It appears our predictions of Agrimarine’s demise proved false.
Some good news for the company this past week: Akvatech AS, a Norwegian private equity firm (NOT to be confused with AKVA, one of the world’s biggest aquaculture tech companies), has entered into a purchase agreement with Agrimarine Holdings (the company at the top of the Agrimarine company food chain).
Akvatech AS and Agrimarine have worked out a deal that includes the following terms:
- A secured loan from Akvatech to the Company”s subsidiary AgriMarine Industries Inc. (“Industries”) in the amount of CAD $2.5 Million
- Purchase of the Company”s IP rights and know-how within certain Northern European countries, including Norway
- Technology and sales licenses to certain countries in Southern Europe, Middle East/Mediterranean region, and South America
- Sale of two (2) 24m AgriMarine System™ marine tanks for use at a demonstration project in Norway
- Development and patent protection of a 30m tank design with capacity of 5,500 cubic meters
This is good news for Agrimarine, which appears to have done some serious housecleaning recently. Long-time president and CEO Richard Buchanan has been ousted as top dog by Sean Wilton. There have been a few other shake-ups at the board level.
Unfortunately, this deal appears to show the company’s focus is no longer in Canada. We have heard no word about what’s going to happen at the Campbell River site, since we heard about employees being let go months ago. As far as we can tell, Agrimarine is dead in the water in Canada, and is now focusing on setting itself up as a technology supplier overseas.