AquaBounty announces the sale of facilities
United States: The company reported its decision to divest its Rollo Bay land-based farming center, located in Canada to improve its financial situation.
The Rollo Bay fish farming facility, acquired by AquaBounty in 2016 and converted into a broodstock and egg production facility, will be sold through a process managed by the company's investment bank.
The sale is expected to be finalized by the end of the year. The decision to sell is part of the company's broader strategy to improve its financial situation and cash reserves.
David Melbourne, CEO of AquaBounty, explained that "we remain focused on securing financing for our short and long-term needs to once again pursue our growth strategy. The sale of the Rollo Bay facilities will address our immediate cash needs without affecting our long-term strategy, as we maintain sufficient egg production capacity for our Ohio fish farm from our Bay Fortune hatchery".
AquaBounty continues to explore other financing options to cover its financial needs in the coming months.
The company's plans include the construction of five large land-based farming centers, with financing efforts to cover immediate and future financial needs.
Forward-looking statements
AquaBounty has highlighted the potential risks and uncertainties associated with its future projects, including financing challenges, regulatory compliance, and market acceptance of its genetically modified Atlantic salmon products.
The company recommends caution when interpreting forward-looking statements, which are subject to change based on numerous factors.
