Blue Star Foods Granted Option to Purchase Land for RAS Expansion in South Carolina
June 30 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),
today announced it has officially received an option from Beaufort
County, South Carolina to purchase land for its RAS expansion.
Blue Star is working closely with the South
Carolina Department of Commerce in regards to economic development
and incentives specific for the crab project in Beaufort County.
The Company is reviewing the incentive summary with the proposed
tax breaks, abatements and other incentives offered for the project
in order to finalize the capital needed to build the facility.
Preliminary proposals from South Carolina are offering up to $3
million in incentives.
Atlantic Blue crab is going to be the main
source of crabs to support the Soft Shell Crab facility operation,
which the Company targets for 3.5 million crabs per year.
The land has 9.47 acres, which can accommodate
up to 100,000 square foot building. An approximate investment of
$11,410,000 in real property (land and building) will be used to
construct a new facility. Plus, tangible property (machinery and
equipment). Furthermore, the integration of a Crab Hatchery at
location, will allow us to be truly vertically integrated. As well
as, having the largest Soft Shell Crab facility in the entire
eastern shore of the United States. A remarkable circular economy
seafood business.
John Keeler, Chairman and CEO of Blue Star
Foods, commented, “We are thrilled to partner with Beaufort County,
South Carolina in expanding our softshell crab RAS shedding
operations, processing & cold storage facility. We are proud to
be creating up to 48 new jobs over the next 3 years. Our Special
Purpose Vehicle (SPV) financing will kick-off once we execute our
agreement with Beaufort County, and along with $3 million in
incentives, will enable us to access less dilutive capital in order
to purchase the land and build our facility.”
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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