Blue Star Foods RAS Division Announces Key H2-2021 Operating Metrics For Existing Production Facility

Rhea-AI Summary

Taste of BC Aquafarms, a subsidiary of Blue Star Foods Corp. (NASDAQ:BSFC), released operational metrics for July to December 2021. Key highlights include an average fish harvest weight of 2.057kg, a harvest downgrade percentage of 1.5%, and a feed conversion ratio of 1.12 KG Feed/Kg, surpassing the industry standard. The company aims to maintain production levels while expanding to a larger facility with a target of 21,000 metric tons by 2028. CEO John Keeler emphasized the consistency in production and quality, urging investors to assess their performance against other RAS farms.

Positive

• Achieved an average fish harvest weight of 2.057kg, exceeding the target minimum of 2kg.
• Maintained a low harvest downgrade percentage of 1.5%.
• Reported a feed conversion ratio of 1.12 KG Feed/Kg, better than the industry standard of 1.2 KG Feed/Kg.
• Plans to expand operations with a new facility targeting 21,000 metric tons by 2028.

Negative

• None.

Miami, Florida, Jan. 05, 2022 (GLOBE NEWSWIRE) -- Taste of BC Aquafarms, Inc., (Taste of BC), a wholly owned subsidiary of Blue Star Foods Corp., (NASDAQ:BSFC) (“Blue Star”), an integrated Environmental, Social, and Governance (ESG) seafood company, is releasing key operating performance metrics (from July 1^st, 2021, through December 31^st, 2021) that it believes will help shareholders understand their Recirculatory Aquaculture System business more clearly.  

The company previously announced certain operating results for the six months ending June 30^th, 2021, on July 20^th, 2021. It is the expectation that Taste of BC will be announcing this type of data every six months.

“We are very pleased with the consistency of the production, as well as the quality of the fish being created” said John Keeler, CEO of Blue Star Foods Corp. He further continued, “We encourage investors in the space to look at our operating metrics and compare them to other RAS farm projects.”

Ben Atkinson, the President of Taste of BC added, “We are happy to maintain the production statistics we had in the first half of the year, which are consistent with our expectations. Our focus is to continue this level of production at this first facility, as we build out our next, larger, 1,500 metric ton facility. We have made noteworthy progress towards that end, having recently secured the site of this larger-scale land-based steel-head salmon farm on Deep Bay, British Columbia. We believe we have the right formula to scale this in a significant way over the next several years, with an internal goal of 21,000 metric tons by 2028.”

Average Fish Harvest Weight

• Over the last 6 months, ending December 31^st, 2021, the average fish harvest weight has been 2.057Kg. The company targets a minimum of weight of 2kg for its Steelhead Salmon product. Each specific fish species has a different target weight, and for refence, open net Atlantic Salmon generally has an average harvest weight target weight of approximately 4.5kg⁽¹⁾.
  

Average Harvest Downgrade Percentage

• Over the last 6 months, ending December 31^st, 2021, the total harvest downgrade percentage was 1.5%. 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^st, 2021, we have achieved a feed conversion ratio (FCR) of 1.12KG 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).

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.

Contacts
Brett Maas of Hayden IR
Email: brett@haydenir.com
Office: (646) 536-7331

Safe Harbor

This press release contains statements, which may constitute “forward-looking statements” within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief, or current expectations of Purebase Corporation and members of its management team as well as the assumptions on which such statements are based. Such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that may cause actual results to differ from those anticipated are discussed throughout the Company’s reports filed with Securities and Exchange Commission which are available at www.sec.gov as well as the Company’s web site at http://www.bluestarfoods.com. The Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.

FAQ

What are the key operational metrics reported by Blue Star Foods Corp. (BSFC) for the second half of 2021?

Blue Star Foods Corp. (BSFC) reported an average fish harvest weight of 2.057kg, a harvest downgrade percentage of 1.5%, and a feed conversion ratio of 1.12 KG Feed/Kg for the second half of 2021.

What is the future production target for Taste of BC Aquafarms under Blue Star Foods Corp. (BSFC)?

Taste of BC Aquafarms, a subsidiary of Blue Star Foods Corp. (BSFC), aims to reach a production target of 21,000 metric tons by 2028.

How does Blue Star Foods Corp. (BSFC) compare to industry standards in terms of feed conversion ratio?

Blue Star Foods Corp. (BSFC) reported a feed conversion ratio of 1.12 KG Feed/Kg, which is better than the industry standard of 1.2 KG Feed/Kg.

What was the average fish harvest weight for Blue Star Foods Corp. (BSFC) in the second half of 2021?

The average fish harvest weight for Blue Star Foods Corp. (BSFC) in the second half of 2021 was 2.057kg.