Blue Star Foods Secures Land-Based Aquaculture License Renewal Thru 2033
Blue Star Foods, a NASDAQ-listed sustainable seafood company, has announced the renewal of its land-based aquaculture license until 2033. This extension, granted under the Fisheries Act, allows Blue Star to continue cultivating and harvesting fish, including white sturgeon, coho salmon, chinook salmon, and rainbow trout, at its Taste of BC Aquafarms locations. The renewal ensures the company can maintain its operations for an additional nine years, leveraging its proven Recirculatory Aquaculture Systems (RAS) technology. John Keeler, Chairman and CEO, expressed satisfaction with the renewal, highlighting the company's commitment to sustainable aquaculture practices.
- License renewal through 2033 ensures operational continuity for nine years.
- Covers key species: white sturgeon, coho salmon, chinook salmon, and rainbow trout.
- Supports sustainable practices with Recirculatory Aquaculture Systems (RAS) technology.
- No immediate financial impact or revenue increase disclosed in the announcement.
Insights
Blue Star Foods Corp.'s land-based aquaculture license renewal through 2033 is a significant development from an investor's perspective. The extension provides a stable operational framework for nearly a decade, which is substantial in an industry prone to regulatory changes. This long-term license renews investor confidence in the company's ability to maintain and expand its aquaculture operations without immediate regulatory hurdles.
From a financial standpoint, this stability is important for Blue Star's long-term planning and capital investments. Investors can reasonably expect consistent revenue streams from the aquaculture activities involving white sturgeon, coho salmon, chinook salmon and rainbow trout. Moreover, this renewal might enhance the company's ability to secure financing and make strategic investments in its technology and infrastructure.
For short-term implications, the market might react favorably to this news, reflecting positively on the stock price as it underscores the company's regulatory compliance and operational viability. It's essential to monitor how Blue Star leverages this stable period to optimize its production and cost structures.
This license renewal also has critical implications from an environmental sustainability perspective. Blue Star Foods operates under an ESG (Environmental, Social and Governance) framework, focusing on sustainable practices. The extension through 2033 indicates regulatory approval of their environmental practices in aquaculture, a key factor considering the increasing scrutiny on sustainable seafood production.
ESG-conscious investors will find this news reassuring as it signals the company's ongoing commitment to sustainability in aquaculture. The use of Recirculating Aquaculture Systems (RAS) minimizes environmental impact, recycles water and reduces the risk of disease spread. This not only meets regulatory requirements but also aligns with consumer demand for sustainably sourced seafood.
In the long run, environmental sustainability can drive market differentiation and consumer preference, potentially leading to higher sales and brand loyalty. Investors should consider how Blue Star continues to innovate within this realm to maintain its regulatory approval and leadership in sustainable aquaculture.
Miami, FL, June 25, 2024 (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 been granted an extension renewal for the land-based aquaculture license thru 2033. All parts of this license are issued under the authority of the Fisheries Act and confer, subject to provisions of the Fisheries Act and Regulations made there under, the authority to carry out aquaculture activities including cultivation and harvest of fish.
The license renewal encompasses the Taste of BC Aquafarms located at 2948, 2930 and 2934 Jameson Road. The aquaculture license covers white sturgeon, coho salmon, chinook salmon and rainbow trout.
John Keeler, Chairman and CEO of Blue Star Foods, commented, “We are very pleased to receive this license renewal for the next 9 years, as it enables us to maintain a responsible and realistic period to continue our land-based facilities. We have the proven technology for land-based already operating the longest non-stopped steelhead salmon facility.”
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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