News
AquaBounty to sell Rollo Bay, PEI farm amid strategic funding efforts
September 3, 2024 By Aquaculture North America staff
(Photo: AquaBounty Technologies Inc.) AquaBounty Technologies Inc., a land-based aquaculture company is selling its Rollo Bay farm operation on Prince Edward Island in Canada to raise money for the company.
The company had previously announced that it has been exploring a range of funding and strategic alternatives to strengthen its balance sheet and increase its cash position.
AquaBounty purchased the farm in 2016 and further developed it into a broodstock and egg production operation. The company’s investment banker is conducting the sale process, which is expected to be completed before the year ends.
“We continue to be focused on securing funding for both our near and long-term needs, so that we can return to pursuing our growth strategy. The Rollo Bay farm was purchased and developed to support an expansion plan for five large land-based grow-out farms,” said David Melbourne, CEO of AquaBounty.
“Since we will not require the egg output from the Rollo Bay farm in the near to mid-term timeframe, and since we will retain sufficient egg production capacity for our Ohio farm from our hatchery in Bay Fortune, we have determined that the Rollo Bay farm can be sold at this time to resolve the Company’s immediate cash requirements, without impacting our long-term strategy. We are also continuing to pursue additional funding and strategic alternatives with the goal of securing our cash requirements in the coming months.”