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Sydney - Monday - October 9: (RWE Aust Business News) - Cell
Aquaculture (ASX:CAQ) and Malaysia's Terengganu Agrotech Development Corp
have a Heads of Agreement to form a joint venture, initially to establish
a 500 ton per annum land-based Cell production system in the State of
Terengganu.
Under the terms Terengganu will commit $10 million to the JV
company and CAQ will hold 30 per cent of it.
The JV should generate significant revenue for CAQ from sales of
its Cell proprietary equipment, licence fees and fingerling supply.
"This venture provides us with an economic cost base to access
Asia and it is our intention to export the majority of finished seafood
product into lucrative markets such as Japan, Singapore and Hong Kong,"
CAQ chairman Robert Sewell said.
"The production of approximately 500,000 kg of product will see
us starting to reach the critical mass and economies that these large
markets require."
Once production has been established from this venture the
company will have a production base and presence in each of its target
areas of Europe, United States, Asia and Australia.