August 13, 2020

NaturalShrimp to buy Alder Aqua assets in Iowa, USA

  
 

NaturalShrimp Inc. announced Monday, Aug.10, that it has signed a letter of intent to acquire the assets of Alder Aqua, formerly known as VeroBlue Farms, in Webster City, Iowa, USA, at a purchase price will be $10 million.

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

NaturalShrimp CEO Gerald Easterling said NaturalShrimp has been working with employees and consultants of VeroBlue Farms since the second quarter of 2018, adding that although the Farms' facility was originally designed for barramundi, it complements NatutalShrimp's RAS technology for shrimp, making it 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", he said.

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", said Tom Untermeyer, chief technology officer of NaturalShrimp.

NaturalShrimp, headquartered in Dallas, Texas, has developed and patented the first commercially operational RAS for shrimp.