Will Utilize Proven Technology and Process for up to 1500 Metric Tons Capacity

Miami, FL, Dec. 12, 2022 (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 subsidiary, Taste of BC Aquafarms, submitted an application for an aquaculture license to the Department of Fisheries and Oceans (DFO). Taste of BC Aquafarms is seeking approval for a land-based recirculatory aquaculture system (RAS) salmon farm.

The proposed facility in Campbell River, BC (British Columbia) will annually produce 1500 metric tons (MT) of head on gutted Steelhead Salmon which is equivalent to 13 million meals of sustainably raised salmon. The cutting-edge facility will use Taste of BC’s module based recirculating aquaculture system (RAS). Construction is anticipated to commence Q2 2023 with an investment of approximately $35 million.

Rendering of planned site.

“Since the Government of Canada has committed to a transition of the ocean-based salmon farming industry to more sustainable and environmentally sensitive technologies, we are excited to be able to lead in the development of land-based salmon farming here in BC. Our approach certainly meets their objectives, and we anticipate strong support from DFO for this project.” said Steve Atkinson, Managing Director, Taste of BC Aquafarms. “Salmon farming is a vital part of our economy here on Vancouver Island and we look forward to being a major part of its future. This is the first of several farms we intend to build.”

John Keeler, Chairman and CEO of Blue Star Foods, commented, “Our current facility in BC has proven our technology, growing salmon since 2013 and harvesting since 2014, with an annual target of 100 MTs. This new proposed facility will be built in modules essentially replicating what our team has done successfully over the years, and will be situated on land that has ample room for additional expansion in the future. The expected $35 million investment will come from government backed loans, grants and a Special Purpose Vehicle (SPV) we are in midst of forming. The SPV will be marketed through various networks that have had past success in raising money for infrastructure projects and companies. Of note, the capital requirement is needed over time and the SPV structure will have continuous closings, enabling us to access capital as it is needed. We expect to launch the SPV in January.”

The proposed site is co-located with a local distillery and barley farm. The 380-acre site features abundant fresh water with capacity for future expansion. The salmon farm will operate with zero discharge off-site by capturing the water and nutrient discharges from the facility to fertilize the adjacent crops.

“I am pleased to co-operate with others on the property in our shared vision for sustainable, local food production.” said Ben Atkinson, CEO, Taste of BC Aquafarms Inc. “The nutrient created by growing salmon will be used to grow barley which in turn will be distilled into Spirits. In this facility we will grow our salmon with innovative technology that respects the environment and ensures no contact with wild salmon species on our coast.”

About Taste of BC Aquafarms Inc.

Taste of BC Aquafarms Inc. located in Nanaimo, British Columbia, Canada. Incorporated in 2010, 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.

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.

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