Agrimarine’s shell game

Here’s something we missed in our last post about Agrimarine.

According to FishFarmingXpert, Agrimarine is, essentially, lending money to itself to set up shop in Norway.

In May, 2011, Agrimarine started Agrimarine Norway AS, a “joint venture company.”

As FishFarmingXpert points out, in November 2012, Agrimarine Norway AS changed its name to Akvatech AS.

We missed this fact, and it is very interesting indeed.

Follow the pea!

On Nov. 20, 2012, Agrimarine announced it had signed a purchasing and licencing agreement with Akvatech AS, which it described as a “Norwegian private equity group.”

There is no mention anywhere that Akvatech AS and Agrimarine Norway AS are the same company, and that, in essence, Agrimarine has signed a deal with itself.

“This agreement with Akvatech not only validates our IP and signals the immediate sale of two AgriMarine tanks for use in Norway, and it also sets the stage for future tank sales and expansion throughout Europe”, said Sean Wilton, President and CEO of AgriMarine in the press release.

Right. This sort of internal back-and-forth is not unusual, but it’s a bit questionable. Especially since this is the same shell game Agrimarine played in Canada.

We’ll make sure we keep our eye on the pea on this one.


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