AgriMarine Holdings on Tuesday announced it received a demand letter from the Middle Bay Sustainable Aquaculture Institute (MBSAI) for about CAD 2.9 million (USD 2.83 million, EUR 2.13 million).
MBSAI alleges that AgriMarine failed to perform certain obligations under the Design Build Stipulated Price Contract between to two parties. AgriMaine is denying all claims related to the alleged failures.
The two parties are continuing negotiations to “reach a resolution on the issues,” said AgriMarine.
MBSAI is a not for-profit organization formed for the purpose of researching and developing the use of commercial-scale solid wall containment systems for aquaculture. AgriMarine partnered with MBSAI on the Middle Bay Project in 2010 to construct and install a marine based four-tank system with an initial commercial volume of 3,000 cubic meters.
