AquaBounty Technologies, Inc. (NASDAQ: AQB), 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 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 centres in the $2 billion US Atlantic salmon market.
The United States currently imports over 92 percent 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.
Visit the Aquabounty website, HERE.
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| Salmon Image credit: Julia Manzerova on Flickr |
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 centres in the $2 billion US Atlantic salmon market.
The United States currently imports over 92 percent 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.
Visit the Aquabounty website, HERE.
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