NaturalShrimp, Inc. Continues Production Despite Setbacks

Rhea-AI Summary

NaturalShrimp, Inc. (OTCQB: SHMP), a Biotechnology Aquaculture Company, is continuing production despite recent setbacks. The company has entered into discussions with Streeterville Capital, to resolve ongoing litigation and maintain its shrimp production. Despite legal challenges, Streeterville has shown interest in NaturalShrimp's technology, agreeing to a $500,000 Line of Credit Agreement after touring the Webster City Facilities in Iowa.

NaturalShrimp is avoiding bankruptcy and instead seeking an amenable solution with Streeterville. The company's long-term goals include increasing production, expanding operations, and uplisting to a national exchange. This approach demonstrates NaturalShrimp's commitment to growth and shareholder value despite current challenges.

Positive

• Secured a $500,000 Line of Credit Agreement with Streeterville Capital
• Continuing shrimp production despite legal challenges
• Avoiding bankruptcy and seeking resolution with Streeterville
• Long-term plans for increased production and expansion
• Aiming to uplist to a national exchange

Negative

• Ongoing litigation with Streeterville Capital
• Reliance on external funding for operational costs
• Potential financial instability due to legal issues

DALLAS, TX, Sept. 17, 2024 (GLOBE NEWSWIRE) -- NaturalShrimp, Inc. (OTCQB: SHMP) (the “Company” or “NSI”), a Biotechnology Aquaculture Company that has developed and patented the first seafood-focused commercially operational RAS (Recirculating Aquaculture System), today announced that, despite recent litigation, it has entered into discussions with Streeterville Capital, LLC (“Streeterville”) to resolve current issues, including the litigation, and to continue growing and expanding the production of the Company’s sushi grade shrimp.

Notwithstanding the litigation in Utah, the principals of both the Company and Streeterville seek a resolution that works for both companies. In this respect, prior to the filing of the lawsuit, representatives of Streeterville toured the Company’s Webster City Facilities in Iowa and were impressed enough by the technology and the work of the Company’s employees that Streeterville agreed to and did enter into a Line of Credit Agreement totaling up to $500,000. Since the initial funding under the Line of Credit, Streeterville has continued to advance funds to NaturalShrimp to cover operational costs.

Rather than shutting down its operations in response to the litigation or seeking protection under U.S. Bankruptcy Laws, Gerald Easterling stated that a better alternative is to continue seeking an amenable solution with Streeterville. Over the long term, the Company seeks to increase its production, grow its shrimp and expand its operations and ultimately uplist to a national exchange.

About Natural Shrimp

Natural Shrimp, Incorporated is a publicly traded aquaculture Company, headquartered in Dallas, with production facilities located near San Antonio, Texas, and Webster City, Iowa. The Company has developed the first commercially viable system for growing shrimp in enclosed salt-water systems using patented technology to produce fresh, naturally grown shrimp, without the use of antibiotics or toxic chemicals. Natural Shrimp systems can be located anywhere in the world to produce gourmet-grade Pacific white shrimp. For more information visit www.naturalshrimp.com.

Forward-Looking Statements

This press release contains a number of forward-looking statements that reflect management's current views with respect to future events and financial performance. Forward-looking statements are projections in respect of future events or our future financial performance. In some cases, you can identify forward-looking statements by terminology such as “may,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential” or “continue” or the negative of these terms or other comparable terminology. These statements include statements regarding the intent, belief or current expectations of us and members of our management team, as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risk and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. These statements are only predictions and involve known and unknown risks, uncertainties and other factors, including the risks set forth in the section entitled “Risk Factors” in the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2024, any of which may cause our company’s or our industry’s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied in our forward-looking statements.

Investor Relations Contact
Donna Gazda
dgazda@naturalshrimp.com

FAQ

What is the current status of NaturalShrimp's production amid legal challenges?

NaturalShrimp (SHMP) is continuing its shrimp production despite ongoing litigation with Streeterville Capital. The company is seeking an amenable solution rather than shutting down operations or filing for bankruptcy.

Has NaturalShrimp secured any funding amid its legal issues?

Yes, NaturalShrimp (SHMP) has secured a $500,000 Line of Credit Agreement with Streeterville Capital, which continues to advance funds to cover operational costs despite the ongoing litigation.

What are NaturalShrimp's long-term goals according to the September 17, 2024 press release?

NaturalShrimp (SHMP) aims to increase its production, expand operations, grow its shrimp business, and ultimately uplist to a national exchange, according to the press release.

How has Streeterville Capital responded to NaturalShrimp's technology?

Representatives from Streeterville Capital toured NaturalShrimp's (SHMP) Webster City Facilities in Iowa and were impressed by the technology and the work of the company's employees, leading to the $500,000 Line of Credit Agreement.