Gold River Production Services, Inc. Provides Further Revenue Guidance for Calendar Years 2023 and 2024

Rhea-AI Summary

Gold River Production Services, Inc. (GRPS) has confirmed its revenue guidance for 2023 and 2024, expecting approximately $7 million for 2023 and $14 million for 2024. The demand for its superior broodstock and post-larvae (PL) shrimp is rising due to specific genetic needs in the aquaculture sector, USDA quality standards, and market gaps created by prior supply disruptions. A notable order of $650,000 for broodstock from a major customer underscores this trend, with expectations to exceed guidance based on growing market demand.

Positive

• Confirmed revenue guidance of approximately $7 million for 2023 and $14 million for 2024.
• Significant demand for superior broodstock and PL shrimp expected to accelerate sales.
• A $650,000 order for broodstock highlights demand from major players.

Negative

• None.

Company Reiterates it Expects to be the Second Largest Land-Based Producer of Shrimp in the United States in 2023

DALLAS, TX / ACCESSWIRE / October 12, 2022 / Gold River Production Services, Inc. (OTC Pink:GRPS) ("GRPS") (http://www.transamaqua.com ) (D/B/A Trans American Aquaculture) announced today further clarification of its previously announced revenue guidance for calendar years 2023 and 2024.

Trans American Aquaculture, which recently went public through a reverse merger transaction with Gold River Production Services, Inc. is now seeing trends due to an increasing demand for its broodstock and PL's from major aquaculture players including companies in Africa, Central America, Asia, and companies throughout North America. There are 4 main reasons for these trends and the positive outlook for Trans American's business prospects moving forward.

1. The need for specific genetic lines in the aquaculture industry due to the amount of farm based and indoor recirculating aquaculture systems (RAS) that are being developed throughout the world.
2. The desire for broodstock and PL's that are developed in the United States due to the strict guidelines of the USDA (United States Department of Agriculture) and the quality of local ingredients used in cultivation.
3. A virus outbreak of infectious hypodermal and hematopoietic necrosis virus (IHHNV) in 2019 which essentially shut down North America's major supplier of post larvae (PL) shrimp which opened significant opportunities for companies such as Trans American Aquaculture to gain significant market share.
4. Our superior genetics which produce superior broodstock and superior PL's which have industry leading growth rates, disease resistance, low mortality, and other desirable characteristics such as cold-water tolerance.

On September 26, 2022, and in the questions and answer session as part of the company's conference call, the company provided revenue guidance of approximately $7 million for 2023 and $14 million for 2024. This guidance was confirmed when the company published the complete transcript of the call on September 29, 2022.

As a result of the anticipation that PL and broodstock sales can accelerate, the company believes, albeit with cautious guidance, that it can potentially significantly exceed the guidance of approximately $7 million for 2023 and approximately $14 million for 2024.

For example, the company is working on one single broodstock order for 5,000 broodstock pairs (5,000 males and 5,000 females). This single order from one player in a large country can amount to $650,000.00 or more in sales, with the expectation that many first-time sales will be reoccurring. Previous guidance was based solely on the cultivation and sale of shrimp for human consumption, while broodstock and PL sales will continue to be an ever-increasing portion of Trans American's projected revenue, due to the genetically superior lines. The recent order from Kentucky State University confirms what academia and commercial growers think about our products and our genetics.

Adam Thomas, Chairman and Chief Executive Officer of Trans American Aquaculture commented, "It is important that the conservative nature of our company kicks in. We feel very comfortable about our previous guidance. Although it is difficult to estimate broodstock and PL sales because they are coming in from many countries and multiple continents, we are confident that we can exceed previous guidance based on the trends we are seeing from the marketplace. There is a strong demand for our shrimp and our genetics."

About Trans American Aquaculture

Trans American Aquaculture produces premium quality, farm-raised white shrimp, 100% free of antibiotics and hormones, and cultivated using safe and sustainable practices.

Using decades of experience in the shrimp aquaculture industry, our products are grown with our superior technology and our proprietary genetics which results in a superior fresh product always grown in the United States. For more information, please visit http://www.transamaqua.co

Notice Regarding Forward-Looking Statements
This news release contains "forward-looking statements" as that term is defined in Section 27A of the United States Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Statements in this press release, which are not purely historical, are forward-looking statements and include any statements regarding beliefs, plans, expectations, or intentions regarding the future. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with new projects and development stage companies. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that any beliefs, plans, expectations, and intentions contained in this press release are reasonable, there can be no assurance that any such beliefs, plans, expectations, or intentions will prove to be accurate.

Contact:
For inquiries:
Email: adamt@transamaqua.com

SOURCE: Gold River Production Services, Inc.

View source version on accesswire.com:
https://www.accesswire.com/720048/Gold-River-Production-Services-Inc-Provides-Further-Revenue-Guidance-for-Calendar-Years-2023-and-2024

FAQ

What is Gold River Production Services' revenue guidance for 2023?

Gold River Production Services expects approximately $7 million in revenue for 2023.

What factors are driving demand for Trans American Aquaculture's products?

Demand is driven by specific genetic needs in aquaculture, USDA quality regulations, and supply gaps from prior market disruptions.

What order did Trans American Aquaculture recently receive and what is its value?

Trans American Aquaculture recently received a broodstock order valued at approximately $650,000.

What is the expected revenue for Gold River Production Services in 2024?

The expected revenue for 2024 is approximately $14 million.

How is Trans American Aquaculture positioned in the shrimp production market?

Trans American Aquaculture is expected to become the second largest land-based shrimp producer in the U.S. in 2023.