NaturalShrimp recovering from March fire
NaturalShrimp, the Texas, U.S.A.-based company developing commercial recirculating aquaculture system (RAS) shrimp production, announced on 29 April it is planning to get back on track in the wake of a fire.
The fire, which occurred on 18 March, destroyed the company’s LaCoste, Texas headquarters – along with the company’s production facility. According to a release by NaturalShrimp, that fire occurred just as the company was restocking 1,500,000 post-larval shrimp, that had “better-than-expected” growth metrics.
The company had been renovating the facility, and was expecting renovations to be completed by the second quarter of 2020.
In the wake of that fire, NaturalShrimp is working with its insurance company, and expects an announcement on the final insurance settlement in seven to 10 days.
“Both the insurance company and the company are expecting the final Fire Marshal’s report to be published this week,” NaturalShrimp CEO Gerald Easterling wrote in an update to shareholders. “Upon receipt, the company will make the report available on its website.”
Despite the fire, the company’s investment partner, GHS LLP, remains committed to complete investing USD 5 million (EUR 4.6 million) through a securities purchase agreement it filed in September 2019. The company has USD 2.25 million (EUR 2.07 million) outstanding of the original stock purchase program, according to NaturalShrimp.
“As we move through the insurance settlement process, our main objective is to determine how quickly we can get back on schedule and become market-ready,” Easterling said. “This process may or may not include rebuilding a full production facility on our LaCoste, Texas property. We are completing a financially sound business model, whereby we are reviewing all options including leasing existing regional production warehouses or any existing seafood facility that could be quickly adapted to our technology processes and procedures.”
That process could mean a move from the company’s original Lacoste, Texas headquarters, depending on opportunities, Easterling said. Throughout the rebuilding process, the company is also balancing its needs against the uncertainties of COVID-19, he added.
“We continue to balance our goals while maintaining the health and safety of our employees,” he wrote.
Photo courtesy of NaturalShrimp