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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$200,000 (excluding VAT & Freight), this contract is set to increase Taste of BC's production capability up to 200 Tons HOG Steelhead salmon in 2025 & 2026. This boost equates to an impressive CAD$2.315 million in projected revenues at current selling prices, driven by the growing demand for wholesome, sushi-grade fish.
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 40% reduction of our LOX cost. When completed, these highly optimized RAS module have all components dimensioned to work harmoniously at their peak output, thereby maximizing value for money, coupled with our standardized and predictable harvest processes, demonstrate our unwavering commitment to continuing success in Recirculating Aquaculture Systems (RAS).
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.
Posted In: BSFC
