NaturalShrimp, Inc. Signs Letter of Intent (LOI) For Joint Venture with Ecoponex Systems International, LLC
Dallas, TX, Oct. 14, 2020 (GLOBE NEWSWIRE) — via NewMediaWire — NaturalShrimp, Inc. (OTCQB: SHMP), the aquaculture Company that has developed and patented the first commercially-operational RAS (Recirculating Aquaculture System) for shrimp, announced today that it has signed a Letter of Intent with respect to a proposed transaction between NaturalShrimp, Inc. and Ecoponex Systems International, LLC (“Ecoponex”). The parties have agreed upon the formation of a joint venture, which will utilize and combine the growing technology of NaturalShrimp with the innovative Renewable Energy Efficient Farm (“REEF”) technology developed and owned by Ecoponex.
Ecoponex shall contribute the funds necessary to construct, equip and startup operation of food production facilities developed under this company. Additionally, Ecoponex shall contribute its proprietary REEF technology to benefit the effectiveness and productivity of the new company. NaturalShrimp will license its proprietary shrimp growing Technology, as well as include the right to utilize or license its water treatment systems and equipment developed by the company. A target closing date in First Quarter 2021 is anticipated.
“We are incredibly excited to have signed this Letter of Intent with Ecoponex,” said Gerald Easterling, CEO of NaturalShrimp. “We feel that their REEF technology strongly compliments the aquaculture technology developed by our Company and will help us bring additional capabilities to the market. Furthermore, the REEF model will provide environmental benefits for the climate and ultimately help us reduce our carbon footprint,” added Easterling.
Benjamin Brant, President/CEO of Ecoponex Systems International, LLC added: “By forming this new partnership the parties come together to create a very powerful and unique synergistic technology and business development platform that will give us a distinct advantage in the growing market place for urban agriculture and healthy fresh renewable food production. We are well positioned in several strategic markets to now offer our combined value propositions in the production and sale of organic seafood, particularly shrimp, fish and vegetables that should be a difference maker in these target markets.”
About Ecoponex Systems International, LLC: Ecoponex is a privately held company that is in the business of developing, financing, owning and operating REEF™ facilities to serve urban markets in the United States and world. REEFs utilize an integrated platform of proprietary, licensed, patented and patent-pending technologies designed as an integrated closed-loop process. This process efficiently and profitably produces healthy fresh food and renewable energy while recovering CO2, nutrients and clean water to make it a self-reliant net zero operation. REEFs address local environmental and organic waste problems for the benefit of communities, create new jobs, and offer educational/training opportunities and local sustainable economic development by establishing a circular economy with upcycling and repurposing waste.
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.
This press release contains “forward-looking statements.” The statements contained in this press release that are not purely historical are forward-looking statements. Forward-looking statements give the Company’s current expectations or forecasts of future events. Such statements are subject to risks and uncertainties that are often difficult to predict and beyond the Company’s control and could cause the Company’s results to differ materially from those described. In some cases, forward-looking statements can be identified by terminology such as “may,” “should,” “potential,” “continue,” “expects,” “anticipates,” “intends,” “plans,” “believes,” “estimates,” and similar expressions. These statements include statements regarding moving forward with executing the Company’s global growth strategy.
The statements are based upon current beliefs, expectations, and assumptions and are subject to a number of risks and uncertainties, many of which are difficult to predict. The Company is providing this information as of the date of this press release and does not undertake any obligation to update any forward-looking statements contained in this press release as a result of new information, future events or otherwise, except as required by law. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends affecting the financial condition of our business.
Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. Important factors that could cause such differences include but are not limited to the Risk Factors and other information set forth in the Company’s Annual Report on Form 10-K filed on March 30, 2015, and in our other filings with the U.S. Securities and Exchange Commission.
Contact: Richard Brown