November 1, 2017
We are happy to report that Aqua Farming Tech, together with its parent company New Global Energy Inc., was successful in securing a loan that is being used to make the capital improvements to the farm and provide the working capital required to reach profitable production targets and meet our long term goals. The capital improvements are highlighted as follows:
These advancements comprise key components of the platform for expansion of farm production. We are also recruiting additional farm management personnel to assist Rocky French, further enhancing our production capabilities and the potential for sustained revenue growth. We are conducting a thorough search to select the right person for this key position and expect to be able to make an announcement in this regard soon.
We’ve also taken this opportunity to improve our financial management and, as such, have entered into an agreement with a financial consulting firm, GMSP Corporate Finance Inc., to provide the Company with business planning, strategic planning, corporate finance, merger/acquisition support and CFO services. GMSP’s CEO is Michael Iscove, an experienced financial executive and former public company CFO and we’re are pleased to announce that, through GMSP, he will be the one providing these services and providing acting Chief Financial Officer services for the Company. Once we’re able to complete the required regulatory steps, he should be able to assume a formal role as CFO of New Global Energy. Since we began working with him, Mr. Iscove has assisted us in recruiting new accounting personnel hired by New Global Energy.They are working quickly to enhance our accounting and reporting capabilities. Mr. Iscove has begun a review and started improving the Company’s financial systems and procedures so that all aspects of the Company’s business can be better tracked and reported to management and the Company’s auditors.
We believe that this new financial team will facilitate producing the financial information necessary to expedite regulatory reporting. Initial emphasis will be to bring the Company current in its quarterly and annual filings with the Securities and Exchange Commission which will ensure that the Company in better positioned to raise any additional debt or equity financing needed to achieve our goals.
Management believes New Global is on the path to success now and will be able to build a Company that demonstrates strong revenue growth, competitive margins and consistent profits.
Perry West CEO
Safe Harbor Statement
This release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E and/or 27E of the Securities Exchange Act of 1934 that are based upon assumptions that in the future may prove not to have been accurate and are subject to significant risks and uncertainties, including statements as to the future performance of the company and the risks and uncertainties detailed from time to time in reports filed by the company with the Securities and Exchange Commission. Statements contained in this release that are not historical facts may be deemed to be forward-looking statements. Investors are cautioned that forward-looking statements are inherently uncertain. Although the company believes that the expectations reflected in its forward-looking statements are reasonable, it can give no assurance that such expectations or any of its forward-looking statements will prove to be correct. Factors that could cause results to differ include, but are not limited to, the company’s ability to raise necessary financing, retention of key personnel, timely delivery of inventory from the company’s suppliers, timely product development, product acceptance, and the impact of competitive services and products, in addition to general economic risks and uncertainties.