AquaBounty receives construction loan to support development efforts at its Rollo Bay property
October 16 2018 - 5:28PM
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 (NASDAQ: XON), announces that
the Company’s Canadian subsidiary has received a construction loan
in the amount of CA$2.0 million (US$1.6 million) from the
Department of Economic Development of the Province of Prince Edward
Island. The proceeds of the loan will be used to complete
construction of the Company’s 250-metric ton production facility on
its Rollo Bay site.
The Rollo Bay site, which includes an R&D
hatchery, is currently undergoing construction of a 250-metric ton
production facility and a broodstock facility. Once complete,
20-30 technical jobs are expected to be added to AquaBounty’s
operation. In addition, this development project has provided
economic benefits to the local economy through the hiring of
building contractors, electricians, plumbers, and suppliers
involved in the construction activities.
Ronald Stotish, Chief Executive Officer of
AquaBounty, stated: “This loan should enable us to complete
construction of the grow-out facility at Rollo Bay by the end of
this year and to commence commercial production of our innovative
AquAdvantage Salmon in early 2019. This facility will
demonstrate the superior economics that AquAdvantage brings to
land-based recirculating aquaculture systems. We are very
grateful for the support we have received and continue to receive
from the Province of Prince Edward Island.”
About AquAdvantage Salmon – AquAdvantage Salmon
is an Atlantic salmon that has been bioengineered to grow to market
size in about half the time of a traditional farmed Atlantic
salmon. It significantly improves the economics of producing
salmon in land-based contained facilities. AquAdvantage
Salmon is a healthy, environmentally sustainable alternative to
imported farmed Atlantic salmon.
For further information, please contact:
Dave Conley, Director of CommunicationsAquaBounty Technologies,
Inc.613 294 3078
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
timing of completion of the Rollo Bay production facility and the
commencement of AquAdvantage Salmon production there, the number of
jobs that may be added to AquaBounty’s operations, and the
potential for demonstrating superior economics of AquAdvantage
Salmon. Forward-looking statements may be identified with words
such as “will,” “may,” “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.
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