Blue Star Foods’ Taste of BC Aquafarms Signs Fingerling Supply Agreement with Miracle Springs, Poised for Accelerated Growth
Blue Star Foods Corp. (NASDAQ: BSFC) announced that its subsidiary, Taste of BC Aquafarms, has signed a significant fingerling supply agreement with Miracle Springs. This partnership is set to accelerate harvest growth and meet increasing market demand. The agreement includes:
1. Initial supply of 1,250 kg of fish (750 kg of 100-200g and 10,000 50g fingerlings)
2. Ongoing supply of 10-20 thousand fingerlings in Q1 and Q2 2025
3. 20 thousand 50g fingerlings every 2 months starting Q3 2025
The contract, valued at approximately CAD$200,000, is expected to increase Taste of BC's production capability to 200 Tons HOG Steelhead salmon in 2025 & 2026, projecting revenues of CAD$2.315 million at current selling prices. Taste of BC is also upgrading farm systems to support additional biomass and enhance oxygen and ozone capacities, targeting a 40% reduction in LOX costs.
Blue Star Foods Corp. (NASDAQ: BSFC) ha annunciato che la sua filiale, Taste of BC Aquafarms, ha firmato un importante accordo di fornitura di avannotti con Miracle Springs. Questa partnership è destinata ad accelerare la crescita della raccolta e soddisfare la crescente domanda di mercato. L'accordo include:
1. Fornitura iniziale di 1.250 kg di pesce (750 kg di pesce da 100-200g e 10.000 avannotti da 50g)
2. Fornitura continua di 10-20 mila avannotti nel primo e nel secondo trimestre del 2025
3. 20 mila avannotti da 50g ogni 2 mesi a partire dal terzo trimestre del 2025
Il contratto, del valore di circa CAD$200,000, ci si aspetta che aumenti la capacità produttiva di Taste of BC a 200 tonnellate di salmone Steelhead HOG nel 2025 e 2026, prevedendo ricavi di CAD$2.315 milioni ai prezzi di vendita attuali. Taste of BC sta anche aggiornando i sistemi della fattoria per supportare una biomassa aggiuntiva e migliorare le capacità di ossigeno e ozono, puntando a una riduzione del 40% dei costi LOX.
Blue Star Foods Corp. (NASDAQ: BSFC) anunció que su subsidiaria, Taste of BC Aquafarms, ha firmado un importante acuerdo de suministro de alevines con Miracle Springs. Esta asociación está destinada a acelerar el crecimiento de las cosechas y satisfacer la creciente demanda del mercado. El acuerdo incluye:
1. Suministro inicial de 1,250 kg de pescado (750 kg de 100-200g y 10,000 alevines de 50g)
2. Suministro continuo de 10 a 20 mil alevines en el primer y segundo trimestre de 2025
3. 20 mil alevines de 50g cada 2 meses a partir del tercer trimestre de 2025
El contrato, valorado en aproximadamente CAD$200,000, se espera que aumente la capacidad de producción de Taste of BC a 200 toneladas de salmón Steelhead HOG en 2025 y 2026, proyectando ingresos de CAD$2.315 millones a los precios de venta actuales. Taste of BC también está actualizando los sistemas de la granja para soportar biomasa adicional y mejorar las capacidades de oxígeno y ozono, con el objetivo de una reducción del 40% en los costos de LOX.
블루 스타 푸드 주식회사 (NASDAQ: BSFC)는 자회사인 Taste of BC Aquafarms가 Miracle Springs와 중요한 치어 공급 계약을 체결했다고 발표했습니다. 이 파트너십은 수확 성장 가속화 및 증가하는 시장 수요를 충족하도록 설정되었습니다. 계약 내용은 다음과 같습니다:
1. 초기 공급량 1,250 kg의 물고기 (750 kg의 100-200g 및 10,000개의 50g 치어)
2. 2025년 1분기 및 2분기에 10,000-20,000개의 치어 지속 공급
3. 2025년 3분기부터 매 2개월마다 20,000개의 50g 치어 공급
약 CAD$200,000에 달하는 이 계약은 Taste of BC의 생산 능력을 2025년 및 2026년까지 200톤의 HOG 스틸헤드 연어로 증대시킬 것으로 예상되며, 현재 판매 가격 기준으로 CAD$2.315 백만의 수익이 발생할 것으로 예상됩니다. Taste of BC는 추가 생물량을 지원하고 산소 및 오존 능력을 향상시키기 위해 양식 시스템을 업그레이드하고 있으며, LOX 비용의 40% 절감을 목표로 하고 있습니다.
Blue Star Foods Corp. (NASDAQ: BSFC) a annoncé que sa filiale, Taste of BC Aquafarms, a signé un important accord de fourniture de juvéniles avec Miracle Springs. Ce partenariat est destiné à accélérer la croissance des récoltes et à répondre à la demande croissante du marché. L'accord comprend :
1. Fourniture initiale de 1.250 kg de poissons (750 kg de 100-200g et 10.000 juvéniles de 50g)
2. Fourniture continue de 10 à 20 mille juvéniles au 1er et 2e trimestre 2025
3. 20 mille juvéniles de 50g tous les 2 mois à partir du 3e trimestre 2025
Le contrat, d'une valeur d'environ CAD$200.000, devrait augmenter la capacité de production de Taste of BC à 200 tonnes de saumon Steelhead HOG en 2025 et 2026, avec des revenus projetés de CAD$2.315 millions aux prix de vente actuels. Taste of BC met également à jour ses systèmes de ferme pour soutenir une biomasse supplémentaire et améliorer les capacités en oxygène et en ozone, avec un objectif de réduction de 40 % des coûts de LOX.
