DALLAS, TX / ACCESSWIRE / September 26, 2022 / Gold River Production, Inc. (OTC PINK:GRPS) ("GRPS") (http://www.transamaqua.com ) (D/B/A Trans American Aquaculture) announced today that Gold River Productions, Inc. (a Colorado corporation) has acquired all of the [equity/membership interest] of Trans American Aquaculture (TAA) (a Texas-based limited liability company) through an [equity/stock for membership interest] exchange in which 100% of the equity of Trans American Aquaculture, LLC was exchanged for preferred shares in the public entity. The exchange has been approved by 100% of the members of the LLC. The exchange was also approved by the former control shareholder of the public company. The former members of Trans American Aquaculture, who are now preferred shareholders of Gold River Productions, Inc including the managing members have no current near-term plans to convert any preferred stock to common stock.
The main business of the company going forward will be aquaculture production and aquaculture genetics. The former business will be divested of, and the public company will receive compensation in the form of equity in the divested operations or a royalty on any future sales. Terms of the divesture are still being negotiated.
Based in Rio Hondo Texas and covering 1880 contiguous acres of both land and water, the company operates the largest land-based aquaculture technology company in the United States pursuant to the number of acres of both land and water under control. Bowers Shrimp is the largest known land-based producer of shrimp for human consumption ranked by total revenue in the United States. Trans American Aquaculture was founded by the Granda family of Ecuador and their business partners in 2017. The Granda family are a preeminent aquaculture family with decades of experience in shrimp production and shrimp genetics in Ecuador. To date, over $9 million USD has been committed by the Granda family and their business partners to the Rio Hondo facility to build the operations.
Trans American Aquaculture has produced close to 1 million pounds of pacific white shrimp in Texas since inception and is also prolific in the sale of broodstock (mating shrimp) and post larvae shrimp (these are baby shrimp which are used to stock RAS-based production facilities and land-based shrimp farms). Recently Adam Thomas, the CEO of Trans American Aquaculture traveled to Algeria to sign a historic deal for the delivery of both post larvae and broodstock as the sole provider of shrimp genetics for the first large scale shrimp aquaculture facility in Algeria, which was publicized by the US embassy in Algeria. It is a government funded program, in which the government of Algeria is committing more than $30M USD to create a shrimp cultivation facility that ultimately aims to produce up to 1,000 tons of shrimp a year. Contracts have been signed to provide PLs and Broodstock, that will generate a significant amount of revenue, which they believe to be on an ongoing basis.
A link to the photos of the historic order signing can be found on the U.S. embassy website or by clicking here. (https://www.facebook.com/photo/?fbid=421622980008867&set=pcb.421623103342188)
Unlike many other aquaculture technology companies specializing in shrimp production (both public and private), Trans American Aquaculture completely controls its own genetics which significantly reduces the risk of disease and virus into its facilities because the genetic loop is completely controlled (broodstock to PL's to shrimp for human consumption). By controlling genetics, an aquaculture technology company like Trans American Aquaculture can also accelerate the growth rate and increase disease resistance, which aids in significantly reducing mortality rates of the shrimp which potentially increases the profitability of the system. The Rio Hondo-based facility produces broodstock and post larvae shrimp for its own shrimp production and for sale to other aquaculture companies including companies featuring (RAS) recirculating aquaculture systems. The company also produces shrimp for human consumption. By controlling its own "proprietary" genetic lines, the company can produce lineages with superior and sustained growth rates that are cold water tolerant (most RAS companies targets 82-84-degree water temperature) and disease resistant. All the company's shrimp for human consumption, broodstock (mating shrimp) and PL's are produced in the USA without the use of antibiotics or hormones.
Adam Thomas, Chairman and Chief Executive Officer of Trans American Aquaculture commented, "It is my sincere pleasure to take the Granda family's decades of experience in the aquaculture industry and its world class science to a small public company. We are not "public company" operators. We are businessmen and some of the former members of the private company who are now shareholders of the public company are world class leaders in the segments of the aquaculture industry they operate in."
Mr. Thomas continued, "We apply science and genetics to the aquaculture industry and our products are produced in the United States without the use of hormones or antibiotics. We sell to distributors throughout out Texas and the West coast with direct lines into stores such as HEB and Safeway and they gladly accept our product as a superior product to any imported products from countries such as India, Vietnam, and China. We are also getting significant international interest because are genetics are U.S.A-borne which is highly desirable to responsible aquaculture operations throughout the world."
Mr. Thomas concluded, "We are supremely confident that we will be the number 2 land-based producer of shrimp in the United States in 2023 among all private and public companies and our genetics business will continue to grow."
The exchange agreements between the two companies includes customary representations, warranties and covenants of the Company and Trans American made to each other as of specific dates. The assertions embodied in those representations and warranties were made solely for purposes of the exchange Agreement. The company is in the process of reconfiguring the board. The current plan is to have three former members of Trans American Aquaculture (who are now shareholders of the public entity) comprising of 3 board members and 3 independent board members. As soon as practicably possible, the company will hire an auditor to up list to a senior exchange.
Granvil Treece, President of Treece & Associates and Current Board Member of the Texas Aquaculture Association had this to say, "The Trans American Aquaculture team is experienced in shrimp culture, and they are environmentally sustainable, having a zero-water discharge operation and hatchery. There is a good labor force to draw upon and there are shrimp processing plants in the area. The company started at the 1,880-acre site in 2017 and completed their new hatchery in 2019. As their consultant, I assisted Trans American Aquaculture, LLC to obtain the ever important and coveted Best Aquaculture Practices (BAP Certification) for their hatchery so that they can sell all shrimp stages internationally. During their 5 years at the site, Trans American Aquaculture, LLC has developed a cold-tolerant line of the Pacific white shrimp (vannamei) which is highly desirable to both marine-based systems as well as RAS-based systems operating in colder climates."
As previously announced, the company will conduct a conference call on September 26, 2022 (today) at 5PM EST. The call is expected to discuss in detail the company's extensive business plan for the next 18 months.
Since the company expects certain industry leaders from multiple countries and continents to be on the call from far away as China, the call will begin promptly at 5PM EST.
The call can be accessed live by dialing (267) 807-9601. When prompted to enter an access code, the code should be entered as 808621#.
All expected conference call participants will be encouraged to ask questions. Any listener that has a question should email all questions as soon as possible to [email protected]. The company will try to answer as many questions as possible during the call during the Q&A phase of the call.
Notice Regarding Forward-Looking Statements
This news release contains "forward-looking statements" as that term is defined in Section 27A of the United States Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Statements in this press release, which are not purely historical, are forward-looking statements and include any statements regarding beliefs, plans, expectations, or intentions regarding the future. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with new projects and development stage companies. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that any beliefs, plans, expectations, and intentions contained in this press release are reasonable, there can be no assurance that any such beliefs, plans, expectations, or intentions will prove to be accurate.
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SOURCE: Gold River Production Services, Inc.