Blue Star Foods Corp. RAS Division Announces Deal to Supply Steelhead Salmon Fingerlings to Other British Columbia Aquaculture Company.
Blue Star Foods Corp. (NASDAQ:BSFC) announced a two-year agreement with Taste of BC Aquafarms to supply Steelhead Salmon fingerlings worth approximately $1M. This agreement is a part of BSFC's strategy to enhance margins and reduce production risk, as fingerlings reach market size in four months compared to a year for full-sized fish. Taste of BC has established itself as a leader in the Recirculating Aquaculture Systems industry, offering sustainable seafood solutions. The partnership reflects confidence in TBC's superior rearing capabilities, critical for the growth performance of steelhead salmon.
- New $1M agreement to supply Steelhead Salmon fingerlings will enhance revenue.
- Faster production cycle (4 months vs 12 months) reduces overall risk.
- Partnership shows confidence in TBC's rearing capabilities and product quality.
- Strategic move aligns with scaling efforts at the new 1,500 MT facility.
- None.
Miami, FL, Dec. 06, 2021 (GLOBE NEWSWIRE) -- Blue Star Foods Corp., (NASDAQ:BSFC) (“Blue Star” or “BSFC”), an integrated Environmental, Social, and Governance (ESG) seafood company, today announced that its wholly owned Recirculatory Aquaculture Systems (RAS) subsidiary, Taste of BC Aquafarms (“TBC”), has entered into an 2-year agreement to supply Steelhead Salmon fingerlings to another company that produces steelhead salmon in British Columbia, for a value of up approximately
Fingerlings refer to fish that have reached the stage where the fins can be extended and where scales have started developing throughout the body. In this stage, the fish is typically about the size of a finger.
"We appreciate the vote of confidence from this local Steelhead producer whom we have known for many years. It is an acknowledgement that we have mastered the early rearing cycle that is so critical in overall growth performance of these fish. We are seeing consistent results that others in our space have not in terms of the end-quality of our steel-head salmon product”, said Steve Atkinson, the Founder of TBC. He further continued, “While in some sense, we could view these folks as competitors, the reality here is that there is more than enough demand for our fresh, sustainability produced steelhead salmon than any single participant can supply. We want to continue to build the RAS and aquaculture industry up here in British Columbia and lend a hand to our friends where we can.”
“This agreement is strategic as our company prepares to scale up with our new 1,500 MT facility. This opportunity allows us to enter into a segment that gives us higher margins and shorter production cycle. At 4 months production verses 12 for grow out, market sized fish, our risk is greatly reduced. Additionally, the price per pound gained for fingerlings is exponentially greater than that for full sized fish,” explains Atkinson.
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: www.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 the Company’s proposed development and commercial timelines, 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, including the potential listing of the Company’s common stock on Nasdaq, are based on information currently available the Company and its current plans or expectations and are subject to a number of uncertainties and risks 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.
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Brett Maas | Hayden IR
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