NaturalShrimp, Inc. signed a Letter of Intent (LOI) to acquire the assets of Alder Aqua, formerly known as VeroBlue Farms, in Webster City, Iowa, including but not limited to the real property, equipment, tanks, rolling stock, inventory, permits, contracts, customer lists and contracts and other such assets used in the operation of the business.

The $10,000,000 acquisition is subject to successful due diligence by NaturalShrimp and is expected to close in the fourth quarter of 2020. Additionally, the facilities located in Blairsburg, Iowa and Buckeye, Iowa are included in this transaction.

Gerald Easterling, CEO of NaturalShrimp, said that “the NaturalShrimp team has been working with employees and consultants of VeroBlue Farms since the second quarter of 2018. Although the facility was originally designed for barramundi, it complements our RAS technology for shrimp, making our company poised for expansion in the future. We have been thoroughly impressed with the modern facilities and the state-of-the-art equipment deployed there. We are very excited to meld our equipment to make this the preeminent RAS facility in the United States.”

In 2018, VeroBlue Farms fell into bankruptcy and sued its former executives for fraud.

Tom Untermeyer, chief technology officer of NaturalShrimp, said that “the VeroBlue Farms facility already has in place 240 10,000-gallon tanks along with the systems and infrastructure previously used for fish production. This will expedite the process of converting it to a shrimp production facility using our patented electrocoagulation system technology.”

“We are continuing our acquisition of strategic aquaculture assets in the United States and elsewhere. NaturalShrimp will be well-positioned for the explosive growth in aquaculture expected the next several years and facilities such as these provide the company with a marked competitive advantage within the marketplace,” added William J. Delgado, CFO of NaturalShrimp.