AgriNor to market AgriMarine technology

AgriNor's goals are to identify suitable locations in the regions for the use of AgriMarine's technology, to establish concessions on those locations and to place the company's floating containment systems with suitable purchases.

In addition to the agreement, AgriNor has established a board of directors and key managerial staff. The board will consist of five members - two appointed by AgriMarine, one from each of Midos and ZED (AgriNor shareholders) and one independent director agreed upon by all of AgriNor's shareholders. Sean Wilton and Phil Fitzpatrick will represent AgriMarine; Norwegian directors Geir Spiten, CEO of Midos AS, Leon Raubenheimer, president of ZED International Holdings Inc. and Geir Lislerud will join AgriNo's board.

In addition to the technology license, AgriMarine will provide a starting capital injection of NOK 250,000 over the next four months, with subsequent funding for the initial concessions to be sourced by Midos and ZED.