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Press Release

AgriMarine Begins Rearing Salmon in China

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 16, 2010) - AgriMarine Holdings Inc. (TSX VENTURE:FSH)(FRANKFURT:A2G) (the "Company" or "AgriMarine"), a leader in floating closed containment technology and production for sustainable aquaculture, is pleased to announce that the third tank at its fish rearing facility in Benxi, China has been stocked with the first wave of Pacific Chinook salmon fingerlings. This marks the first time that this type of Pacific salmon will be grown in closed containment within Chinese borders.
High value species such as salmon are not currently produced by China's commercial aquaculture or capture fisheries. AgriMarine expects that its first environmentally sustainable salmon will compete favourably with European and Chilean imports of fresh and valued-added salmon products.
The second phase of the hatchery modernization in Benxi is currently underway. In addition to the 300,000 Chinook fingerlings that are being prepared for stocking, the newly installed hatchery system will accommodate a wave of 500,000 Canadian-sourced Chinook ova which has just arrived as well as the upcoming delivery of 400,000 Coho ova.
"We are pursuing high value and niche market product opportunities with our new focus on Chinook and Coho salmon", said Richard Buchanan, CEO of AgriMarine Holdings. "The new ova represents 4,000 metric tonnes of product once the salmon are fully grown a year from now."
About AgriMarine Holdings Inc.
AgriMarine is in the business of producing fish sustainably in its proprietary closed containment systems in China for the rearing of trout, salmon and other finfish such as tuna in floating solid-wall closed containment systems that allows for control of the rearing water environment. AgriMarine's technology resolves many of the environmental issues created by present net cage rearing practices worldwide and permits the installation of fish production systems in close proximity to consumer markets.
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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