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Aqua Bounty Tech Inc (ABTX)

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Friday 15 August, 2008

Aqua Bounty Tech Inc

Operations update

RNS Number : 4047B
Aqua Bounty Technologies, Inc.
15 August 2008
 




Aqua Bounty Technologies, Inc. 


15 August 2008 

 

 

 

Aqua Bounty Technologies Inc.

('Aqua Bounty' or 'the Company') 

 

Operations update

 

Aqua Bounty Technologies, Inc. (AIM: ABTX), a biotechnology company focused on enhancing productivity in the aquaculture market, today reports damage to its recently established Central American salmon production unit which will delay its plans to test market AquAdvantage Salmon but the Company confirms that this has no implications for its current regulatory approval process.

The damage by an unusually severe storm caused the water inlet system for tanks containing the Company's first commercial scale production batch of young AquaAdvantage Salmon to fail during the night with the result that all of these fish were lost. It was intended that the fish, subject to regulatory approval, would be marketed during the first half of 2009.

Replacement fry will be sent to the facility but these fish will reach market size near the end of 2009, a net delay of approximately nine months. The estimated cash loss due to this event is $50,000.  These AquaAdvantage Salmon were not intended to be a source of significant revenue but would be used to test market to potential parties.

The Company emphasizes that the loss will not affect the Company's application for regulatory approval by the United States FDA for the proposed sale of the AquAdvantage Salmon eggs to fish producers and the Company remains encouraged by the progress of this application.

For further information, please contact: 


Aqua Bounty Technologies                        +1 781 899 7755

David Frank                        


Nomura Code                                                 +44 (0) 20 7776 1200

Charles Walker / Giles Balleny            


Bell Pottinger Coporate & Financial         +44 (0) 20 7861 3232

Daniel de Belder / Amy Rajendran            



This information is provided by RNS
The company news service from the London Stock Exchange
 
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