Blue Star Foods Repays Convertible Note

Rhea-AI Summary

Blue Star Foods Corp. allocates $2,573,142 to repay and terminate largest Convertible Note outstanding to The Lind Partners, reducing debt and improving balance. The move allows the company to use operational cash flow for SoftShell crab RAS farm in South Carolina.

Positive

• Blue Star Foods reduces debt and improves balance by repaying largest Convertible Note outstanding.
• Operational cash flow can now be used for SoftShell crab RAS farm in South Carolina.

Negative

• None.

Miami, FL, Sept. 18, 2023 (GLOBE NEWSWIRE) -- 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), is pleased to announce that it has allocated $2,573,142 from its [recently closed equity raise on september 7^th ] to repay and terminate the largest of the three Convertible Notes outstanding to The Lind Partners to reduce total debt and improve the Company’s balance as it positions itself for future growth initiatives.

John Keeler, Chairman and CEO of Blue Star Foods, commented, “The Lind Partners has been a great financial partner that provided growth capital when we needed it to buy additional inventory and strengthen our balance sheet. With the largest Lind convertible note retired, Blue Star can use its operational cash flow to further advance on its SoftShell crab RAS farm new site in Beaufort, South Carolina”

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