Atlantic Sapphire AS Hofseth Biocare ASA announce the signing of a Letter of Intent to establish a joint venture in Miami, Florida, USA (the JV). The intention of the JV is to build and operate a facility in Miami, FL to produce valuable by-products from salmon off-cuts supplied by Atlantic Sapphire. HBC's proprietary intellectual property will be leveraged to produce refined products such as salmon oil, proteins and calcium products for the feed, pet and human consumption market.

Atlantic Sapphire and HBC aim to enter into a definitive agreement in first quarter of 2020, begin limited production in fourth quarter of 2020 and increase output once Atlantic Sapphire begins 20,000t (HOG) annual production.