8 Jul 2016 18:03
8 July 2016
AquaBounty Technologies Inc.
("AquaBounty" or "the Company")
AquaBounty Acquires Plant in Canada to Help Scale Production Capacity
AquaBounty Technologies, Inc. (AIM: ABTU; OTC: AQBT), a biotechnology company focused on enhancing productivity in the aquaculture market and a majority-owned subsidiary of Intrexon Corporation (NYSE: XON), announces that it has purchased the former Atlantic Sea Smolt plant in Rollo Bay West on Prince Edward Island for a consideration of US$0.70 million paid in cash and funded from the Company's existing resources.
The purchase of the property follows the approval by the Prince Edward Island Department of Environment of the Company's application to repurpose the site for brood stock expansion. The Company plans to use the new location to raise conventional Atlantic salmon to provide eggs that would be transferred to its plant in Bay Fortune.
Ronald Stotish, Chief Executive Officer of AquaBounty, stated: "We are pleased to have received the relevant environmental and construction permits to renovate this site to grow our salmon. The purchase of this property is part of our strategic plan to scale up our production capacity to support the commercial rollout of AquAdvantage® Salmon."
In November 2015 and May 2016 the U.S. Food and Drug Administration and Health Canada, respectively, approved the Company's AquAdvantage® Salmon for production, sale, and consumption.
For further information, please contact:
AquaBounty Technologies, Inc. +1 978 648 6048
David Frank, Chief Financial Officer
Stifel Nicolaus Europe Ltd +44 (0)20 7710 7600
Stewart Wallace
Luther Pendragon Ltd +44 (0)20 7618 9100
Harry Chathli, Claire Norbury