In last trading session, the stock price of New Global Energy Inc (OTCMKTS:NGEY) declined more than 3% to close the day at $0.310. The decline came at a share volume of 20,411 compared to average share volume of 13,715.
The buzz
New Global Energy, a public firm focused on Aqua-Farming, Health & Wellness, and Agriculture reported that its tilapia season is going good and on schedule to post record breaking sales. At Aqua Farming Tech, the company’s subsidiary firm, there are two producing seasons in the Fall and Spring that produce 2 million tilapia, and it can grow to a total of four million yearly.
In April, the tilapia for fall season is coming to full maturity at nearly one pound each. This tilapia is ready to pass on in the market at $3.00 per pound when picked up at the farm or $3.60 per pound when delivered, with price rise expected.
The management view
Perry D. West, the CEO of New Global Energy, said that they are very delighted to witness that tilapia farm business in the Coachella Valley is more sustainable and profitable than ever before. As soon as company’s tilapia achieve full market size, the management will ramp up sales so as to fulfill increased customer demand for excellent seafood. The company expects 2016 to be a record year for its farms.
New Global’s farms are exclusively suited to cultivate tilapia because of the region’s warm climate and the wide obtainability of warm fresh water. Its fish feeding process saves up to 70% on feed costs.
The highlight
New Global’s tilapia can soon turn “Certified Organic” if everything goes as per the plans. To obtain certification as Non-GMO and Organic, New Global is concluding a rigorous application procedure that included an in-depth assessment of entire tilapia operation and on-site inspections.
