MAYNARD, Mass., Jan. 31, 2022 (GLOBE NEWSWIRE) — AquaBounty Technologies, Inc. (Nasdaq: AQB) (“AquaBounty” or the “Company”), a land-based aquaculture company using technology to improve productivity and sustainability, today announced the start of site preparations for the construction of the company’s planned 10,000 metric ton salmon farm in Pioneer, Ohio.
“We are thrilled to have begun work on the Pioneer, Ohio property, reaching critical pre-construction milestones to allow construction to begin after the spring thaw,” said Sylvia Wulf, President- CEO of AquaBounty. “The construction of roads and energy infrastructure on site, as well as the establishment of survey markers before the grading works, are in progress as we speak. These are absolutely essential first steps in the building process.
“Our team has implemented a rigorous set of processes to mitigate potential supply chain challenges resulting from the current market environment, while containing any potential price increases – including the ordering of key RAS technology such as disc filters and prefabricated metal building (PEMB) for the farm.
“We are planning an official groundbreaking ceremony and will communicate details in the coming weeks. This marks an incredibly exciting milestone for AquaBounty and a time to celebrate and thank the Village of Pioneer, Williams County and the State of Ohio for their continued support,” concluded Wulf.
AquaBounty Technologies, Inc. (NASDAQ: AQB) is a leader in land-based aquaculture and the use of technology to improve its productivity and sustainability. The company’s goal is to help ensure the availability of high-quality seafood products to meet global consumer demand, while meeting the critical production constraints of the most popular farmed species.
The company’s genetically modified salmon program is based on a single specific molecular modification of salmon that results in faster growth during early development. With aquaculture farms located in Prince Edward Island, Canada, and Indiana, USA, AquaBounty raises salmon free of antibiotics and other contaminants, in aquaculture systems recirculating (“RAS”) systems designed to prevent disease and to include multiple levels of fish containment to protect wild fish populations. AquaBounty’s solution offers a reduced carbon footprint and no risk of pollution of marine ecosystems, compared to traditional marine cage farming. For more information, visit www.aquabounty.com.
This press release contains “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995, as amended, including regarding the Company’s ability to fund the Ohio facility, the expected size of installation in Ohio, production capacity, construction schedule, permits or commercial storage, cost of construction and start-up costs, amount to be invested in the project, ability to produce eggs, fingerlings and broodstock, and future revenue streams, prices and profitability. The forward-looking statements contained in this press release are neither promises nor guarantees, and you should not place undue reliance on such statements as they involve significant risks and uncertainties relating to AquaBounty. AquaBounty may use words such as “expect”, “anticipate”, “project”, “intend”, “intended”, “plan”, “aim”, “believe”, “seek” , “estimate”, “may”, “focus”, “will” and “may” and similar expressions to identify these forward-looking statements. Important factors that could cause actual results to differ materially from those indicated by such forward-looking statements include risks relating to, among other things, whether AquaBounty and its partners will commence or complete the proposed bond financing, the final terms of the project the bond financing, the market and other conditions for such an offering, the satisfaction of related closing conditions, the impact of the bond offering on the financial condition, credit rating and share price of ‘AquaBounty, whether or not AquaBounty needs and is able to raise additional equity, whether AquaBounty will be able to meet bonding commitments, AquaBounty’s business and financial condition, AquaBounty’s ability to obtain required regulatory approvals and permits, AquaBounty’s ability to build and operate the farm profitably, and the impact of the general economy, public health, industry, or political conditions in the United States or abroad. For additional information regarding these and other risks facing AquaBounty, see the information contained in AquaBounty’s public filings with the SEC, including “Risk Factors” in the Company’s Annual Report on Form 10. -K and quarterly reports on Form 10-Q. You should consider these factors when evaluating the forward-looking statements included in this press release and not place undue reliance on these statements. Forward-looking statements reflect AquaBounty’s current beliefs about its plans, intentions, expectations, strategies and prospects, which are based on information currently available to AquaBounty and assumptions AquaBounty has made as of the date hereof. AquaBounty undertakes no obligation to update these statements as a result of new information, future events or otherwise, except as required by law.
This press release does not constitute an offer to sell or a solicitation of an offer to buy the bonds described herein, and there will be no sale of such bonds in any state or jurisdiction in which such offer, solicitation or sale would be illegal.
Corporate Contact: AquaBounty Technologies Dave Conley Corporate Communications (613) 294-3078
Investor Relations: Greg Falesnik or Luke Zimmerman MZ Group – MZ North America (949) 259-4987 AQB@mzgroup.us
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