Blue Star Foods’ Taste of BC Aquafarms Signs Fingerling Supply Agreement with Miracle Springs, Poised for Accelerated Growth
October 10 2024 - 2:00PM
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 that its Taste of BC Aquafarms executed a
significant agreement with Miracle Springs to supply a substantial
quantity of fingerlings. This partnership represents a major
milestone, enabling Taste of BC to accelerate its harvest growth
and meet increasing market demand.
Under this innovative agreement, Miracle Springs
will supply (subject to permits), 1,250 kilograms of fish
consisting of 750 kg of 100-200 grams & 10,000 50 grams
fingerlings. These strategic quantities will save between 2 to 5
months in our growth cycle per respective lot. Moreover, Miracle
Springs will continue to supply 10 to 20 thousand fingerlings
during 1st & 2nd quarter 2025 & 20 thousand (50 grams)
fingerlings every 2 months starting 3rd quarter 2025, ensuring
Taste of BC consistent and predictable harvest capabilities.
Valued at approximately CAD$200,000 (excluding
VAT & Freight), this contract is set to increase Taste of BC’s
production capability up to 200 Tons HOG Steelhead salmon in 2025
& 2026. This boost equates to an impressive CAD$2.315 million
in projected revenues at current selling prices, driven by the
growing demand for wholesome, sushi-grade fish.
In response to this expected growth, Taste of BC
is upgrading key farm systems to support additional biomass, with
farm water quality in mind, by enhancing both our oxygen and ozone
capacities, with less depend of Liquid oxygen (LOX). We are
targeting a 40% reduction of our LOX cost. When completed, these
highly optimized RAS module have all components dimensioned to work
harmoniously at their peak output, thereby maximizing value for
money, coupled with our standardized and predictable harvest
processes, demonstrate our unwavering commitment to continuing
success in Recirculating Aquaculture Systems (RAS).
The partnership with Miracle Springs not only
reinforces our ability to improve efficiency but also exemplifies
our readiness for future expansion. Through the modularization of
our proven operational methodology, Taste of BC is well-positioned
to scale operations and meet the ever-increasing demand for
sustainable, high-quality aquaculture products.
About Taste of BC
Aquafarms:
Taste of BC Aquafarms is a leading aquafarm
dedicated to producing high-quality, sustainable steelhead salmon.
Utilizing innovative Recirculating Aquaculture Systems (RAS), Taste
of BC ensures the delivery of fresh, sushi-grade fish while
committed to environmental stewardship and operational
excellence.
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, 2023, 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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