US (SD): State contradicts claim made by Global Aquaponics head

The South Dakota Division of Securities says it has not received a new request by the backers of a high-tech Brookings fish farm to raise additional money for the project.

That’s contrary to a claim made by Global Aquaponics Chairman Tobias Ritesman in a letter sent to investors this week. In that letter, Ritesman claimed the company was seeking approval from the department to engage in a second round of raising money for the project.

“Our attorney,” Ritesman wrote to investors, “has also filed a follow-up or ‘phase two’ SDFS LLC Private Placement Memorandum with the state to allow us to continue to solicit investors in the Brookings project, and we are awaiting word on the status of that document. We have not given up on the ultimate goal of opening an aquaponics facility in Brookings.”

Dawn Dovre, a spokeswoman for the division, which has regulatory authority over private placement offerings, said that as of Wednesday, the division had not received a new private placement filing regarding Global Aquaponics or South Dakota Food Security.

“If solicitation is currently occurring, it would be in violation of state law,” Dovre said in an email to Argus Leader Media.

Read more at the Argus Leader (Jonathan Ellis)