trū® Shrimp Board Approves Go-Forward Plans in Luverne

In its October meeting, The trū® Shrimp Company’s Board of Directors approved the continued development of Luverne Bay Harbor Complex. The Board directed management to finalize all engineering and construction plans for the site and begin to execute a plan to finance construction and start-up of the 67-acre Harbor complex in Luverne, Minnesota.

“This is a water-shed moment for trū Shrimp,” Michael Ziebell, President and Chief Executive Officer of trū Shrimp stated. “This year, Balaton Bay Reef was built and shrimp are now stocked and growing in the pristine habitat of our indoor Tidal Basins.”

“Balaton Cove Hatchery has also come on line,” Ziebell continued. “The first broodstock shrimp have arrived from our genetics partner Oceanic Institute and they are mating, spawning, and offspring are growing in our created seawater. The partnership with Oceanic Institute and the development of our Hatchery mark the final steps of a truly integrated shrimp company.”

trū Shrimp is nearly four years in the making. A methodical and thorough undertaking of developing the technology to grow shrimp in the upper Midwest, indoors, and in a fashion of great care has always been the top priority at trū Shrimp. This will remain paramount as the company expands into Luverne.

“This is big moment for trū Shrimp, and a decision the Board didn’t take lightly,” stated Brian Knochenmus, Chairman of the Board of trū Shrimp. “Three years of research accompanied by painstaking engineering, construction development, and creation of a thorough business plan all enabled the Board to agree to proceed with Luverne Bay Harbor and take the next steps toward commercialization. The investments made in Balaton’s Innovation Center, Balaton Cove Hatchery, and our magnificent Balaton Bay Reef are leading the way to Luverne Bay Harbor and many more harbors in the future; a very exciting future.”

“Behind all this technology is an outstanding team of scientists, engineers and technicians that have brought the trū Shrimp vision to reality,” exclaimed Ziebell. “The team and I are very proud and excited to continue the next step in our journey in Luverne. The City of Luverne and Rock County officials have been great partners in this process and we’re honored to join their community.”

The Company’s goal is to have financing arranged by June 2019 with plans to break ground in Luverne shortly thereafter. Construction of the entire Harbor complex will take approximately two years to complete, with one half of the harbor in production as the second half is still being constructed.

About The trū® Shrimp Company
trū Shrimp, an affiliate of Ralco, is redefining shrimp aquaculture. It’s disruptive technologies and revolutionary processes produce shrimp sustainably and predictably without use of antibiotics and with unequalled transparency and traceability.

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