NaturalShrimp Issues Updates on Florida Expansion and La Coste Fire
DALLAS, TX, Aug. 08, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire – NaturalShrimp, Inc. (OTCQB: SHMP), a Biotechnology Aquaculture Company that has developed and patented the commercially operational RAS (Recirculating Aquaculture System), today issued updates on the Florida expansion and the fire that occurred on July 3, 2022, at the La Coste, Texas Water Treatment Plant (WTP).
La Coste, TX Fire Results
The Fire Marshall report stated the fire that damaged the La Coste, TX Water Treatment Plant (WTP) was caused by electrical arcing in the electrical distribution equipment to the building. Fortunately, NaturalShrimp had the ability to quickly assemble spare drum filters and electrocoagulation (EC) equipment to maintain and continue to grow and harvest the shrimp already stocked in the unaffected production building. The Company plans to rebuild the WTP after receiving fire insurance money and will incorporate additional safeguards to minimize future fire risk.
“With the completion of the fire investigation at our Texas WTP, we are implementing critical safeguards to ensure safe operations in the future. We are thankful the incident resulted in a minimal loss of production time thanks to the coordinated actions of our team. Together, production increases at our current facilities combined with future facilities in Florida and beyond will continue to increase capacity, positioning us to rapidly expand our geographic footprint and meet our long-term production goals,” said Gerald Easterling, CEO of NaturalShrimp.
Clearing the land required to construct the inland 36,000 pound per week shrimp production facility in Jefferson County, Florida has been completed. Consequently, NaturalShrimp has begun discussions with aquaculture facility design firms who would develop the facility's overall design that would serve as the blueprint when constructing future facilities or occupying existing warehouse space in Las Vegas, New York, and internationally. Upon completion of the Florida facility funding, site preparation will include establishing a stormwater water run-off area and preparing sewer and water lines to the site. In addition, the Company is working with a local college to develop a Workforce Development Program for training future employees to support the Florida facility.
“We continue to work with Jefferson County officials to advance our development plans in Florida and are pleased with the County’s preparation of the land. This expansion site will allow us to showcase a highly scalable, capital-efficient new facility to meet increasing long-term growth targets. Demonstrating effective scaling of production output to meet predicated growth in demand will add value for NaturalShrimp as it enters an expansive Florida market,” concluded Easterling.
NaturalShrimp, Inc. is a publicly traded aquaculture Company, headquartered in Dallas, with production facilities located near San Antonio, Texas and Webster City, Iowa. 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. For more information visit www.naturalshrimp.com.
This press release contains a number of forward-looking statements that reflect management’s current views with respect to future events and financial performance. Forward-looking statements are projections in respect of future events or our future financial performance. In some cases, you can identify forward-looking statements by terminology such as “may,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential” or “continue” or the negative of these terms or other comparable terminology. These statements include statements regarding the intent, belief or current expectations of us and members of our management team, as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risk and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. These statements are only predictions and involve known and unknown risks, uncertainties and other factors, including the risks set forth in the section entitled “Risk Factors” in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2021, any of which may cause our company’s or our industry’s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied in our forward-looking statements.
Investor Relations Contact
Executive Vice President
MZ North America
Released August 8, 2022