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AQB - AquaBounty Technologies Inc News Story

$4.41 0.2  5.5%

Last Trade - 17/09/21

Sector
Healthcare
Size
Small Cap
Market Cap £215.3m
Enterprise Value £74.1m
Revenue £304k
Position in Universe 4390th / 7147

AquaBounty Technologies Announces Pioneer, Ohio as Location for Planned Salmon Farm

Thu 29th July, 2021 1:30pm
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MAYNARD, Mass., July 29, 2021 (GLOBE NEWSWIRE) -- AquaBounty Technologies,
Inc. (Nasdaq: AQB) (“AquaBounty” or the “Company”), a land-based
aquaculture company utilizing technology to enhance productivity and
sustainability, today announced that it has identified Pioneer, Ohio as the
location for its planned large-scale farm for the Company’s proprietary
genetically engineered salmon.

The new farm will be AquaBounty’s first large-scale commercial facility,
with a planned annual production capacity of 10,000 metric tons –
approximately eight times the size of its farm in Albany, Indiana, which has
an annual production capacity of 1,200 metric tons. The Company is finalizing
the design for the estimated 479,000 square foot facility and expects to
invest over $200 million in the project. Construction is slated to begin in
late 2021 and the Company anticipates commercial stocking of salmon to
commence in 2023. Once in operation, the farm is expected to bring over 100
new jobs to the region.

“We are excited to announce Pioneer, Ohio as the location of our next
farm,” said Sylvia Wulf, Chief Executive Officer of AquaBounty. “After an
intensive analysis of the site data and the completion of substantial due
diligence, Pioneer met our selection requirements. The Village of Pioneer,
Williams County, the State of Ohio, JobsOhio and the Regional Growth
Partnership have all been a pleasure to work with and are highly supportive of
the economic benefits we plan to bring to the community.”

“The state of Ohio currently is finalizing a package of economic incentives
to support AquaBounty’s location at the Pioneer site, as the plan for the
new farm is contingent upon approval of state and local incentives. Details of
the site purchase have been agreed upon and we expect to begin construction by
the end of the year,” concluded Wulf.

“AquaBounty’s decision to choose Ohio for its first large-scale
aquaculture facility is more evidence that Ohio is emerging from the pandemic
stronger than before,” said J.P. Nauseef, JobsOhio president and CEO.
“This investment will bring 112 new jobs to Northwest Ohio, further
solidifying the region’s role as a national leader in agribusiness
production and distribution.” 

About AquaBounty

AquaBounty Technologies, Inc. (NASDAQ: AQB) is a leader in the field of
land-based aquaculture and the use of technology for improving its
productivity and sustainability. The Company’s objective is to help ensure
the availability of high-quality seafood to meet global consumer demand, while
addressing critical production constraints in the most popular farmed
species. 

The Company’s genetically engineered salmon program is based upon a single,
specific molecular modification in salmon that results in more rapid growth in
early development. With aquaculture farms located in Prince Edward Island,
Canada, and Indiana, United States, AquaBounty is raising salmon that is free
of antibiotics and other contaminants, in land-based Recirculating Aquaculture
Systems (“RAS”) which are designed to prevent disease and to include
multiple levels of fish containment to protect wild fish
populations. AquaBounty’s solution offers a reduced carbon footprint and no
risk of pollution of marine ecosystems, as compared to traditional sea-cage
farming. For more information, please visit www.aquabounty.com.

Forward-Looking Statements  

This press release contains “forward-looking statements” as defined in the
Private Securities Litigation Reform Act of 1995, as amended, including
regarding the Company’s job creation plans, anticipated size of its facility
in Ohio, production capacity, timing of construction or commercial stocking,
cost of construction, and amount to be invested in the project. The
forward-looking statements in this press release are neither promises nor
guarantees, and you should not place undue reliance on these statements
because they involve significant risks and uncertainties about AquaBounty.
AquaBounty may use words such as “expect,” “anticipate,”
“project,” “intend,” “slated to,” “plan,” “aim,”
“believe,” “seek,” “estimate,” “can,” “focus,” “will,”
and “may” and similar expressions to identify such forward-looking
statements. Among the important factors that could cause actual results to
differ materially from those indicated by such forward-looking statements are
risks relating to, among other things, whether or not AquaBounty will be able
to raise capital, market and other conditions, AquaBounty’s business and
financial condition, AquaBounty’s ability to secure required regulatory
approvals and permits, and the impact of general economic, public health,
industry or political conditions in the United States or internationally. For
additional disclosure regarding these and other risks faced by AquaBounty, see
disclosures contained in AquaBounty’s public filings with the SEC, including
the “Risk Factors” in the company’s Annual Report on Form 10-K and
Quarterly Reports on Form 10-Q. You should consider these factors in
evaluating the forward-looking statements included in this press release and
not place undue reliance on such statements. The forward-looking statements
are made as of the date hereof, and AquaBounty undertakes no obligation to
update such statements as a result of new information, except as required by
law.

Company Contact:
AquaBounty Technologies
Dave Conley
Corporate Communications
(613) 294-3078

Investor Relations:
Greg Falesnik or Luke Zimmerman
MZ Group - MZ North America
(949) 259-4987
AQB@mzgroup.us



(https://www.globenewswire.com/NewsRoom/AttachmentNg/77e31f43-36a0-4b3a-9fe0-591723a4149f)



GlobeNewswire, Inc. 2021
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