Vancouver-based fish farm technology company AgriMarine Holdings Inc. (TSX-V:FSH) has announced a new deal with grocery retail chain Ito-Yokado in China.
Under the agreement, AgriMarine will sell chinook salmon produced at the company’s closed containment freshwater farm in Benxi, China, through Japanese retailer Ito-Yokado.
Ito-Yokado has 174 stores in Japan and 15 in China, where it plans to expand further.
In a press release, AgriMarine CEO Richard Buchanan welcomed the deal, which will involve Ito-Yokado launching AgriMarine’s product in one of Ito-Yokado’s largest stores.
AgriMarine plans to ramp up deliveries to sell at all 15 of Ito-Yokado’s Chinese locations in the near future.
“Securing this supply contract is a significant step for [AgriMarine],” he said.
“It provides protection against price fluctuations, brings significant sales and cash flow, and demonstrates our ability to deliver quality Pacific salmon at competitive prices.”
In late 2011, AgriMarine expanded its fish production in China.
@JennyWagler_BIV
