Blue Star Foods Achieves Significant RAS Division Milestones
July 27 2022 - 8:30AM
Blue Star Foods Corp., (“Blue Star,” “we,” “our” or “us”) (NASDAQ:
BSFC), an integrated Environmental, Social, and Governance (ESG)
sustainable seafood company with a focus on Recirculatory
Aquaculture Systems (RAS), is pleased to announce that its
wholly-owned RAS subsidiary, Taste of BC Aquafarms, Inc., (“Taste
of BC”), has successfully achieved recent developments and released
key operating performance metrics for the first half of 2022.
Recent Developments and Near-Term
Milestones.
Possible Introduction of New Pacific Salmon
Species
- In Q2-2022, Taste of BC hatched its
first batch of Chinook Salmon. To date, the fish are performing
well in growth trials with good FCR, growth and very low mortality.
The Company intends to raise them to an average size of 3kg as it
evaluates the potential of future species diversification within
the Pacific Salmon family.
Update on Fingerling Contract
- On December 5, 2021, the Company
announced that it had entered into a 2-year agreement to supply
Steelhead Salmon fingerlings to another company that produces
steelhead salmon in British Columbia, for a value of up
approximately $1 million total.
- The first delivery of those
fingerlings is currently scheduled for Q3-2022
Completion of Hatchery
- The Company intends to complete the
construction of its new, state of the art hatchery in Q3-2022. This
project is allowing it to evaluate the performance of the next
generation designs planned for its large-scale expansion before
they are finalized.
Taste of BC Operating Performance
Metrics for First Half of 2022.
Average Fish Harvest Weight
- Over the last 6 months, ending June
30, 2021, the average fish harvest weight has been 1.94Kg. The
company targets a minimum of weight of 2kg for its Steelhead Salmon
product.
Average Harvest Downgrade Percentage
- Over the last 6 months, ending June
30, 2021, the total harvest downgrade percentage was 1.3%. This
metric measures the number of fish at harvest that we did not bring
to market at full price in the last stage of the lifecycle.
Average Feed Conversion Ratio
- Over the last 6 months, ending June
30, 2021, we have achieved a feed conversion ratio (FCR) of 1.18KG
Feed/Kg, versus the industry standard for open net FCR of 1.2 KG
feed/kg(1).
(1) Certain industry statistics including Open
net Atlantic salmon average harvest weight and industry standard
for open net FCR were obtained from the Mowi Handbook (2019).
Ben Atkinson, the President of Taste of BC
added, “The first six months of 2022 have been focused on
increasing standing biomass within our pilot facility as we
continue to limit test system capabilities. At the end of Q2-2022,
we finished with a standing biomass of 40MT in our facility, which
was originally designed for 27MT, without compromising water
conditions or fish performance. We are extremely pleased with the
capabilities of our pilot system which provides a solid foundation
upon which we are designing our forthcoming expansion.”
About Taste of BC Aquafarms
Inc.Taste of BC Aquafarms Inc. is a family operated
company located in Nanaimo, British Columbia, Canada. Incorporated
in 2010, the company operates the oldest continuously operating
Recirculating Aquaculture System (RAS) full grow-out salmon farm in
North America. As pioneers in the RAS industry, Taste of BC has
proven their technology. Their “Little Cedar Falls” brand Steelhead
Salmon has been on the market since 2013, and now is known as a
premium land grown, sustainable Salmon. The Company is a member of
Ocean Wise. Its corporate website
is: www.littlecedarfalls.com.
About Blue Star Foods
Corp. Blue Star Foods Corp. is an integrated ESG seafood
company that processes, packages and sells high-value seafood
products. The Company believes it utilizes best-in-class
technology, in both resource sustainability management and
traceability, and ecological packaging. The Company also owns and
operates the oldest continuously operating Recirculating
Aquaculture System (RAS) full grow-out salmon farm in North
America. The company is based in Miami, Florida, and its corporate
website is: https://bluestarfoods.com
Forward-Looking Statements:
The foregoing material may contain
“forward-looking statements” within the meaning of Section 27A of
the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934, each as amended. Forward-looking statements
include all statements that do not relate solely to historical or
current facts, including without limitation statements regarding
the Company’s product development and business prospects, and can
be identified by the use of words such as “may,” “will,” “expect,”
“project,” “estimate,” “anticipate,” “plan,” “believe,”
“potential,” “should,” “continue” or the negative versions of those
words or other comparable words. Forward-looking statements are not
guarantees of future actions or performance. These forward-looking
statements are based on information currently available to the
Company and its current plans or expectations and are subject to a
number of risks and uncertainties that could significantly affect
current plans. Risks concerning the Company’s business are
described in detail in the Company’s Annual Report on Form 10-K for
the year ended December 31, 2020, and other periodic and current
reports filed with the Securities and Exchange Commission. The
Company is under no obligation to, and expressly disclaims any such
obligation to, update or alter its forward-looking statements,
whether as a result of new information, future events or
otherwise.
Investor Contact:investors@bluestarfoods.com
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