NaturalShrimp Issues Iowa and Texas Production Updates

Rhea-AI Summary

NaturalShrimp, Inc. (OTCQB: SHMP) provided a production update on its facilities in Iowa and Texas. In Iowa, the company has retrofitted 20% of its Webster City facility, aiming to increase weekly production to 18,000 pounds by Q2 2023. A hatchery is also being developed to manage postlarvae supply. In Texas, production was temporarily impacted by a fire but has since resumed, with expected weekly output reaching 6,000 pounds by Q1 2023. CEO Gerald Easterling indicated confidence in ramping up production and achieving cash flow positivity by Q4 2022.

Positive

• Increased production area to 100,000 square feet in Iowa facilities.
• Expected weekly production growth to 18,000 pounds in Q2 2023 in Iowa.
• Hatchery development to control postlarvae supply and reduce costs.
• Texas production expected to reach 6,000 pounds weekly in Q1 2023.
• CEO confidence in achieving cash flow positivity by Q4 2022.

Negative

• Temporary reduction in shrimp growth due to fire damage in Texas facility, affecting production timelines.

DALLAS, TX , Aug. 04, 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 a production update on its facilities in Iowa and Texas.

Iowa

The retrofit and ongoing production of 20% of the Webster City facility in Iowa has confirmed that the Company’s patented treatment technology can adapt to existing aquaculture facilities. The production team continues to increase production each month in the retrofitted 20% and will begin stocking in an additional 20% completed section this month bringing the total production area to 100,000 square feet or 40% of the building with the total production tank volume increased to 1.0 million gallons. The retrofit has mainly included replacing the previous tank biofiltration with NaturalShrimp technology and upgrading the tank heating system. The retrofit of the remaining 60% will continue next, to increase the weekly production to 18,000 pounds during the second quarter of 2023 along with beginning development of a hatchery at the Blairsburg facility. The hatchery will allow the Company to control the postlarvae (PL) supply while lowering the PL cost for not only the Iowa grow out facilities, but also for the other NaturalShrimp production facilities.

Texas

The production team temporarily cut back feeding the shrimp in the facility after a July 3rd Water Treatment Plant (WTP) fire damaged the electrocoagulation (EC) equipment and drum filters in that building until installing replacement treatment equipment. This slowed shrimp growth for about 2 weeks with production now back on track. The Company expects that production will increase each month reaching a weekly production of 6,000 pounds during the first quarter of 2023.

“We continue to focus on the retrofit of our production facility in Webster City and are encouraged by the confirmation of the adaptability of our treatment technology,” said Gerald Easterling, CEO of NaturalShrimp. “As we steadily increase stocking in the completed retrofits, we are confident production will rise.”

“We are pleased to announce that production has resumed using our emergency mobile treatment system in our Texas production facility with minimal delay, and we are in the final stages of assessing the cause of the fire early last month. Looking ahead, we expect to scale up regular production in the coming months. I look forward to announcing further updates in the months to come as we expect to be back on track and cash flow positive by the Company’s fourth quarter of 2022,” Easterling concluded.

About NaturalShrimp

NaturalShrimp, Inc. 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, never frozen, naturally grown shrimp, without the use of antibiotics or toxic chemicals. NaturalShrimp 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, 2021, 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
Chris Tyson
Executive Vice President
MZ North America 
Direct: 949-491-8235
SHMP@mzgroup.us

FAQ

What production updates were announced by NaturalShrimp (SHMP) in August 2022?

NaturalShrimp announced ongoing production increases in Iowa and Texas, with specific weekly production targets.

How much shrimp production does NaturalShrimp expect in Iowa by Q2 2023?

NaturalShrimp anticipates increasing its shrimp production to 18,000 pounds weekly in Iowa by Q2 2023.

What was the impact of the fire on NaturalShrimp's Texas facility production?

A fire damaged equipment in the Texas facility, temporarily slowing shrimp growth, but production has since resumed.

When does NaturalShrimp (SHMP) expect to achieve cash flow positivity?

NaturalShrimp expects to become cash flow positive by Q4 2022.