Business
NaturalShrimp, Inc. CEO Issues UPDATE Letter to Shareholders
NaturalShrimp, Inc. CEO Issues UPDATE Letter to Shareholders.
About this update from Naturalshrimp Incorporated
[{"type":"text","content":"\n DALLAS, TX, April 29, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- NaturalShrimp, Inc. (SHMP), the aquaculture company that has developed and patented the first commercially-operational RAS for shrimp, has issued the following letter to shareholders from its CEO Gerald Easterling:  Dear Fellow Shareholders:  As we previously announced, the Company was dealt a tremendous blow on March 18, 2020 when a fire destroyed our LaCoste, Texas pilot plant. This fire happened just as the Company began the restocking of 1,500,000 PLs. In addition, all of our growth metrics for these PLs were better than expected. We were ecstatic 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 insurance company’s adjusters and our independent experts from Jensen Hughes have completed their findings. They were similar according to the insurance company’s independent fire investigation report, which stated, “Given the scope of fire damage, the probability of conclusively identifying the cause of fire is low.” We are working diligently with Engle Martin & Associates, Inc., our insurance company’s independent adjuster, and expect to announce the final insurance settlement amount over the next 7-10 days. Both the insurance company and the Company are expecting the final Fire Marshal’s report to be published this week. Upon receipt, the Company will make the report available on its website: https://naturalshrimp.com .  We are happy to announce our investment partner GHS LLP, based on market conditions, has committed to complete the $5 million Securities Purchase Agreement filed September 2019 which has $2.25 million outstanding of the original $5 million Series B Preferred Stock purchase program.  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. During times such as these, there is a need for all of us to step back, catch our breath and evaluate ...