NaturalShrimp has announced it has signed a letter of intent for a transaction between the company and Ecoponex Systems International, agreeing on the formation of a joint venture.
The new joint venture will combine Ecoponex’s Renewable Energy Efficient Farm technology with NaturalShrimp’s plans for a land-based shrimp recirculating aquaculture system. According to a release from NaturalShrimp, Ecoponex will contribute the funds to construct, equip, and initiate the operation of a food production facility under the new joint venture.
“We are incredibly excited to have signed this letter of intent with Ecoponex,” NaturalShrimp CEO Gerald Easterling said. “We feel that their REEF technology strongly compliments the aquaculture technology developed by our company and will help us bring additional capabilities to the market. Furthermore, the REEF model will provide environmental benefits for the climate and ultimately help us reduce our carbon footprint.”
NaturalShrimp has had an eventful 2020. In March, the company lost its production plant to a fire, which the company was actively renovating at the time. Despite that setback, the company announced it plans to expand its facilities in July, before also announcing it had agreed to purchase the former assets of VeroBlue. Then, in August, the company announced it has filed a listing application to have its stock listed on the NASDAQ Capital Market.
Now, NaturalShrimp is licensing its shrimp growing technology, as well as the rights to utilize or license the company’s water treatment systems and equipment, to Ecoponex through the joint venture.
“By forming this new partnership the parties come together to create a very powerful and unique synergistic technology and business development platform that will give us a distinct advantage in the growing market place for urban agriculture and healthy fresh renewable food production,” President and CEO of Ecoponex Benjamin Brant said. “We are well positioned in several strategic markets to now offer our combined value propositions in the production and sale of organic seafood, particularly shrimp, fish and vegetables that should be a difference maker in these target markets.”
A closing date of Q1 2021 is targeted, NaturalShrimp stated.
