VANCOUVER, BRITISH COLUMBIA–(Marketwire – May 30, 2011) – AgriMarine Holdings Inc. (TSX VENTURE:FSH)(OTCQX:AGMHF)(FRANKFURT:A2G) –

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AgriMarine Holdings Inc. (the “Company” or “AgriMarine“),
the leader in floating closed containment technology for sustainable
aquaculture, is pleased to announce that it has signed an MOU with
Safeway Inc. (“Safeway“).

The MOU sets out a
framework for Safeway to commence a due diligence process leading to a
definitive agreement for supply of Pacific Salmon from AgriMarine’s
closed containment salmon farming operations in Campbell River, BC. The
salmon are raised in floating, solid-wall closed containment systems
developed by AgriMarine as a sustainable alternative (green technology)
for salmon farming. The AgriMarine system places a solid barrier between
wild fish and farmed fish and protects the surrounding eco-systems
through its proprietary solid waste collection system.

AgriMarine’s
closed containment technology is currently in operation in Benxi, China
where successful rearing, harvesting and sales to the market are
occurring. The Company recently signed a joint venture agreement to
license AgriMarine’s technology to the Norwegian salmon farming industry
through the Company’s subsidiary, AgriNor.

“We have received
positive initial feedback from Safeway who share our vision of making
positive contributions for our oceans by changing the way salmon are
farmed, and feel that consumers will respond favourably to having
sustainable farmed salmon options,” said Richard Buchanan, CEO of
AgriMarine Holdings.

About Safeway

Safeway
is one of the largest food and drug retailers in the USA and Western
Canada, with over 1,700 corporate stores located across 8 key market
areas. Safeway has implemented a comprehensive Sustainable Seafood
Policy and is taking credible steps to fulfilling its commitment to
‘seek sustainable alternatives from sources that are working towards
eliminating the impacts of traditional harvesting and production
methods’. In April 2011, Greenpeace named Safeway the top most
sustainable national grocery retailer for sustainable seafood from its
list of the top 20 supermarket chains in the US.

About AgriMarine Holdings Inc.

AgriMarine
has developed and commercialized proprietary floating closed
containment technology to produce salmon sustainably in its farms in
China and Canada. The technology can be applied worldwide to the rearing
of other finfish such as trout, tuna, and yellow croaker. AgriMarine’s
technology creates an optimal fish rearing environment, offers a better
farm management system with added environmental benefits over net cage
rearing practices and meets consumer and retailer demands for
sustainable aquaculture.

Forward-Looking Information

Information
set forth in this news release may involve forward-looking statements.
Forward-looking statements are statements that relate to future, not
past, events. In this context, forward-looking statements often address a
company’s expected future business and financial performance, and often
contain words such as “anticipate”, “believe”, “plan”, “estimate”,
“expect”, and “intend”, statements that an action or event “may”,
“might”, “could”, “should”, or “will” be taken or occur, or other
similar expressions. By their nature, forward-looking statements involve
known and unknown risks, uncertainties and other factors which may
cause our actual results, performance or achievements, or other future
events, to be materially different from any future results, performance
or achievements expressed or implied by such forward-looking statements.
Such factors include, among others, the following risks: risks
associated with marketing and sale of securities; the need for
additional financing; reliance on key personnel; the potential for
conflicts of interest among certain officers or directors with certain
other projects; and the volatility of common share price and volume.
Forward-looking statements are made based on management’s beliefs,
estimates and opinions on the date that statements are made and the
Company undertakes no obligation to update forward-looking statements if
these beliefs, estimates and opinions or other circumstances should
change. Investors are cautioned against attributing undue certainty to
forward-looking statements.

THE FORWARD-LOOKING INFORMATION
CONTAINED IN THIS NEWS RELEASE REPRESENTS THE EXPECTATIONS OF THE
COMPANY AS OF THE DATE OF THIS NEWS RELEASE AND, ACCORDINGLY, IS SUBJECT
TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON
FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION
AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT TO, IT DOES NOT
UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS
REQUIRED IN ACCORDANCE WITH APPLICABLE SECURITIES LEGISLATION.