Bergen/Tokyo ,1st November 2021 .Proximar Seafood AS (ticker: PROXI) has signed an extension to the Memorandum of Understanding ("MoU") withMarubeni Corporation ("Marubeni ") with regards to a potential sales and marketing agreement for the salmon produced atProximar Seafood's facility which is under construction at the foot ofMount Fuji inJapan . The parties have since May worked closely to find a common framework for the future sales and marketing of the Atlantic Salmon produced by Proximar. The parties are pleased with the progress so far and have now extended the initial agreement to permit sufficient time to finalize the negotiations. The intention with the MoU is to conclude on a firm off-take agreement. Proximar's CEO,Joachim Nielsen , commented: "We are very pleased about the progress in our discussions made over the past months.Marubeni has allocated significant resources and a very competent team to the discussions, which is really encouraging. We share the same view on the product's attractiveness and potential for branding and pricing, which is important for Proximar." Partnering with strong, strategic players is part of Proximar's strategy.Marubeni is one of the largest general trading companies ("sogo shosha") inJapan , with 136 branches and offices in 68 countries and regions. Proximar signed in March the construction contract with Daiwa House, which is a dominant construction company inJapan . "The construction planning was time consuming but pays off when progress so far is in accordance to time and budget. We are now focusing on the operational planning and sales strategy. An off-take agreement for sales is an important part of the long-term bank financing. Next summer, the first eggs will be delivered, and the first sales are expected in 1H 2024," said Nielsen.Proximar Seafood's large-scale RAS production facility inJapan is utilizing proven technology and design provided by Aqua Maof. "The AquaMaof technology is a proven technology that works well on a number of sites around the world and recently we had samples of fresh Atlantic Salmon delivered to relevant parties inJapan from the AquaMaof facility inPoland . The feedback was very positive, and we look forward to serving the Japanese market with the freshestAtlantic salmon from 2024", said Nielsen. For more information, please contact:Joachim Nielsen , CEO, +47 92 85 55 59, jn@proximar.comPål K. Grimsrud , CFO, +47 99 47 75 99, pkg@proximar.com About Proximar:Proximar Seafood is a Norwegian land-based salmon farming company with its first production facility under construction at the foot ofMount Fuji inJapan . Through land-based fish farming, the company will produce fresh Atlantic Salmon, harvested the same day. Proximar's location, near one of the world's most important fish markets, implies significant advantages, both in terms of reduced cost and carbon footprint. AboutMarubeni :Marubeni Corporation is a general trading house, listed on theTokyo Stock Exchange , with a market cap of approx.USD 16 billion .Marubeni is represented through 138 branches in 68 countries Worldwide, with a total number of employees around 45.000.Marubeni's marine products business leverages its procurement capability in marine products and marine processed goods to meet the needs of consumers in the diverse Japanese andU.S. markets.Marubeni procures marine products and marine processed goods from production and processing sites around the world according to the diverse needs of consumers and sells the products inJapan and theU.S. , the two major consumer markets through the industry's top-class sales companies.Marubeni has a strong presence in the industry, with a 11% handling share of wild red salmon globally and aU.S. sales company having approximately 6% share of the shrimp wholesale market in theU.S. , the third largest in the country. Furthermore,Marubeni is also proactively promoting businesses in line with the Sustainability Development Goals (SDGs). In April of 2020,Marubeni , together withNippon Suisan Kaisha ("Nissui"), took a 66.7% stake in Danish Salmon A/S inDenmark , entering the sustainable, closed circulation aquaculture salmon business inEurope . Through this investment,Marubeni will be able to respond not just to the growing global demand for marine products but will also be able to contribute to solving problems by providing a stable, environmentally conscious supply of salmon to consumers.
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