AgriMarine Norway AS, the licensing arm of Vancouver-based AgriMarine Holdings Inc. (TSX-V:FSH), is on the verge of finalizing its first sales in Norway.
“It’s a great opportunity for us,” said Richard Buchanan, president and CEO of AgriMarine Holdings. “It’ll be our first sale of our technology [into Norway].”
In May, AgriMarine Holdings announced that it had set up its licensing arm to launch the commercialization of its floating closed containment fish-rearing technology in Norway. (See “AgriMarine expands into Norway” – BIV Business Today, May 11.)
This morning, the company announced that AgriMarine Norway has signed letters of intent with Norwegian partners Smřla Klekkeriog Settefisk AS and Lingalaks AS to use the AgriMarine System in research and development concessions.
The two Norwegian companies are currently applying to the Norwegian Directorate of Fisheries for the marine concessions – ocean fish-rearing areas. Buchanan said the Norwegian companies have received verbal approval for the concessions and expect them to be granted officially within two weeks.
Under the agreement with Smřla, Buchanan said the Norwegian company can put in up to 14 tanks with AgriMarine’s technology. Lingalaks plans to start with a couple of tanks.
Buchanan added that AgriMarine is in also in discussion with several other companies in Norway. He said the potential Norwegian market for AgriMarine’s technology is “huge,” amounting to hundreds of tanks.
At press time, AgriMarine’s stock was down just over 8% to $0.22.
Jenny Wagler
@JennyWagler_BIV