AquaBounty to sell Rollo Bay farm operation
In a regulatory filing, AquaBounty Technologies announced an update on the company's fundraising efforts. "As previously announced, AquaBounty has been exploring a wide range of funding and strategic alternatives to strengthen its balance sheet and increase its cash position. Today, the Company is announcing that it has made the decision to sell its Rollo Bay farm operation. The farm, located on Prince Edward Island in Canada, was purchased by the Company in 2016 and further developed into a broodstock and egg production operation. The Company's investment banker is conducting the sale process, which is expected to be completed before year end," the company stated. David Melbourne, Chief Executive Officer of AquaBounty, said, "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. 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," concluded Melbourne.
