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Letter of intent for an asset purchase agreement with Future Sea Technologies Inc


AKVA group ASA has entered into a letter of intent with Future Sea Technologies Inc (FST) in Canada for the acquisition of the company's assets. FST holds a number of patents and patent applications in connection with enclosed and semi enclosed floating fish farming systems.

The primary product is called the SEA (Sustained Environmental Aquaculture) System(TM). The system includes the physical hardware and the biological software-operational processes to optimise the use of the technology.

AKVA intend to introduce the system in the Chilean market with the main focus to provide enclosed and semi-enclosed systems to the freshwater and brackish water fish farms. By the acquisition AKVA expect to be able to assist the Chilean industry in their strive to improve smolt quality. AKVA also intend to explore the possibility to combine FST technology with UNI Aqua recirculation technology, thus creating floating recirculation fish farms.

The letter of intent is binding but may be terminated if material findings are made during the pending due diligence examinations. The agreed consideration for the assets is CAD 500,000.

The parties intend to consummate the acquisition in November 2007.

Bryne, 17 September 2007
AKVA group ASA
 
 
Contacts:

Knut Molaug, Chief Executive Officer
Phone: +47 51 77 85 40
kmolaug@akvagroup.com

Rolf Andersen, Chief Financial Officer
Phone: +47 51 77 85 48
randersen@akvagroup.com

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