Business
NaturalShrimp, Inc. Finalizes Joint Venture with Ecoponex Systems International, LLC
NaturalShrimp, Inc. Finalizes Joint Venture with Ecoponex Systems International, LLC.
About this update from Naturalshrimp Incorporated
[{"type":"text","content":"\n -- Groundbreaking; Sustainability; Environmental Upside -- Dallas, TX, Nov. 24, 2020 (GLOBE NEWSWIRE) -- via NewMediaWire -- NaturalShrimp, Inc. (OTCQB: SHMP), the aquaculture Company that has developed and patented the first commercially operational RAS (Recirculating Aquaculture System) for shrimp, announced today that it has finalized a joint venture between NaturalShrimp, Inc. and Ecoponex Systems International, LLC. This was announced in a Letter of Intent on October 12, 2020. This joint venture will utilize and combine the growing technology of NaturalShrimp with the Renewable Energy Efficient Farms (“REEF”) technology owned by Ecoponex.  Ecoponex will maintain a 49% stake in the new company, with NaturalShrimp having a 51% interest. As part of the agreed upon terms of the joint venture, Ecoponex shall provide production facilities with its REEF technology for mutually approved locations based upon the cost and space estimates provided by NaturalShrimp. Additionally, Ecoponex shall contribute funding for the transaction and it shall be the sole responsibility of Ecoponex to arrange financing to fund the design, procurement, construction and startup of each NaturalShrimp growing facility approved by the managers.  Ecoponex shall also bear responsibility for obtaining all necessary local, state and Federal permits necessary to construct and operate the Facility and to market and sell shrimp. NaturalShrimp will grant a royalty free license to the company to allow its proprietary shrimp growing technology and production benchmarks. NaturalShrimp will also provide any of its personnel as may be necessary to design, construct and commence operations and start-up as well as ongoing operations and marketing of shrimp produced at the facility. Lastly, NaturalShrimp will provide a performance guarantee that each facility will meet the production volumes that have been requested by Ecoponex, based upon the cost and space requirements provided to Ecoponex. “We have worked diligently towards the close of this groundbreaking relationship between NaturalShrimp and Ecoponex,” said Gerald Easterling, CEO of NaturalShrimp. “We believe our technology platform, coupled with Ecoponex’s revolutionary approach to sustainability, provides us a perfect platform for this partnership.  ...