AquaBounty Technologies, Inc. Announces Mayfield, Kentucky as Potential Location for Planned 10,000 Metric Ton Salmon Farm
October 29 2020 - 4:05PM
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 Mayfield, Kentucky as the potential location for its
planned large-scale farm for the Company’s proprietary AquAdvantage
salmon.
The new farm will be AquaBounty’s first large-scale commercial
facility with a planned 10,000 metric ton annual production
capacity – or about eight times the size of its currently operating
farm in Albany, Indiana, which has a 1,200 metric ton annual
production capacity.
Mayfield, in Graves County, Kentucky, is the leading location
after an exhaustive nationwide search spanning approximately 230
sites. Evaluation criteria for the Company’s third farm included
sufficient water and wastewater volumes, low electricity prices,
proximity to major population centers, availability of skilled
labor pools and a stable, supportive political environment.
“We are pleased to have identified a site in Mayfield as meeting
or exceeding all selection criteria for our third farm,” said
Sylvia Wulf, Chief Executive Officer of AquaBounty. “The Graves
County community and site location met all suitability and
technical requirements. At both the state and local level, we found
a welcome economic environment and favorable incentives for our
business.”
“We now are negotiating details of the potential purchase,
conducting due diligence, and are moving forward as quickly as
possible to finalize the transaction. This milestone positions
AquaBounty to rapidly expand our geographic footprint and meet our
long-term production goals, creating value for our shareholders,”
concluded Wulf.
Construction is expected to begin in 2021 and the company
anticipates the farm will be ready for commercial production to
commence in 2023. The facility will potentially bring approximately
70-90 new jobs to the region.
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 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 AquAdvantage fish program is based upon a single,
specific molecular modification in fish that results in more rapid
growth in early development. With aquaculture facilities located in
Prince Edward Island, Canada, and Indiana, USA, AquaBounty is
raising its disease-free, antibiotic-free salmon in land-based
recirculating aquaculture systems, offering 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, that involve significant risks and uncertainties about
AquaBounty. AquaBounty may use words such as “expect,”
“anticipate,” “project,” “intend,” “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, 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 TechnologiesDave
ConleyCorporate Communications(613) 294-3078
Investor Relations:Greg Falesnik or Luke
ZimmermanMZ Group - MZ North America(949)
259-4987AQB@mzgroup.us
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