Agrimarine (TSXV:FSH) today announced that Sean Wilton has been appointed by the board to succeed Richard Buchanan as President and CEO. Wilton, a director of the company, had been responsible for overseeing the Company’s technology sales and licensing initiatives. Buchanan will remain on as a director.
“We are extremely pleased that Mr. Wilton has been named as President and CEO of AgriMarine,” said Agrimarine Chairman Harry Knutson, adding: “Mr. Wilton has been instrumental in the development and the commercialization of AgriMarine’s unique solid-wall closed containment technology. As Founder of the Company, the Board wishes to thank Mr. Buchanan for his valuable service.”
Founded in 1993, Vancouver-based Agrimarine’s corporate history is something of a catalogue of the collective knowledge and history of commercial aquaculture. After starting out as a traditional net cage operator, the company has quietly become a world leader in closed containment systems that operate in the marine environment and aim to replicate natural conditions. Agrimarine’s solid-wall containment systems float in inter-tidal regions or fresh water bodies, removing organic waste and using pristine rearing waters supplemented with oxygen to provide control of the fish culture environment.
Late in August, the company announced it had struck a deal with the Ito-Yakado grocery chain to supply it with salmon in certain Chinese locations, with plans to ramp up to all fifteen stores the Japanese chain operates in China.
Agrimarine’s operations in China began three years ago with the construction of a fresh water reservoir near the City of Benxi, in Liaoning Province. A trial run was completed with the harvest of of steelhead trout, which it sold to high end restaurants and hotels. Buchanan says the company intends to have a hundred tanks in production within five years.
Shares of Agrimarine closed today down 8.3% to $0.055 cents.
Disclosure: Agrimarine is an annual sponsor of Cantech Letter.