Exhibit 99.1
NaturalShrimp Signs Letter of Intent to Acquire Aquaculture Assets
of Hydrenesis Aquaculture, LLC
Assets
to be Acquired for $12,500,000
Major
Financing Announcement Forthcoming from NSI
Dallas,
TX, Feb. 23, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire --
NaturalShrimp, Inc., an aquaculture Company, which has developed
and patented the first commercially operational Recirculating
Aquaculture System (RAS) for shrimp, announced today that it has
signed a Letter of Intent (LOI) to acquire the aquaculture assets
of Hydrenesis Aquaculture, LLC for $12,500,000, consisting of
$5,500,000 in cash and the balance due in NSI common stock. The
acquisition is expected to be accretive to earnings in fiscal year
2021.
Gerald
Easterling, CEO of NaturalShrimp added, “NaturalShrimp has
been working with Hydrenesis since 2018 on several solutions for
the industry with the team at Hydrenesis. We currently have trials
on going in Norway and Australia. The Company intends to
immediately begin deployment of the technology in our hatchery and
nursery systems. We also believe that the Hydrenesis technology
will have major impacts on disease control in salmon, barramundi,
and tilapia farming segments. We expect to file additional patents
around the expansion of the application and use of the combined EC
and Hydrenesis technology.”
David
Antelo, CEO of Hydrenesis, Inc., said, “We are excited for
the next evolution of our relationship with NaturalShrimp. We have
been exploring the application of ‘Redox’ water
treatment for several years. Our technologies’ ability to
affect water chemistry and elevate water quality is proving to have
a significant impact on growth and health metrics. Natural Shrimp's
bold vision and rapid growth trajectory make them the ideal partner
for extending commercialization of Hydrenesis technologies to
additional species applications.”
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.
About
Hydrenesis: Hydrenesis, Inc. and Hydrenesis Aquaculture, LLC,
headquartered in Pompano Beach, FL, are private technology owners
and technology commercialization companies that partner with
leading IP holders and industry insiders to commercialize
innovative technologies in major industry sectors.
Forward
Looking Statements
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-Q filed on February 16, 2021, and in our
other filings with the U.S. Securities and Exchange
Commission.
Contact:
Richard
Brown
508-462-9638
SOURCE:
Natural Shrimp