Company that planned facility in NWO ending current fish farming operations

PIONEER, Ohio (WTVG) – A company that was planning to build a salmon fishing facility in Pioneer announced it is ending fish farming at its only facility currently operating amid financial struggles.

AquaBounty announced earlier this year it was working to build a salmon fishing facility in Pioneer, Ohio, near the Michindoh Aquifer and the St. Joseph River and had already completed a portion of the construction. A statement from the company on Dec. 11 said it is closing its current hatchery at its only facility in operation, and plans to work with its investment banker to “assess alternatives” for the Ohio farm project.

It went on to say the company will sell assets to generate cash.

“We prioritized maintaining operations at the Bay Fortune facility, but do not have sufficient liquidity to continue to do so,” a statement from David Frank, Chief Financial Officer and Interim Chief Executive Officer for AquaBounty read. “We have been working for over a year to raise capital, including the sale of our farms and equipment. Unfortunately, these efforts have not generated enough cash to maintain our operating facilities.”

The announcement comes the company also plans to reduce staff across the company in the coming weeks. The company’s CEO is among the staff departures, with former CEO Dave Melbourne resigning form his position voluntarily last week. The company also moved to eliminate positions of Chief Operating Officer and Chief People Officer.

When announcing the expansion into northwest Ohio earlier this year, AquaBounty said the facility in Pioneer would have produced around 10,000 metric tons of genetically-modified salmon yearly. The company says its land-based farms and use of genetic engineering are an effort to meet demand for seafood.

Pioneer’s mayor told 13 Action News in previous years the fish farm would’ve been a good opportunity for the small village, saying it would create roughly 100 jobs and pour money into the local school system.

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