Blue Star Foods Corp. (NASDAQ: BSFC) hat angekündigt, dass ihre Tochtergesellschaft Taste of BC Aquafarms einen bedeutenden Liefervertrag für Setzlinge mit Miracle Springs unterzeichnet hat. Diese Partnerschaft soll das Wachstum der Ernte beschleunigen und die steigende Marktnachfrage erfüllen. Der Vertrag umfasst:
1. Erste Lieferung von 1.250 kg Fisch (750 kg von 100-200g und 10.000 50g Setzlingen)
2. Fortlaufende Lieferung von 10.000-20.000 Setzlingen im 1. und 2. Quartal 2025
3. Alle 2 Monate 20.000 50g Setzlinge ab dem 3. Quartal 2025
Der Vertrag, der auf etwa CAD$200.000 geschätzt wird, soll die Produktionskapazität von Taste of BC auf 200 Tonnen HOG-Stahlkopfsalmon im Jahr 2025 und 2026 erhöhen, wobei Einnahmen von CAD$2.315 Millionen zu den aktuellen Verkaufspreisen prognostiziert werden. Taste of BC aktualisiert auch die Farmensysteme, um zusätzliche Biomasse zu unterstützen und die Sauerstoff- und Ozonkapazitäten zu erhöhen, mit dem Ziel einer Reduzierung der LOX-Kosten um 40%.
- Signed fingerling supply agreement with Miracle Springs to accelerate harvest growth
- Expected increase in production capability to 200 Tons HOG Steelhead salmon in 2025 & 2026
- Projected revenues of CAD$2.315 million at current selling prices
- Upgrading farm systems to support additional biomass and enhance oxygen and ozone capacities
- Targeting 40% reduction in Liquid Oxygen (LOX) costs
- None.
Insights
This agreement marks a significant step for Blue Star Foods' subsidiary, Taste of BC Aquafarms. The partnership with Miracle Springs for fingerling supply is a strategic move to accelerate growth and meet market demand. Key points:
- Supply of various sizes of fingerlings will save 2-5 months in the growth cycle, enhancing efficiency.
- Projected increase in production capability to 200 Tons HOG Steelhead salmon in 2025 & 2026.
- Expected revenue boost of
CAD$2.315 million at current selling prices. - Upgrades to farm systems, including oxygen and ozone capacities, aim to reduce Liquid oxygen costs by
40% .
This deal showcases Taste of BC's commitment to scaling its Recirculatory Aquaculture Systems (RAS) operations efficiently. The modular approach and standardized processes position the company well for future expansion in the growing sustainable seafood market. However, investors should note that realizing projected revenues depends on successful implementation and market conditions.
The fingerling supply agreement represents a positive development for Blue Star Foods Corp. (NASDAQ: BSFC). Financial implications include:
- Initial contract value of approximately
CAD$200,000 , excluding VAT & Freight. - Potential revenue increase of
CAD$2.315 million in 2025 & 2026, a significant boost for a company with a current market cap of about$1.3 million . - Cost reduction initiatives, such as the
40% targeted decrease in Liquid oxygen expenses, could improve profit margins.
While these projections are promising, investors should consider the company's current financial position and execution risks. The substantial revenue increase relative to the market cap suggests potential for significant growth, but also implies high execution risk. The success of this expansion and its impact on BSFC's stock will depend on the company's ability to efficiently scale operations and maintain quality while meeting increased demand.
Major Milestone to Meet Increasing Market Demand
Miami, FL, Oct. 10, 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), today announced that its Taste of BC Aquafarms executed a significant agreement with Miracle Springs to supply a substantial quantity of fingerlings. This partnership represents a major milestone, enabling Taste of BC to accelerate its harvest growth and meet increasing market demand.
Under this innovative agreement, Miracle Springs will supply (subject to permits), 1,250 kilograms of fish consisting of 750 kg of 100-200 grams & 10,000 50 grams fingerlings. These strategic quantities will save between 2 to 5 months in our growth cycle per respective lot. Moreover, Miracle Springs will continue to supply 10 to 20 thousand fingerlings during 1st & 2nd quarter 2025 & 20 thousand (50 grams) fingerlings every 2 months starting 3rd quarter 2025, ensuring Taste of BC consistent and predictable harvest capabilities.
Valued at approximately CAD
In response to this expected growth, Taste of BC is upgrading key farm systems to support additional biomass, with farm water quality in mind, by enhancing both our oxygen and ozone capacities, with less depend of Liquid oxygen (LOX). We are targeting a
The partnership with Miracle Springs not only reinforces our ability to improve efficiency but also exemplifies our readiness for future expansion. Through the modularization of our proven operational methodology, Taste of BC is well-positioned to scale operations and meet the ever-increasing demand for sustainable, high-quality aquaculture products.
About Taste of BC Aquafarms:
Taste of BC Aquafarms is a leading aquafarm dedicated to producing high-quality, sustainable steelhead salmon. Utilizing innovative Recirculating Aquaculture Systems (RAS), Taste of BC ensures the delivery of fresh, sushi-grade fish while committed to environmental stewardship and operational excellence.
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
FAQ
What is the value of the fingerling supply agreement between Taste of BC Aquafarms and Miracle Springs?
How much is Taste of BC Aquafarms' production capability expected to increase in 2025 and 2026?
What is the projected revenue for Taste of BC Aquafarms based on the new fingerling supply agreement?
How much is Taste of BC Aquafarms aiming to reduce its Liquid Oxygen (LOX) costs?
