| Source: Blue Star Foods Corp.
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.
Taste of BC Aquafarms Operating Performance Metrics for 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 FeedConversion 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
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