“There should be a law preventing any sane human from mentioning SHMP and NASDAQ in the same sentence, same paragraph, same page, same chapter, same book, same email…” ~Uber Darthium {2023}
Figures You’d believe in “Silencing People…”
Which country are You from?
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From $SHMP’s August 25th Press Release:
WHAT IS HAPPENING:
By now, shareholders have probably heard or read about the recent termination of the Business Combination Agreement (“BCA”) between the Company and Yotta Acquisition Corporation (“Yotta”). This agreement was intended to result in the Company’s ultimate goal of uplisting to Nasdaq. Much time was spent, and work dedicated to this project but ultimately it would not, in the opinion of the board of directors, be as financially beneficial to the Company as we were originally promised or would otherwise be in the best interest of our shareholders. The continued delays in completing the transaction harmed the Company’s ability to keep pace with our planned operational schedule. Much still needs to be done to untangle the relationship between the Company and Yotta relating to the termination of the BCA. However, the Company is reluctant to provide further detailed information at this time. Suffice it to say that it was the Company that terminated the BCA on July 20, 2023 and not Yotta, as it claims in its recently filed 8K.
It is our overarching goal uplist to Nasdaq, which will enable the Company to establish an institutional investor base not available on the OTC and provide better access to the capital markets as we execute upon our growth strategies.
On a more positive note, Tom Untermeyer recently landed in Japan to commence a trial sponsored by Niterra Co., Ltd (formerly known as NGK Spark Plugs USA, Inc.). The purpose of the trial is to determine, among other things, the efficacy of the Company’s technology in smaller, more localized shrimp-growing facilities to provide local communities with a supply of fresh natural shrimp and to help ensure food security for these communities. The Agreement with Niterra further contemplates an on-going joint venture relationship between the Company and Niterra and its subsidiaries to explore the use of our technologies with other aqua species including fin fish. The trial is for a period of six months with the results to be published soon thereafter. The additional benefit to the Company from our new relationship with Niterra will be the joint development of additional enhancements to our technologies in real-world settings and, perhaps, the development of new technologies and processes resulting from the synergies arising out of the joint engineering teams working together. The Company further anticipates that the contemplated joint venture with Niterra will act as a springboard for additional international joint ventures and further commercialization of our technologies.
Although our focus for the past ten months has been on completing the BCA with Yotta, we have not lost sight of our core business and principal objectives. The Company continues to grow and sell shrimp. In fact, through the end of our fiscal year, March 31, 2023, NaturalShrimp was able to generate just under $500,000 in gross revenues. Additional capital raised after achieving our uplist to Nasdaq will enable the Company to finish the retrofits of the remaining three 50,000 sq. ft production facilities in Webster City. Once this retrofit is completed and the facility fully operational, our weekly production capacity, including both La Coste and Webster City is estimated to be 13,000 pounds of shrimp, generating over $6,000,000 in projected annual sales.
Building on the vision of our future, our collaboration with Jefferson County on the Florida Project remains steadfast. Our focus on ecological sustainability perfectly aligns with the objectives of governmental and agricultural leaders who acknowledge the critical role of biosecurity in our food chains, an area where our Recirculating Aquaculture System technology can make a significant impact. We envision the upcoming Florida farm not merely as a production facility, but as a protein sustainability blueprint. This model will form an integral part of our broader commercialization strategy, emphasizing our commitment to sustainable aquaculture and the delivery of high-quality, naturally grown shrimp. We anticipate that our Florida facility will be one of our projected Regional Production Facilities to serve Southeastern United States. It has always been part of our expansion plan to build such Regional Production Facilities in strategic locations in the US to serve regional markets. As we have previously stated, this plan includes expansion into the Las Vegas area and in the New York or New Jersey areas.
In addition, we will be working on developing educational programs in collaboration with Florida-based organizations and higher education institutions. We anticipate that these programs will educate students and individuals about water quality and management principles while also emphasizing the potential for job skills training in the rapidly evolving aquaculture sector in Florida. Our goal is to foster knowledge and develop our workforce talent pipeline.
$SHMP {2023}
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