Blue Star Foods Executes Transformational Master Service Agreement to Generate an Expected $20 Million Additional Revenue in 2024
Miami, FL, Feb. 21, 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), is pleased to announce its signing of a Master Service Agreement with a vertically integrated seafood value added provider.
The fully integrated seafood provider adds value from, sourcing to preparing and distributing its gourmet meals through 2,776 retail outlets. It innovates and develops finished value-added meals under several brands, including retail partner private label brands. Its products range from raw retail and food service seafood steaks and portions to dishes, such as quiche, dips, salads, and gourmet seafood entrees.
The Master Service Agreement calls for Blue Star to assist with sourcing, operations, and distribution of its products and to continue to serve its existing business.
John Keeler, CEO of Blue Star Foods, commented, "We are thrilled to join forces with this team in what is truly a transformational event for Blue Star Foods. Under its current leadership in business development and sales and its chef's wizardry in the creation of avant garde gourmet recipes, they have built a $20 million annual business. We have identified several ways to integrate and optimize the businesses, which we expect to undertake over the next few months."
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, 2022, 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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