Business
NaturalShrimp, Inc. CEO Issues JUNE 3, 2020 UPDATE Letter to Shareholders
NaturalShrimp, Inc. CEO Issues JUNE 3, 2020 UPDATE Letter to Shareholders.
About this update from Naturalshrimp Incorporated
[{"type":"text","content":"\n Dallas, Texas, June 03, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- NaturalShrimp today issued this letter to its shareholders. Dear Fellow Shareholders: As we previously announced in the April 29, 2020 Press Release, the Company and the insurance company have been waiting on the final Fire Marshal’s report that has not been published as of this week. Upon receipt, the Company will post the report on its website: https://naturalshrimp.com. We are excited 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 Company’s insurance company, General Star Indemnity Company, has settled and paid in full 100% of our claims which will be more than $917,000. We are happy to announce the Company currently has more than $1.5 million in cash with an additional $2 million equity investment available through our investment partner, GHS LLP, which will complete the original $5 million Securities Series B Preferred Stock Purchase Agreement filed September 2019. 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. Over the last 70 days management has diligently analyzed all possible options to finalize a strong financial go-forward strategy for the next NaturalShrimp generation shrimp production facilities. These strategies include time-to-market, patented technologies, operational systems, environmental impacts, employee safety, and distribution. As previously reported, the Company committed to reviewing all options including the acquisition and/or leasing of existing regional production warehouses or any existing seafood facility that could be quickly adapted to our technology processes and procedures. The Company has completed its thorough evaluation of new buildings, seafood production facilities, and the option of rebuilding in LaCoste. The evaluation process provided two best options: first, acquisition of an existing seafood grow-out facility, and second option, building a new pilot plant on our LaCoste property. The Company identified ...