VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 24, 2011) - (TSX VENTURE:FSH)(OTCQX:AGMHF)(PINK SHEETS:AGMHF)(FRANKFURT:A2G), AgriMarine Holdings Inc. (the "Company" or "AgriMarine"), the leader in floating solid-wall containment technology and production for sustainable aquaculture, is pleased to announce that its subsidiary and licensing arm, AgriMarine Norway AS ("AgriNor"), is moving forward with its licensing strategy by pursuing concessions in Norway earmarked for closed containment. To this end, AgriNor has signed Letters of Intent as part of joint applications with two Norwegian partners for the use of the AgriMarine System in research and development concessions.

The Letters of Intent were signed with smolt producer Smøla Klekkeriog Settefisk AS ("Smøla") and with fish farming producer Lingalaks AS ("Lingalaks") of Norway. Each party has filed applications with the Norwegian Directorate of Fisheries for the concessions. Research conducted at these concessions will focus on fish welfare, fish quality and the production parameters utilizing closed containment systems.

Geir Spiten, President of AgriNor, said, "We are pleased that our technology was selected for use at the R&D concessions and we are confident that the Company will play a prominent role in furthering closed containment research in Norway."

Licensing Strategy and Business Model

Through its operating subsidiaries, the Company is demonstrating the superiority of its farming technologies by building and operating showcase facilities based on the AgriMarine System. Based on the proven sustainability and economic performance advantages shown at these farms, the Company intends to optimize the value from sales and licensing agreements for its proprietary intellectual property.

The AgriMarine System has demonstrated the ability to substantially improve a salmon farming operation's working capital and profitability by:

• Reducing mortalities
• Improving feed conversion ratios
• Enabling rapid growth with enhanced oxygen concentrations
• Mitigating sea lice infestations– the estimated annual losses to Norway's aquaculture industry due to sea lice damage range from NOK 500 million to 2 billion (US $92-362 million) (Source: Research Council of Norway)

Recent trends in finfish production practices and related legislation in multiple jurisdictions are favouring a move to closed containment technology from traditional net pen production and the Company can now demonstrate that it has the lowest cost and highest operational efficiency method for making this transition.

AgriMarine believes that licensing is key to rapidly deploying its technology in a capital-efficient manner and is placing a high priority on this endeavour. The Company believes that as the AgriMarine System gains acceptance in Norway, that other salmon producing areas such as Chile (the second largest producer of salmon in the world), Scotland, Canada and the Faroe Islands will follow suit.

About AgriMarine Holdings Inc.

Canadian-based AgriMarine is an aquaculture technology company engaged in the development, commercialization and licensing of proprietary solid-wall closed containment systems for the rearing of finfish. The Company utilizes its innovative, clean technology to rear salmon and trout in its farms in China and Canada. The AgriMarine System can be applied worldwide in warm or cold climate conditions, in oceans, reservoirs and lakes.

The AgriMarine System addresses sustainability issues in finfish aquaculture, creates an optimal fish rearing environment, offers a better farm management system with added environmental benefits over net cage rearing practices and meets consumer and retailer demands for sustainable aquaculture.

Forward-Looking Information

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