NaturalShrimp Incorporated Extinguishes Approximately $430,000 Of Additional Debt
LA COSTE, Texas, Jan. 24, 2017 /PRNewswire/ -- NaturalShrimp Incorporated (OTCQB: SHMP) (the "Company"), a global eco-friendly producer of shrimp grown in technologically unique indoor saltwater facilities, has extinguished approximately $430,000 of additional debt with two debt holders in exchange for common stock of the Company. This comes on the heels of the Company's retirement of approximately $2,500,000 last week with a separate debt holder.
The Company entered into debt exchange agreements with the two debtors whereby the company agreed to issue approximately 1,225,000 shares of common stock, at a value of $0.35 per share, in full payment of the debts.
NaturalShrimp President, Gerald Easterling, commented, "We are pleased that our debt holders have expressed the confidence in our business by agreeing to accept equity in our company to extinguish these debts. We believe that this is a testament to the positive path we are on as we execute our business plan and also strive to build a healthier balance sheet moving forward."
NaturalShrimp Chief Financial Officer William Delgado also commented, "This was a clean and straightforward transaction with a modest discount to our current market price; we are excited about the continued improvement in our financial strength. These balance sheet improvements strengthen our position as we move towards roll-out of our technology. As stated before, we expect to announce further financial improvements over the coming weeks."
About NaturalShrimp Incorporated
NaturalShrimp Incorporated is a publicly-traded agro-tech company located near San Antonio, in La Coste, Texas. It has developed and tested the first commercially viable system for growing shrimp indoors using proprietary technologies in a system that produces healthful, naturally grown shrimp without the use of antibiotics or toxic chemicals. Visit www.naturalshrimp.com.
This press release may contain forward-looking statements, including expected industry patterns and other financial and business results that involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to differ materially from results expressed or implied by this press release. Such risk factors include, among others: the viability of the Company's technology in the market; the Company's ability to retain key employees; the Company's ability to gain customer acceptance of its products; general market conditions; changes in operations and product strategy; and the risks and uncertainties discussed under the heading "Risk Factors" in Item 1 of our Annual Report on Form 10-K for the fiscal year ended March 31, 2016, and in our other filings with the Securities and Exchange Commission. We undertake no obligation to revise or update any forward-looking statement for any reason.
Bill G. Williams, Chief Executive Officer
Telephone: (888) 791-9474
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SOURCE NaturalShrimp Incorporated
Released January 24, 2017