Blue Star Foods

Mar 6, 2023

Validates the Business Model to Expand Facility Miami, FL, March 06, 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), is pleased to announce that its wholly-owned RAS subsidiary, Taste of BC Aquafarms, Inc., (“Taste of BC”), has successfully reported key operating performance metrics for the second half of 2022. Average Fish Harvest Weight Over the last 6 months, ending December 31, 2022, the average fish harvest weight has been 1898g. The company targets a minimum of weight of 2000g for its Steelhead Salmon product. Average Harvest Downgrade Percentage Over the last 6 months, ending December 31, 2022, the total harvest downgrade percentage was 5.04%. This metric measures the number of fish at harvest that we did not bring to market at full price in the last stage of the lifecycle. Average Feed Conversion Ratio Over the last 6 months, ending December 31, 2022, we have achieved a feed conversion ratio (FCR) of 1.19KG Feed/Kg, versus the industry standard for open net FCR of 1.20 KG feed/kg(1). (1) Certain industry statistics including Open net Atlantic salmon average harvest weight and industry standard for open net FCR were obtained from the Mowi Handbook (2019). Ben Atkinson, the President of Taste of BC added, “Over the second half of 2022 we were able to increase biomass within our pilot facility an additional 10MT to 50MT. Unprecedented high temperatures stressed the capabilities of the chilling system within our pilot facility which led to poorer growth performance and elevated mortality during the summer months. As a result, total harvest volume was below target for the remainder of the year with the expectation that volumes will increase substantially in the first quarter 2023. A higher downgrade percentage is the result of our decision to prioritize culture space for our best performing cohorts by harvesting some slower growing fish. Overall, our fish are growing to expectations and continue to validate the model used to design our upcoming expansion facility.” About Taste of BC Aquafarms Inc. Taste of BC Aquafarms Inc. is a family operated company located in Nanaimo, British Columbia, Canada. Incorporated in 2010, the company operates the oldest continuously operating Recirculating Aquaculture System (RAS) full grow-out salmon farm in North America. As pioneers in the RAS industry, Taste of BC has proven their technology. Their “Little Cedar Falls” brand Steelhead Salmon has been on the market since 2013, and now is known as a premium land grown, sustainable Salmon. The Company is a member of Ocean Wise. Its corporate website is:  www.littlecedarfalls.com . 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, 2021, 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: