Hollund Industrial Marine, Inc. (PINKSHEETS: HIMR), an underwater forest management company, made a major announcement on Friday, November 8 ^th , that the Company has solidified its partnership with Bayano Lake Wood Products which has secures Hollund’s first commercial underwater tree recovery project.

Peter Meier, President of HIMR, stated in the company’s press release, dated November 8 ^th , “This historic milestone marks a tremendous step forward in the evolution and growth of Hollund, which brings us closer to becoming a leading, global, underwater forest management company.”

Having struggled for nearly four months to close on the company’s first project since the initial announcement of securing an LOI for the BayanoLake concession back in July, it came as much relief to anxious shareholders to hear this much welcomed news.  Vice President, Sheldon Romain, recognized and thanked those investors and shareholders who remained in loyal support of the company stating, “I really want to thank our investors and lenders who stepped in to assist us when the need was greatest.  And I would certainly like to thank our shareholders for their unwavering and continued support.”

Hollund’s management did suggest that going forward there would be some adjustments in the company’s business model; citing that the closing process of the Bayano Lake project was indeed a learning experience that would weigh heavily on future affairs.  Nonetheless, HIMR executives indicate there is a high level of enthusiasm shared throughout the company as Hollund Industrial Marine has finally reached a major bench mark – if not the most crucial – in the Company’s history.

The Company has not yet revealed if timber recovery operations at the commercial under project will commence this year as originally intended, but did indicate that Hollund’s management will look to provide further progress updates to this regard [BayanoLake project] as well as on additional opportunities.