THERMAL, Calif., Aug. 10, 2015 /PRNewswire/ -- New Global Energy ("New Global") (OTCQB: NGEY) had a busy second quarter that included completion of our financials and exciting acquisitions. This letter summarizes key developments that will continue to benefit our shareholders.
We are happy to report that NGEY's financial reporting is current after a delay caused by the dismissal of two sets of auditors for failing to deliver their work on a timely basis. Our new auditors successfully filed all required documents with the Securities and Exchange Commission in early July and we expect that future reporting will be current.
Our management team is in the process of finalizing additional financing that will enable us to continue acquiring high-growth firms, assets and properties in the Aqua-Farming, Agriculture, and Health & Wellness industries.
New Global Energy's corporate mission is to acquire fast-growing, profitable companies and we are pleased to confirm the successful acquisition of Aqua Farming Technology, Inc. (Aqua Tech), a Southern California-based producer of tilapia, catfish and shrimp. Since Aqua Tech operated privately for 20 years, an in-depth overview of the business and its financials was conducted to insure that shareholders would receive fair market value on their investment.
Aqua Tech's goal is to be a leading producer of sustainable, healthy and high quality tilapia, catfish and shrimp in Southern California. The company is increasing its profitability by: reducing production costs through vertical integration of solar energy into feed production; increasing the product price; and delivering direct to market instead of selling through a broker.
In the next year, Aqua Tech plans to build a shrimp hatchery and acquire control of additional nearby farms. Aqua Tech uses an innovative green algae-based feeding program that is projected to accelerate fish growth and reduce feed costs by 50%.
Fortunately, we are not adversely affected by California's highly publicized water shortages. Aqua Farming Tech owns three wells that produce all of the water we need. The wells are continually recharged by the run off of farm irrigation, natural underwater migration from mountain snowmelt and canal leakage.
The farm uses a closed loop system to recycle water through natural cleaning ponds in order to maximize conservation of this precious resource. The water is re-circulated and pumped from fish grow tanks into reservoirs that use vegetation to filter and clean the water before it is pumped back into the grow tanks.
New Global Energy is preparing to launch a solution to California's drought via our agriculture division's testing of NanoClay technology, which transforms dry sandy soils into a superior soil for growing any crop.
NGEY first introduced NanoClay at the Global Forum on Innovative Agriculture held in Dubai earlier this year, a flagship event that brings 140+ countries together to discuss advances in sustainable agriculture. The annual event includes representatives from the United Nations, World Bank, Bill & Melinda Gates Foundation, USAID, African Union and the Clinton Climate Initiative, among others, and is dedicated to food security and climate resilience. The participants agreed that the time is right for NanoClay.
Essentially, NanoClay traps and keeps water in the sand particles while balancing water and nutrients to create an ideal environment for plant growth. NanoClay can actually change deserts into fertile croplands and it can be implemented rapidly, thus expanding agricultural viability in arid regions.
We have dedicated four acres on the Coachella Valley farm to a NanoClay Test Site. We will plant two acres with NanoClay and two acres without NanoClay and conduct scientific tests of the results. In addition, we are inviting industry experts such as university professors to conduct independent tests to confirm the study's validity.
Should our NanoClay Test prove successful, which we are confident will be the case, we predict that in addition to having the potential to address California's current drought problem, it will help solve global challenges such as: transforming subsistence farming; world hunger; poverty; green energy; cellulosic biofuels; violent conflict and climate change.
Health and Wellness
In conjunction with Aqua Tech, New Global Energy is expanding production of the superfood Moringa and is feeding green algae and Moringa to our tilapia for their first four months in grow-out ponds, which replicates a natural environment.
Because our farms are located east of Palm Springs in the heart of the prolific Coachella Valley, California, our fish flourish as the result of a warm climate, longer daylight hours, longer summers and the availability of warm fresh water from geo-thermally heated wells.
Stay tuned for other exciting Moringa developments as our management team is in high-level discussion with a major corporation seeking to introduce a new Moringa Tea brand.
In addition, we are exploring opportunities to work in the medical marijuana industry in states where it is legal. To that end, we are meeting with several Indian tribes to discuss possible joint ventures.
We are confident that the future for New Global Energy is bring and hope you are all having a great summer with friends and family.
Perry D. West
Chief Executive Officer
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This correspondence contains forward-looking statements. Any statements about our expectations, beliefs, plans, predictions, forecasts, objectives, assumptions or future events or performance are not historical facts and may be forward-looking. These statements are often, but not always, made through the use of words or phrases such as "anticipate," "believes," "can," "could," "may," "predicts," "potential," "should," "will," "estimate," "plans," "projects," "continuing," "ongoing," "expects," "intends" and similar words or phrases. Accordingly, these statements are only predictions and involve estimates, known and unknown risks, assumptions and uncertainties that could cause actual results to differ materially from those expressed in them. Our actual results could differ materially from those anticipated in such forward-looking statements as a result of many factors.
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