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Blue Star Foods Corp. (NASDAQ: BSFC) is a global leader in the seafood processing and import industry, headquartered in Miami. The company specializes in the import, packaging, and sale of refrigerated pasteurized crab meat and other premium seafood products. Blue Star Foods derives its revenue from importing blue and red swimming crab meat from Indonesia, Philippines, and China, distributing it across the United States and Canada under an array of premium brand names such as Blue Star, Oceanica, Pacifika, Crab & Go, First Choice, Good Stuff, Coastal Pride Fresh, and Little Cedar Falls for steelhead salmon and rainbow trout fingerlings.
Blue Star Foods is renowned for its innovative packaging solutions, which have significantly reduced the use of recycled materials and minimized its carbon footprint, keeping millions of pounds of packaging waste out of the environment. The company has been a frontrunner in ensuring verifiable traceability and sustainability in the global seafood market. Upcoming technological advancements are set to further enhance their resource management practices, benefiting both end users and consumers.
With a major focus on the blue swimming crab species, Blue Star Foods has optimized its supply chain efficiencies, and these advancements are seamlessly extending to other species and categories. The company continues to lead by example in sustainability, ensuring that every step in its supply chain adheres to the highest standards.
Recent achievements include the development and launch of new applications aimed at improving resource management and product traceability. Blue Star Foods’ commitment to sustainability and innovation positions it as a key player in the international seafood market.
- Headquarters: Miami, USA
- Products: Refrigerated pasteurized crab meat, premium seafood
- Brands: Blue Star, Oceanica, Pacifika, Crab & Go, First Choice, Good Stuff, Coastal Pride Fresh, Little Cedar Falls
- Key Markets: United States, Canada
- Recent Innovations: Advanced packaging solutions, resource management tech
Blue Star Foods Corp. (NASDAQ:BSFC) reported significant growth for Q3-2021, achieving sales of $3.726 million, a 75% increase from $2.129 million in Q2-2021. The company successfully uplisted to NASDAQ on November 3, 2021, raising $4 million in a registered securities offering to bolster its operations. The RAS division continues to progress with plans for a new land-based salmon farming facility in British Columbia. Despite a net loss of $161,788, the adjusted cash net income improved to $367,382, reflecting strong operational momentum.
Blue Star Foods Corp. (NASDAQ:BSFC) announced plans to establish a larger-scale land-based steelhead salmon farm through its subsidiary, Taste of BC Aquafarms (TBC), in Deep Bay, British Columbia. The company secured a 20-year land-lease for approximately 20 acres with an option for 10 additional acres, situated in an Agricultural Land Reserve, facilitating commercial aquaculture without re-zoning. The farm aims for annual production of up to 4,500 MT utilizing low-cost hydro-electricity, aligning with Blue Star's sustainable practices.
Blue Star Foods Corp. (NASDAQ:BSFC) has successfully closed its public offering of 800,000 shares at $5.00 each, raising $4.0 million before expenses. The underwriters also received a 45-day option for an additional 120,000 shares. Proceeds are earmarked for general corporate purposes including working capital and capital expenditures. The shares began trading on Nasdaq on November 3, 2021. This offering follows an effective registration with the SEC, ensuring compliance with securities laws.
Blue Star Foods Corp. (NASDAQ: BSFC) announced the pricing of a public offering of 800,000 shares at $5.00 per share, raising total gross proceeds of $4 million. Underwriters have a 45-day option to purchase an additional 120,000 shares. The offering is expected to close by November 5, 2021, with trading commencing on NASDAQ on November 3, 2021. Proceeds will support general corporate purposes, including working capital and capital expenditures.
Blue Star Foods Corp. (OTC: BSFC) participated in an FAO forum discussing land-based aquaculture's role in enhancing supply chain resiliency. CEO John Keeler highlighted challenges posed by COVID-19 and climate change on fisheries, emphasizing the advantages of Recirculating Aquaculture Systems (RAS). Blue Star is developing a large-scale RAS facility in British Columbia to meet rising global seafood demand, utilizing technology and sustainability practices. The company operates North America's oldest RAS salmon farm, reflecting its commitment to eco-friendly seafood production.
Blue Star Foods Corp. (OTC: BSFC) announced the completion of a preliminary design for a new 1,500 Tonne Steelhead Farm in British Columbia, facilitated by its subsidiary, Taste of BC Aquafarms. Designed in collaboration with PRAqua, the facility aims to achieve annual production capacity of 21,000 Tonnes over time. The approach leverages ten years of operational experience and advanced Recirculating Aquaculture Systems technology. With a focus on scalability and efficiency, the project builds upon the success of the Nanaimo facility, which has consistently exceeded production targets.
Blue Star Foods Corp. (BSFC) has announced its plans to develop the first full-scale commercial Salmon Recirculating Aquaculture System (RAS) in British Columbia. Following the acquisition of Taste of BC Aquafarms, Inc. (TBC), BSFC is in final negotiations for a site and aims to start the permitting process soon. Currently, they operate a facility in Nanaimo, with production exceeding targets and 98% of fish meeting market specifications. The company anticipates producing 21,000 tons of Pacific Salmon by 2028 and is applying for Nasdaq Capital Market listing.
Blue Star Foods Corp. (OTC: BSFC) announced its participation in the 14th annual LD Micro Main Event to be held virtually from October 12-14, 2021. CEO John Keeler will present on October 12 at 10 a.m. ET, discussing two recent acquisitions and additional financing to boost business growth and support new orders. The event will feature around 150 companies, with each presentation lasting 25 minutes. Register for the presentation here.
Blue Star Foods Corp. (OTC: BSFC) announced that CEO John Keeler will present at the Virtual Rocket Pitch + Power Networking hosted by CONNECTpreneur Investor Network. The event is scheduled for September 30, 2021, from 11 a.m. to 1 p.m. ET. Blue Star is an integrated Environmental, Social, and Governance (ESG) seafood company specializing in processing, packaging, and selling high-value seafood products. The company is recognized for utilizing advanced technology for sustainability and owns North America's oldest RAS salmon farm.
Blue Star Foods Corp. (OTC: BSFC) reported Q2-2021 results with revenues of $2.129 million, down from $2.485 million in Q1-2021, primarily due to industry-wide supply chain challenges. The company announced the acquisition of Taste of BC Aquafarms and completed a $3 million private placement to strengthen its balance sheet. Operating expenses rose 12% to $843,319, driven by one-time legal fees. Adjusted cash net income improved to $31,573 from a loss, but net income remains a loss of $437,127.
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