MAYNARD, Mass., June 02, 2023 (GLOBE NEWSWIRE) — AquaBounty Applied sciences, Inc. (NASDAQ: AQB) (“AquaBounty” or the “Firm”), a land-based aquaculture firm using expertise to reinforce operational efficiency and sustainability, introduced at present that the Firm will pause the development of its farm in Pioneer, Ohio as a consequence of a considerable enhance in its estimated value of completion. The Firm will now take the required time to judge the timing and price of dimension and scope options, together with a phased strategy to finish the mission.
Sylvia Wulf, Chief Government Officer of AquaBounty, stated: “Throughout the previous three years, AquaBounty has been working with its design and development companions to handle by way of and mitigate the rising prices that have been exacerbated by historic inflation ranges to finish development of its Pioneer, Ohio farm. As value estimates supplied by our preliminary design/development agency continued to extend, we engaged a second development agency in January of this yr to overview the present value estimates and to rebid the remaining development components with a purpose to finalize the mission’s Assured Most Value (“GMP”), which was integral to finishing our municipal bond financing.
“Regardless of the worth engineering and price discount efforts we undertook, the GMP estimate that we acquired got here in at a value that’s considerably above our beforehand disclosed estimate of $375 – $395 million. Given this info, we can not finance the mission by way of a municipal bond placement and not using a vital enhance within the Firm’s fairness contribution. In consequence, the Firm has put an instantaneous pause on additional development of the positioning whereas the administration crew undertakes an in depth overview of its strategic choices, together with evaluating a smaller scope or dimension for the farm.
“We’ve been working carefully with the Village of Pioneer on the water and wastewater traces for the Ohio farm and the Village has permitted the creation of a public utility, which is able to personal and function the water and wastewater traces required for the farm’s operation. AquaBounty is at the moment ready for the issuance of the Proper of Approach (“ROW”) allow from Williams County. As we’ve got stated from the start, we’re enthusiastic about what our mission can contribute to the Village and the County, and we’re dedicated to being good neighbors and supporting the area people. We respect the assist and collaboration from the State of Ohio, Williams County Financial Growth Company and the Village of Pioneer.
“We imagine on this mission and its significance to the Firm’s development technique. Our focus now could be on bringing it to completion in a fashion that’s prudent for the Firm and our shareholders. Within the meantime, we intend to proceed to produce our buyer base with salmon from our Indiana farm, whereas utilizing that facility to enhance our operational practices and to check new applied sciences in preparation for the Ohio farm begin up. Progress additionally continues at our PEI farms to develop the manufacturing of non-transgenic eggs and fry and on our R&D work targeted on enhancements in our broodstock and the enhancements within the total well being and well-being of our fish. I look ahead to offering additional updates on our overview course of over the approaching months as we try to create sustainable worth for our shareholders,” concluded Wulf.
About AquaBounty
At AquaBounty Applied sciences, Inc. (NASDAQ: AQB), we imagine we’re a pacesetter in land-based sustainable aquaculture from begin to end. As a vertically built-in Firm from Broodstock to develop out, we’re leveraging many years of experience in fish breeding, genetics, and well being & vitamin to ship disruptive options that deal with meals insecurity and local weather change points. We’re dedicated to feeding the world effectively, sustainably and profitably. AquaBounty offers recent Atlantic salmon to close by markets by elevating its fish in rigorously monitored land-based fish farms by way of a secure, safe and sustainable course of. The Firm’s land-based Recirculating Aquaculture System (“RAS”) farms, positioned in Indiana, United States and Prince Edward Island, Canada, are near key consumption markets and are designed to stop illness and to incorporate a number of ranges of fish containment to guard wild fish populations. AquaBounty is elevating nutritious salmon that is freed from antibiotics and contaminants and offers an answer leading to a decreased carbon footprint and no danger of air pollution to marine ecosystems as in comparison with conventional sea-cage farming. For extra info on AquaBounty, please go to www.aquabounty.com or comply with us on Fb, Twitter, LinkedIn and Instagram.
Ahead-Wanting Statements
This press launch comprises “forward-looking statements” as outlined within the Non-public Securities Litigation Reform Act of 1995, as amended, together with concerning AquaBounty’s plans for finishing the development of its Pioneer, Ohio farm together with analysis of a phased strategy to development and smaller scope or dimension for the farm, the potential timing and issuance referring to regulatory approvals, together with with respect to the ROW allow, AquaBounty’s expectations concerning various development financing and AquaBounty’s expectations concerning its ongoing operations. The forward-looking statements on this press launch are neither guarantees nor ensures, and you shouldn’t place undue reliance on these statements as a result of they contain vital dangers and uncertainties about AquaBounty. AquaBounty might use phrases equivalent to “anticipate,” “anticipate,” “proceed,” “mission,” “plan,” “transferring ahead,” “imagine,” “can,” “will,” “might,” “undertake,” the unfavourable types of these phrases and related expressions to establish such forward-looking statements. Among the many vital components that would trigger precise outcomes to vary materially from these indicated by such forward-looking statements are, amongst different issues, the potential for delays and elevated prices associated to development of our new farms and renovations to present farms; a failure to boost further capital to finance our actions on acceptable phrases, together with as a consequence of potential adjustments to development plans; an lack of ability to provide and promote our merchandise in adequate quantity and at acceptable value and costs; any lack of ability to guard our proprietary rights and applied sciences; the potential lack of contractors from the Ohio Farm mission throughout a development pause; the potential harm to tools and infrastructure on the Ohio Farm; the impact of adjustments in relevant legal guidelines, laws and insurance policies; our means to safe any vital regulatory approvals and permits, together with the ROW allow, for the farm; AquaBounty’s enterprise and monetary situation, and the influence of common financial (together with with respect to inflation), public well being, trade or political circumstances in the USA and internationally; the diploma of market acceptance of our merchandise; our failure to retain and recruit key personnel; and the value and volatility of our frequent inventory. Ahead-looking statements communicate solely as of the date hereof, and, besides as required by legislation, AquaBounty undertakes no obligation to replace or revise these forward-looking statements. For info concerning the dangers confronted by us, please discuss with our public filings with the Securities and Trade Fee (“SEC”), accessible on the Buyers part of our web site at www.aquabounty.com and on the SEC’s web site at www.sec.gov.
Firm Contact:
AquaBounty Applied sciences
Dave Conley
Company Communications
(613) 294-3078
Media Contact:
Vince McMorrow
Fahlgren Mortine
(614) 906-1671
vince.mcmorrow@Fahlgren.com
Investor Relations:
Lucas A. Zimmerman
MZ Group – MZ North America
(949) 259-4987
AQB@mzgroup.us
