Blue Star Foods Signed 2-Year Bid Award Purchase Agreement with Sysco Corporation

Rhea-AI Summary

Blue Star Foods Corp. (NASDAQ: BSFC) has announced a 2-year bid award purchase agreement with Sysco Corporation, effective immediately. The agreement is for the purchase of Blue Star’s award-winning brands, such as Blue Star, Pacifika, and Good Stuff. The CEO, John Keeler, highlighted the flexibility of the pricing model to adapt to market trends and expressed confidence in an increase in market share in 2024. Sysco, a global foodservice leader, emphasizes sustainability and responsible sourcing practices.

Positive

• The 2-year bid award purchase agreement with Sysco Corporation indicates a positive growth trajectory for Blue Star Foods Corp., potentially leading to an increase in market share in the seafood category in 2024.

Negative

• None.

Miami, FL, Nov. 13, 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), announced a recently signed a 2-year bid award purchase agreement with Sysco Corporation. The Bid Award Purchase Agreement is effective starting immediately, and is for purchase of Blue Star’s award-winning brands, such as Blue Star, Pacifika and Good Stuff.

John Keeler, CEO of Blue Star Foods, commented, “Market demand is always shifting its dynamics. We worked with Sysco’s strategic sourcing team in achieving a flexible-pricing model adjusting to trends in the fast pacing “center of the plate” seafood category.”

Keeler, added, “Having worked in the foodservice industry for the last 28 years, I have never seen such a thoughtful and data driven approach from our foodservice distributors partners as Sysco’s strategic sourcing team did. I feel confident that it will result on an increase of market share in our category in 2024. We work rigorously to be known as a trusted brand and reliable partner. I am humble in the trust that a company as well-known as Sysco has placed in us.”

Sysco Foods is the global world's global broadline foodservice leader. Sustainability is an integral part of Sysco Recipe for Growth business strategy and leading in responsible sourcing practices like seafood.

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, 2022, 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

FAQ

What is the recent announcement from Blue Star Foods Corp.?

Blue Star Foods Corp. has announced a 2-year bid award purchase agreement with Sysco Corporation, effective immediately, for the purchase of its award-winning brands.

What are the brands included in the purchase agreement?

The purchase agreement includes Blue Star’s award-winning brands, such as Blue Star, Pacifika, and Good Stuff.

How does the CEO, John Keeler, view the agreement?

John Keeler expressed confidence in an increase in market share in 2024, highlighting the flexibility of the pricing model to adapt to market trends.

What is the significance of Sysco Corporation in the foodservice industry?

Sysco Corporation is a global foodservice leader that emphasizes sustainability and responsible sourcing practices, making the agreement strategically beneficial for Blue Star Foods Corp.