Blue Star Signs Supply Agreement With Leading National Foodservice Warehouse Supplier

Rhea-AI Summary

Blue Star Foods Corp. (OTC:BSFC) announced a significant vendor agreement to supply its trademarked brands, Blue Star and Pacifika, to a national foodservice warehouse supplier. This 12-month agreement, starting September 2021, could generate up to $31 million in wholesale value. CEO John Keeler expressed optimism for the restaurant sector's rebound post-COVID-19, foreseeing a resurgence in demand. The company emphasizes its sustainable sourcing practices, aligning with consumer trends favoring eco-friendly products.

Positive

• Secured a 12-month vendor agreement worth up to $31 million.
• Anticipates a rebound in the independent restaurant sector.
• Positioned to capitalize on the growing consumer demand for sustainable seafood.

Negative

• None.

CEO sees signs of improvement in the independent restaurant sector.

Miami, Florida, May 11, 2021 (GLOBE NEWSWIRE) -- Blue Star Foods Corp. (OTC:BSFC), (“Blue Star”), a sustainable seafood company, announces today that it recently signed a vendor agreement to supply two of its most popular trademarked brands “Blue Star” and “Pacifika”, to a leading national foodservice warehouse supplier. Under the terms of the agreement, for a 12-month term, starting in September 2021, Blue Star will supply pasteurized crabmeat, with a current market wholesale value (with applicable discounts) of up to approximately $31 million dollars, subject to certain conditions.

“Since the March 2020 lockdown, we have not entered into a vendor agreement of this volume. As the national vaccination rollout continues and Covid-19 starts to potentially recede, we remain very optimistic for a rebound across the five restaurants segments in the foodservice industry during the second half of this year and beyond. I believe that industry experts are planning and predicting pre-pandemic levels of demand” said John Keeler, CEO of Blue Star Foods Corp.

He further added, “We believe the sustainable way we source our crabmeat is important to independent restaurants and supermarket chains because their end-consumer is starting to demand this from them. This is a consumer trend we believe will continue to accelerate and believe that Blue Star as a company is uniquely positioned to benefit from this.”

About Blue Star Foods Corp.

Blue Star is a sustainable seafood company that processes, packages, and sells refrigerated pasteurized Blue Crab meat, and other premium seafood products. The Company believes it utilizes best-in-class technology, in both resource sustainability management and traceability, and ecological packaging. Its products are currently sold in the United States, Mexico, Canada, the Caribbean, the United Kingdom, France, the Middle East, Singapore, and Hong Kong. The Company’s headquarters are in Miami, Florida (United States), and its corporate website is: http://www.bluestarfoods.com.

Safe Harbor

This press release contains statements, which may constitute “forward-looking statements”. Those statements include statements regarding the intent, belief, or current expectations of the Company 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.

Contacts

Brett Maas, Managing Partner, Hayden IR
(646) 536-7331, bsfc@haydenir.com

Constantino Gutierrez | Newbridge Securities Corporation
(480) 207-1824 | cgutierrez@newbridgesecurities.com

FAQ

What is the recent vendor agreement announced by Blue Star Foods Corp.?

Blue Star Foods Corp. announced a 12-month vendor agreement to supply its Blue Star and Pacifika brands, potentially generating up to $31 million.

When does the vendor agreement for Blue Star Foods Corp. start?

The vendor agreement for Blue Star Foods Corp. begins in September 2021.

How much revenue does the vendor agreement with Blue Star Foods potentially generate?

The vendor agreement could bring in up to $31 million in wholesale value.

What market is Blue Star Foods targeting with its recent agreement?

Blue Star Foods is targeting the independent restaurant sector and foodservice industry.

What are the expected market conditions for Blue Star Foods in 2021?

Blue Star Foods expects a rebound in the restaurant sector as vaccination campaigns progress and COVID-19 recedes.