Business
NaturalShrimp, Inc. Signs Letter of Intent (LOI) For Joint Venture with Ecoponex Systems International, LLC
NaturalShrimp, Inc. Signs Letter of Intent (LOI) For Joint Venture with Ecoponex Systems International, LLC.
About this update from Naturalshrimp Incorporated
[{"type":"text","content":"\n Dallas, TX, Oct. 14, 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 signed a Letter of Intent with respect to a proposed transaction between NaturalShrimp, Inc. and Ecoponex Systems International, LLC (“Ecoponex”). The parties have agreed upon the formation of a joint venture, which will utilize and combine the growing technology of NaturalShrimp with the innovative Renewable Energy Efficient Farm (“REEF”) technology developed and owned by Ecoponex. Ecoponex shall contribute the funds necessary to construct, equip and startup operation of food production facilities developed under this company. Additionally, Ecoponex shall contribute its proprietary REEF technology to benefit the effectiveness and productivity of the new company. NaturalShrimp will license its proprietary shrimp growing Technology, as well as include the right to utilize or license its water treatment systems and equipment developed by the company. A target closing date in First Quarter 2021 is anticipated. “We are incredibly excited to have signed this Letter of Intent with Ecoponex,” said Gerald Easterling, CEO of NaturalShrimp. “We feel that their REEF technology strongly compliments the aquaculture technology developed by our Company and will help us bring additional capabilities to the market. Furthermore, the REEF model will provide environmental benefits for the climate and ultimately help us reduce our carbon footprint,” added Easterling. Benjamin Brant, President/CEO of Ecoponex Systems International, LLC added: “By forming this new partnership the parties come together to create a very powerful and unique synergistic technology and business development platform that will give us a distinct advantage in the growing market place for urban agriculture and healthy fresh renewable food production. We are well positioned in several strategic markets to now offer our combined value propositions in the production and sale of organic seafood, particularly shrimp, fish and vegetables that should be a difference maker in these target markets.” About Ecoponex Systems International, LLC: Ecopon...