Fifax Plc, Press release, 23 January 2023, at 1.00 p.m. EET
 
The sanitation actions which were initiated at Fifax’ Eckerö facility in October have been completed and approved on 20 January 2023. The objective of the sanitation project, which was executed according to the plan by the Finnish Food Authority, was to eliminate the IHN virus which was found at the facility in June.
 
”The sanitation phase is now behind us, and the dry period lasting approximately six weeks has started. Afterwards, we will still make verifications and implement planned technical improvements. After which we will be ready to restart our fish farming operations”, says Samppa Ruohtula, Fifax’ CEO.
 
According to Ruohtula, Fifax’ team has during the sanitation project also analyzed the facility's processes and technology in further depth. The company will utilize these insights to continue developing their advanced RAS (Recirculating aquaculture system) method.
 
“For example, by meticulously inspecting all the pipes, corners and chambers, we have gained a more precise picture  water and materials flows. Similarly, we have verified the electricity consumption in different parts of the plant as we have started machinery one by one, going forward this helps us optimize energy usage.”
 
As announced earlier, the company is currently working on several alternatives for the restart including related financing solutions.
 
“Our objective is to be able to restart as soon as possible, and therefore our intention is to start hatching eggs as planned by April. This will be the first concrete step in restarting our actual farming operations.”
 
The CEO describes the past year as challenging for the company, while also rich in learnings.
 
”Our vision at Fifax is to renew aquaculture and make it more sustainable. Fast learning is crucial for us, and I have been impressed by the ability of our personnel to act in the middle of changes. During the first half of 2022 we succeeded in ramping up our fish farming close to full capacity and generated almost as much revenue as during the whole previous year. From the summer of 2022 onwards we in turn handled the IHN-misfortune professionally and executed the required actions of the sanitation project according to the Finnish Food Authority’s plan, on schedule and with high quality.”
 
Fifax is presently within a silent period and will publish the Financial Statements Release on Monday, 20 January 2023.
 
Fifax receives in total appr 2,5 million euros as a result of the IHN virus -related actions from Finnish Food Authority

  • All actions caused by the infection and related to the culling of fish and sanitation of the facility have been ordered by the Finnish Food Authority and executed under authority supervision according to the Animal Diseases Act.
  • The Finnish government is responsible for the costs incurred by the actions ordered by the authorities.
  • A significant part of the culling and sanitation work has been purchased from Fifax. The value of the work supplied by Fifax in total is approximately 0,9 million euros.
  • The Finnish Food Authority has also, in accordance with the Animal Diseases Act, compensated Fifax for the culled fish based on market value, in total appr 1,6 million euros.
  • Fifax is further entitled to seek other compensations in accordance with the Animal Diseases Act.

 
Releases related to the IHN infection

  • 23.1.2023: IHN virus sanitation work at the Eckerö facility completed – dry period begins
  • 13.10.2022: Agreement on sanitation work at the Eckerö facility signed with the Finnish Food Authority – sanitation work according to the sanitation plan starts immediately
  • 15.8.2022 The Rainbow Trout in the Eckerö facility has been culled due to the IHN outbreak – The Finnish Food Authority has ordered the sanitation of the facility
  • 11.7.2022 The Finnish Food Authority has ordered the harvesting of symptom-free fish and the culling of remaining fish at the Eckerö facility due to the IHN virus outbreak
  • 22.6.2022 IHN-disease discovered at Fifax Eckerö RAS facility – the short-term operative targets for the company are postponed

 
For more information:
 
Samppa Ruohtula
CEO, Fifax Plc
+358 40 559 8812
samppa.ruohtula@fifax.ax
 
 
Fifax in brief
 
Fifax’s vision is to be a forerunner in large-scale sustainable fish farming with a minimal impact on the environment, so that locally and sustainably produced fish can be enjoyed by its customers all year round.
 
Established in 2012, Fifax utilizes ultra-intensive Recirculating Aquaculture Systems (RAS) technology based on the principle of an almost completely closed water circulation within the facility, where the fish live indoors in large onshore pools. Indoor pools provide more safeguards against external factors compared to traditional fish farming in water bodies.
 
The end product (harvest-size gutted fish), is transported with the help of logistics partners to fish processors and wholesalers in Åland, mainland Finland and Sweden.
 
Fifax Plc’s shares have been listed in Nasdaq First North Growth Market Finland.
 

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