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MarketScreener Homepage  >  Equities  >  OTC Bulletin Board - Other OTC  >  NaturalShrimp Incorporated    SHMP

NATURALSHRIMP INCORPORATED

(SHMP)
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NATURALSHRIMP INC : Other Events (form 8-K)

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08/07/2019 | 05:09pm EDT

Item 8.01 Other Events

NaturalShrimp Incorporated (the "Company") received a quarantine notice on August 5, 2019 from the Texas Parks and Wildlife Department for the Company's facility in La Coste, Texas due to the detection of IHHNV, a viral disease of Pacific white shrimp, from two Postlarvae ("PL") shipments from the Company's Texas hatchery supplier in March and April of this year. At the time of receipts of such shipments from the hatchery in March and April, the Company was notified by its supplier that the shipments were virus free. Based on the Company's quality control procedures during the course of the shrimp farming process in the Company's tanks and, in this case the slower than normal growth rate indicating possible compromise, the Company undertook to have lots independently tested by the University of Arizona Pathology Laboratory in Tucson. Based on those tests, IHHNV was detected and the Company's facility was placed under quarantine until further notice by Texas Parks and Wildlife Department and the United States Department of Agriculture/Animal and Plant Health Inspection Service. Such quarantine notice also imposes no discharge of any culture water to state waters (creeks, rivers, streams, bays) and no sales of any shrimp until further notice.

The Company's system of tanks prevents crossover contamination in order to quickly begin restocking of PL shrimp from a different hatchery beginning in August in different tanks. Such orders have been placed and will begin production as soon as inspection is passed and the quarantine has been lifted. Furthermore, the Company has enhanced its system to include nursery tanks that will allow the Company to evaluate the health of the shrimp through much earlier testing in its quality control process.

© Edgar Online, source Glimpses

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Financials (USD)
Sales 2020 - - -
Net income 2020 -4,73 M - -
Net Debt 2020 2,19 M - -
P/E ratio 2020 -2,19x
Yield 2020 -
Capitalization 36,4 M 36,4 M -
EV / Sales 2019 -
EV / Sales 2020 -
Nbr of Employees 6
Free-Float 98,8%
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Managers
NameTitle
Gerald Easterling Chairman, President, CEO & Secretary
Thomas Untermeyer Chief Operating & Technology Officer
William J. Delgado Chief Financial Officer, Treasurer & Director
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