemâ„¢ rearing tanks at WCFC, where we will focus on accelerated crop turnover and demonstrate the performance benefits of our closed containment technology." Mr. Wilton added, "We believe that WCFC's established steelhead operation, fish inventory, hatchery, and skilled manpower, combined with AgriMarine's technology, will provide a strong head start to scale up fish production in British Columbia."
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