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 centers in the $2 billion U.S. Atlantic salmon market.
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
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 closure of the acquisition and the timing thereof, the projected use and expected production capacity of the facility, possible future sales revenues, the potential for expansion of operations, and the timing of any future harvest. Forward-looking statements may be identified with words such as "will," "may," "should," "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
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Dave Conley, Director of Communications, AquaBounty Technologies, Inc., +1 613 294 3078