NaturalShrimp Inc (SHMP)

[12Retyr]

NEWS-NaturalShrimp Issues Updates on Florida Expansion and La Coste Fire

August 08, 2022 8:31am EDT


DALLAS, TX, Aug. 08, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire – NaturalShrimp, Inc. (OTCQB: SHMP), a Biotechnology Aquaculture Company that has developed and patented the commercially operational RAS (Recirculating Aquaculture System), today issued updates on the Florida expansion and the fire that occurred on July 3, 2022, at the La Coste, Texas Water Treatment Plant (WTP).

La Coste, TX Fire Results

The Fire Marshall report stated the fire that damaged the La Coste, TX Water Treatment Plant (WTP) was caused by electrical arcing in the electrical distribution equipment to the building. Fortunately, NaturalShrimp had the ability to quickly assemble spare drum filters and electrocoagulation (EC) equipment to maintain and continue to grow and harvest the shrimp already stocked in the unaffected production building. The Company plans to rebuild the WTP after receiving fire insurance money and will incorporate additional safeguards to minimize future fire risk.

“With the completion of the fire investigation at our Texas WTP, we are implementing critical safeguards to ensure safe operations in the future. We are thankful the incident resulted in a minimal loss of production time thanks to the coordinated actions of our team. Together, production increases at our current facilities combined with future facilities in Florida and beyond will continue to increase capacity, positioning us to rapidly expand our geographic footprint and meet our long-term production goals,” said Gerald Easterling, CEO of NaturalShrimp.

Florida Expansion

Clearing the land required to construct the inland 36,000 pound per week shrimp production facility in Jefferson County, Florida has been completed. Consequently, NaturalShrimp has begun discussions with aquaculture facility design firms who would develop the facility's overall design that would serve as the blueprint when constructing future facilities or occupying existing warehouse space in Las Vegas, New York, and internationally. Upon completion of the Florida facility funding, site preparation will include establishing a stormwater water run-off area and preparing sewer and water lines to the site. In addition, the Company is working with a local college to develop a Workforce Development Program for training future employees to support the Florida facility.

“We continue to work with Jefferson County officials to advance our development plans in Florida and are pleased with the County’s preparation of the land. This expansion site will allow us to showcase a highly scalable, capital-efficient new facility to meet increasing long-term growth targets. Demonstrating effective scaling of production output to meet predicated growth in demand will add value for NaturalShrimp as it enters an expansive Florida market,” concluded Easterling.

https://ir.naturalshrimp.com/news-events/press-releases/detail/136/naturalshrimp-issues-updates-on-florida-expansion-and-la