Miami, FL, June 30, 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), today announced it has officially received an option from Beaufort County, South Carolina to purchase land for its RAS expansion.
Blue Star is working closely with the South Carolina Department of Commerce in regards to economic development and incentives specific for the crab project in Beaufort County. The Company is reviewing the incentive summary with the proposed tax breaks, abatements and other incentives offered for the project in order to finalize the capital needed to build the facility. Preliminary proposals from South Carolina are offering up to $3 million in incentives.
Atlantic Blue crab is going to be the main source of crabs to support the Soft Shell Crab facility operation, which the Company targets for 3.5 million crabs per year.
The land has 9.47 acres, which can accommodate up to 100,000 square foot building. An approximate investment of $11,410,000 in real property (land and building) will be used to construct a new facility. Plus, tangible property (machinery and equipment). Furthermore, the integration of a Crab Hatchery at location, will allow us to be truly vertically integrated. As well as, having the largest Soft Shell Crab facility in the entire eastern shore of the United States. A remarkable circular economy seafood business.
John Keeler, Chairman and CEO of Blue Star Foods, commented, “We are thrilled to partner with Beaufort County, South Carolina in expanding our softshell crab RAS shedding operations, processing & cold storage facility. We are proud to be creating up to 48 new jobs over the next 3 years. Our Special Purpose Vehicle (SPV) financing will kick-off once we execute our agreement with Beaufort County, and along with $3 million in incentives, will enable us to access less dilutive capital in order to purchase the land and build our facility.”
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.
Investor Contacts:
investors@bluestarfoods.com
