AquaBounty announces sale of Rollo Bay farm to bolster financial position

The Rollo Bay farm, which was acquired by AquaBounty in 2016 and developed into a broodstock and egg production facility, will be sold through a process managed by the company's investment banker. The sale is expected to be finalized by the end of the year.

David Melbourne, CEO of AquaBounty, explained, "We remain focused on securing funding for both our short- and long-term needs to return to pursuing our growth strategy. The sale of the Rollo Bay farm will address our immediate cash requirements without impacting our long-term strategy, as we maintain sufficient egg production capacity for our Ohio farm from our Bay Fortune hatchery."

AquaBounty is continuing to explore other funding options to secure its financial needs in the coming months. The company's plans include building out five large land-based grow-out farms, with funding efforts to cover both immediate and future financial requirements.

Forward-Looking Statements

AquaBounty has highlighted the potential risks and uncertainties associated with its future endeavors, including funding challenges, regulatory compliance, and market acceptance of its genetically engineered Atlantic salmon products. The company advises caution in interpreting forward-looking statements, which are subject to change based on numerous factors.