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

Rhea-AI Summary

On July 20, 2021, Blue Star Foods Corp. (OTC: BSFC) announced operational metrics from its subsidiary, Taste of BC Aquafarms. The average fish harvest weight reached 2.218kg, outperforming the target of 2kg for Steelhead Salmon. The harvest downgrade percentage was noted at 1.36%, indicating effective market readiness. Additionally, the feed conversion ratio was 1.08kg feed/kg, better than the industry standard of 1.2kg feed/kg. The company aims for significant growth, projecting a larger facility capacity of 1,500 metric tons and an internal target of 21,000 metric tons by 2028.

Positive

• Average fish harvest weight of 2.218kg exceeds the 2kg target for Steelhead Salmon.
• Harvest downgrade percentage at a low 1.36%, reflecting strong market performance.
• Achieved a favorable feed conversion ratio of 1.08kg feed/kg, better than the industry standard.

Negative

• None.

Miami, Florida, July 20, 2021 (GLOBE NEWSWIRE) -- Taste of BC Aquafarms, Inc., (Taste of BC), a wholly owned subsidiary of Blue Star Foods Corp., (OTC: BSFC) (“Blue Star”), an integrated Environmental, Social, and Governance (ESG) seafood company, released key operating performance metrics that it believes will help shareholders understand their Recirculatory Aquaculture System business more clearly.

Average Fish Harvest Weight

• Over the last 6 months, ending June 30^th, 2021, the average fish harvest weight has been 2.218Kg. 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 June 30^th, 2021, the total harvest downgrade percentage was 1.36%. 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, we have achieved a feed conversion ratio (FCR) of 1.08KG Feed/Kg, versus the industry standard for open net FCR of 1.2 KG feed/kg⁽¹⁾.

“Taste of BC has a proven methodology and many years of experience growing fish that people really enjoy consuming,” 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 have started modeling out our larger facility of 1,500 metric tons to meet the same operating metrics as our existing 80 Ton capacity farm. 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.”

      (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 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 recent operational metrics reported by Blue Star Foods Corp. (BSFC)?

Blue Star Foods Corp. reported an average fish harvest weight of 2.218kg, a harvest downgrade percentage of 1.36%, and a feed conversion ratio of 1.08kg feed/kg.

What is Blue Star Foods Corp.'s target for fish production capacity by 2028?

Blue Star Foods Corp. aims for an internal target of 21,000 metric tons by 2028.

How did Taste of BC Aquafarms perform in terms of harvest downgrade percentage?

Taste of BC Aquafarms recorded a harvest downgrade percentage of 1.36%, indicating effective market performance.

What is the feed conversion ratio achieved by Blue Star Foods Corp.?

Blue Star Foods Corp. achieved a feed conversion ratio of 1.08kg feed/kg, surpassing the industry standard of 1.2kg feed/kg.