MAYNARD, Mass., June 13, 2017 /PRNewswire/ -- AquaBounty
Technologies, Inc. (NASDAQ: AQB) ("AquaBounty" or the "Company"), 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 entered into an
agreement to purchase certain assets of Bell Fish Company,
including its farming facility in Albany,
Indiana, for $14.0 million in
cash.
Ronald Stotish, Chief Executive
Officer of AquaBounty, stated: "This acquisition marks an important
milestone and provides the Company with its first commercial-scale
facility in the United States for
growing eco-friendly AquAdvantage® Salmon. This
site will enable production of healthy Atlantic salmon, which will
not require vaccines or antibiotics, in a sustainable and
responsible manner close to domestic consumers."
The purchase, which is expected to close within the next 30
days, will provide the Company with a land-based, contained
aquaculture system to grow AquAdvantage Salmon near major demand
centers in the $2 billion U.S. Atlantic salmon market.
The United States currently
imports over 92% of the farmed Atlantic salmon it consumes.
AquAdvantage Salmon will offer the opportunity for a viable
domestic aquaculture industry while providing consumers a fresh and
delicious product.
If anticipated timelines are achieved, the facility's first
harvest could come as soon as the third quarter of 2019. This
is significantly faster than other land-based facilities due to the
quicker time to market for AquAdvantage Salmon. Once fully
operational, the current facility will have an expected annual
capacity of 1200 metric tons, which at current Atlantic salmon
prices represents over $10 million a
year in potential sales, with the possibility for future
expansion.
AquaBounty continues to evaluate additional opportunities for
larger production facilities in both the
United States and Canada.
Forward-Looking Statements:
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. All statements other than statements of historical
fact contained in this press release are forward-looking
statements, including statements regarding the closure of the
acquisition and the timing thereof, the projected use and expected
production capacity of the facility, possible future sales
revenues, the potential for expansion of operations, and the timing
of any future harvest. Forward-looking statements may be
identified with words such as "will," "may," "should," "expect,"
"plan," "anticipate," "upcoming," "believe," "estimate," or similar
terminology, and the negative of these terms. Forward-looking
statements are not promises or guarantees of future performance and
are subject to a variety of risks and uncertainties, many of which
are beyond our control, which could cause actual results to differ
materially from those contemplated in these forward-looking
statements. Forward-looking statements speak only as of the
date hereof, and, except as required by law, we undertake no
obligation to update or revise these forward-looking
statements. For additional information regarding these and
other risks faced by us, please refer to our public filings with
the Securities and Exchange Commission ("SEC"), available on the
Investors section of our website at www.aquabounty.com and on the
SEC's website at www.sec.gov.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/aquabounty-acquires-fish-farming-facility-in-indiana-300472046.html
SOURCE AquaBounty Technologies, Inc.