RIO HONDO, TX / ACCESSWIRE / January 19, 2024 / Trans American Aquaculture (OTC PINK:GRPS), a leading sustainable aquaculture company, is pleased to provide its 2023 Year-end Update and 2024 Key Priorities. With a strong commitment to environmental stewardship and technological innovation, Trans American Aquaculture is revolutionizing the shrimp farming industry and meeting the growing global demand for responsibly sourced seafood.
2023 Year End Report
In 2023, our first year operating as a public company, we had some big wins and also faced some significant challenges.
Access to the OTC Capital Markets- To access the public capital markets, we were successful in completing a reverse merger with an OTC company with stock ticker symbol GRPS. This was the first step toward obtaining our own ticker for Trans American Aquaculture and trading publicly as an independent company.
We have been working closely with FINRA to complete their requests for information and documentation. We anticipate that final approval should be forthcoming in Q1 2024.
A Successful First Harvest-In the first half of 2023, the time, and resources necessary to complete the reorganization resulted in delays and additional costs for accounting, legal and other services which impacted our 2023 business plan. As a result, we canceled the initial planned harvest and put our efforts behind our first harvest in Q4.
I am pleased to report that our first harvest met or exceeded our expectations with 140,000 pounds of harvested shrimp that had the key characteristics of consistent uniformity in size, growth rates, low mortality and weight. They were outstanding in quality, taste and appearance which is promising for our future growth plans and relationships with key buyers such as leading supermarket chains. Our shrimp is classified as Jumbo shrimp and our harvest averaged 27 grams in weight. We are currently in the process of finalizing the harvest sales and will update further information soon.
An Expanding and Profitable Broodstock Business- TAA is renowned for the quality of its broodstock and its superior genetics. This is a key factor in raising healthy shrimp sought by producers in major markets. With our expertise in this area, TAA was approved by India as a key partner and provider of these select broodstock. The current market price of quality broodstocks approximately $70 per animal. We will continue to growth this business in 2024 with a target of becoming a 7-figure revenue generator in coming years.
2024 Key Priorities
Raising Expansion Capital Last year, we encountered challenges in raising capital due to public confusion about the change in business from the prior company that was represented by the GRPS ticker symbol. This, coupled with the delays in raising our first harvest, made it difficult to raise capital through the OTC markets. We are also working to secure additional capital sources to fund operations and capex for plant and equipment that will increase efficiency and increase harvest sizes.
TAA Brand Building Campaign When the new TAA ticker is approved, we plan to launch an aggressive TAA brand building campaign to increase awareness of our business and investment opportunity. This will include improvements to the TAA website, increased publication of TAA news in financial and business media and social media. We will also expand our relationships with federal, state and local governments and elected representatives.
Increasing Harvests and Recurring Revenues The key to our growth plans is to become a reliable supplier of the finest quality shrimp in high volumes to well established companies. To achieve this goal, we will need to build out our physical facilities, update to the latest production technologies and greatly increase production to meet the continuing demand by major buyers.
We appreciate the support of our current shareholders and the growing interest in our company and our growth plans. We look forward to a successful 2024 and will provide further updates in the coming weeks.
For more information about Trans American Aquaculture and its sustainable aquaculture practices, please visit [www.transamaqua.com]. Follow their updates and progress on Twitter [@TransAmAqua].
Media Contact:
Adam Thomas, CEO
[email protected]
IR Contact:
Cervitude IR
[email protected]
203.685.0346
This press release contains forward-looking statements that are subject to risks and uncertainties. Such statements are based on our current expectations and are subject to various factors that may cause actual results to differ materially. For additional information on these factors, please refer to our SEC filings.
SOURCE: Gold River Production Services, Inc.