NaturalShrimp, Inc. CEO Issues UPDATE Letter to Shareholders
DALLAS, TX, April 29, 2020 (GLOBE NEWSWIRE) — via NEWMEDIAWIRE — NaturalShrimp, Inc. (SHMP), the aquaculture company that has developed and patented the first commercially-operational RAS for shrimp, has issued the following letter to shareholders from its CEO Gerald Easterling:
Dear Fellow Shareholders:
As we previously announced, the Company was dealt a tremendous blow on March 18, 2020 when a fire destroyed our LaCoste, Texas pilot plant. This fire happened just as the Company began the restocking of 1,500,000 PLs. In addition, all of our growth metrics for these PLs were better than expected. We were ecstatic about all the positive developments for our Company’s strategic direction. This event did not destroy our technology or the tremendous business opportunity it provides. It simply delayed our timeline.
The insurance company’s adjusters and our independent experts from Jensen Hughes have completed their findings. They were similar according to the insurance company’s independent fire investigation report, which stated, “Given the scope of fire damage, the probability of conclusively identifying the cause of fire is low.” We are working diligently with Engle Martin & Associates, Inc., our insurance company’s independent adjuster, and expect to announce the final insurance settlement amount over the next 7-10 days. Both the insurance company and the Company are expecting the final Fire Marshal’s report to be published this week. Upon receipt, the Company will make the report available on its website: https://naturalshrimp.com .
We are happy to announce our investment partner GHS LLP, based on market conditions, has committed to complete the $5 million Securities Purchase Agreement filed September 2019 which has $2.25 million outstanding of the original $5 million Series B Preferred Stock purchase program. Future company-controlled funding is expected to come from the previously filed $11 million Equity Financing Agreement as outlined in the filed October 2019 S-1 Registration Statement. This funding obviously does not exclude potential funding through future joint venture relationships.
During times such as these, there is a need for all of us to step back, catch our breath and evaluate all options. As we move through the insurance settlement process, our main objective is to determine how quickly we can get back on schedule and become market-ready. This process may or may not include rebuilding a full production facility on our LaCoste, Texas property. We are completing a financially sound business model, whereby we are reviewing all options including leasing existing regional production warehouses or any existing seafood facility that could be quickly adapted to our technology processes and procedures. Let me assure you the Company’s management is committed to analyzing and evaluating every opportunity and is not limited to a particular location. Management is working to re-establish our dynamic and leading technology as quickly as possible during this critical time.
The only uncertainty at this time is the COVID-19 pandemic. We continue to balance our goals while maintaining the health and safety of our employees. We hope all of our shareholders maintain their health and safety through this period as well.
Most importantly, the NaturalShrimp family extends our gratitude for all the condolences expressed due to the passing of Dr. Bill Williams, our co-founder, past Chairman, and Chief Executive Officer.
We would like to thank you again for the strong shareholder support we continue to receive as we look forward to a brighter future, not only in our Company, but also in our country.
Please stay tuned to the website as the Company will continue to keep everyone updated: https://naturalshrimp.com .
Thanks again for your continued support as we work through this event. Our new Company mantra is:
“SHMP WILL RISE FROM THE ASHES EVEN STRONGER!”
ABOUT NATURAL SHRIMP: NaturalShrimp, Inc. is a publicly traded aqua-tech Company, headquartered in Dallas, with production facilities located near San Antonio, Texas. The Company has developed the first commercially viable system for growing shrimp in enclosed, salt-water systems, using patented technology to produce fresh, never frozen, naturally grown shrimp, without the use of antibiotics or toxic chemicals. NaturalShrimp systems can be located anywhere in the world to produce gourmet-grade Pacific white shrimp.Back to News