Blue Star Foods Achieves Significant RAS Division Milestones

Jul 27th, 2022 8:30 EST

Favorable First Half 2022 Operating Metrics at Taste of BC Aquafarms

Miami, FL, July 27, 2022 (GLOBE NEWSWIRE) — Blue Star Foods Corp., (“Blue Star,” “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 achieved recent developments and released key operating performance metrics for the first half of 2022.

Recent Developments and Near-Term Milestones.

Possible Introduction of New Pacific Salmon Species

  • In Q2-2022, Taste of BC hatched its first batch of Chinook Salmon. To date, the fish are performing well in growth trials with good FCR, growth and very low mortality. The Company intends to raise them to an average size of 3kg as it evaluates the potential of future species diversification within the Pacific Salmon family.

Update on Fingerling Contract

  • On December 5, 2021, the Company announced that it had entered into a 2-year agreement to supply Steelhead Salmon fingerlings to another company that produces steelhead salmon in British Columbia, for a value of up approximately $1 million total.
  • The first delivery of those fingerlings is currently scheduled for Q3-2022

Completion of Hatchery

  • The Company intends to complete the construction of its new, state of the art hatchery in Q3-2022. This project is allowing it to evaluate the performance of the next generation designs planned for its large-scale expansion before they are finalized.

Taste of BC Operating Performance Metrics for First Half of 2022.

Average Fish Harvest Weight

  • Over the last 6 months, ending June 30, 2021, the average fish harvest weight has been 1.94Kg. The company targets a minimum of weight of 2kg for its Steelhead Salmon product.

Average Harvest Downgrade Percentage

  • Over the last 6 months, ending June 30, 2021, the total harvest downgrade percentage was 1.3%. 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 June 30, 2021, we have achieved a feed conversion ratio (FCR) of 1.18KG Feed/Kg, versus the industry standard for open net FCR of 1.2 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, “The first six months of 2022 have been focused on increasing standing biomass within our pilot facility as we continue to limit test system capabilities. At the end of Q2-2022, we finished with a standing biomass of 40MT in our facility, which was originally designed for 27MT, without compromising water conditions or fish performance. We are extremely pleased with the capabilities of our pilot system which provides a solid foundation upon which we are designing our forthcoming expansion.”

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. Blue Star Foods Corp. is an integrated ESG seafood company 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, 2020, 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 Contact:[email protected]

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