Miami, FL, Dec. 14, 2021 (GLOBE NEWSWIRE) -- Blue Star Foods Corp., (NASDAQ:BSFC) (“Blue Star” or “BSFC”), an integrated Environmental, Social, and Governance (ESG) seafood company, today announced that it has signed a term sheet to acquire certain assets of Gault Seafood, LLC (“Gault Seafood”), a Recirculatory Aquaculture Systems (RAS) company with unique technology focused on harvesting the Atlantic Blue Crab during its off-season. Gault Seafood has been in operation for close to 20 years and is based in Beaufort, South Carolina.
“The Gault Seafood team has developed a special RAS technology that will allow us to modify the molting cycle of the Atlantic Blue Crab and therefore be able to harvest them in the off-season. The existing crab season starts in March in Louisiana, and moves slightly northward every couple of weeks until you hit September in New Jersey. Outside of this window, it’s almost impossible to get any of this product and bring it to the North American market. We believe with this technology, we will be able to satisfy consumer’s desire to enjoy the Atlantic Blue Crab all year long.” said Rodrigo Mezerhane, a Senior Project Manager at Blue Star. “We believe that Blue Star has the unique ability to leverage the technology that the team at Gault Seafood have created and scale it to establish a whole new market that does not exist today.”
“The acquisition of Gault Seafood follows an M&A strategy that we have established for ourselves, which is to acquire new innovative technologies, or companies where we can layer in our sustainable resource management model, or that diversifies our offering of marine protein species, “said John Keeler, Chairman and CEO of Blue Star. “This will be our third acquisition in 2 years, and it shows our history of our being able to successfully identify, acquire and operationally integrate new companies into our organization.”
The acquisition of Gault Seafood is being done through a combination of cash and equity. The transaction is expected to close in Q1-2022. Newbridge Securities Corporation is acting as the Exclusive M&A Advisor to Blue Star Foods Corp. and The Crone Law Group is acting as the Company’s Legal Counsel.
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: www.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 the Company’s proposed development and commercial timelines, 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, including the potential listing of the Company’s common stock on Nasdaq, are based on information currently available the Company and its current plans or expectations and are subject to a number of uncertainties and risks 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 March 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.
For more information, please contact:
Brett Maas | Hayden IR
Email: brett@haydenir.com
Office: (646) 536-7331
