Blue Star Foods Reports Strong 2nd Half 2022 Performance Operating Metrics at its RAS Salmon Division
March 06 2023 - 8:30AM
Blue Star Foods Corp.,
(“Blue
Star,”
the “Company,” “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 reported key
operating performance metrics for the second half of 2022.
Taste of BC Aquafarms
Operating Performance Metrics for
Second Half of 2022.
Average Fish Harvest Weight
- Over the last
6 months, ending December 31, 2022, the average fish harvest weight
has been 1898g. The company targets a minimum of weight of 2000g
for its Steelhead Salmon product.
Average Harvest Downgrade Percentage
- Over the last
6 months, ending December 31, 2022, the total harvest downgrade
percentage was 5.04%. 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 December 31, 2022, we have achieved a feed
conversion ratio (FCR) of 1.19KG Feed/Kg, versus the industry
standard for open net FCR of 1.20 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, “Over the second half of 2022 we were able to increase
biomass within our pilot facility an additional 10MT to 50MT.
Unprecedented high temperatures stressed the capabilities of the
chilling system within our pilot facility which led to poorer
growth performance and elevated mortality during the summer months.
As a result, total harvest volume was below target for the
remainder of the year with the expectation that volumes will
increase substantially in the first quarter 2023. A higher
downgrade percentage is the result of our decision to prioritize
culture space for our best performing cohorts by harvesting some
slower growing fish. Overall, our fish are growing to expectations
and continue to validate the model used to design our upcoming
expansion facility.”
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. (NASDAQ:
BSFC)Blue Star Foods Corp. an
integrated Environmental, Social, and Governance (ESG) sustainable
seafood company with a focus on Recirculatory Aquaculture Systems
(RAS) 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, 2021, 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
Contacts:investors@bluestarfoods.com
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