{"id":405822,"date":"2020-12-28T09:45:49","date_gmt":"2020-12-28T14:45:49","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=405822"},"modified":"2020-12-28T09:45:49","modified_gmt":"2020-12-28T14:45:49","slug":"blue-star-foods-corp-signs-term-sheet-to-acquire-taste-of-bc-aquafarms-inc","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/blue-star-foods-corp-signs-term-sheet-to-acquire-taste-of-bc-aquafarms-inc\/","title":{"rendered":"Blue Star Foods Corp. Signs Term Sheet to Acquire Taste of BC Aquafarms, Inc."},"content":{"rendered":"
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\n Acquisition Would Signify a Strategic Investment into the <\/em>
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\n Recirculating Aquaculture Systems\u00a0(RAS) <\/em>
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\n Industry<\/em>
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Miami, Florida, Dec. 28, 2020 (GLOBE NEWSWIRE) — Blue Star Foods Corp., (OTC: BSFC) (\u201cBlue Star\u201d), a sustainable seafood company, announced today that it has signed a term sheet to acquire Taste of BC Aquafarms, Inc. (\u201cTaste of BC Aquafarms\u201d), a family-owned and operated land-based Recirculating Aquaculture Systems\u00a0(RAS) salmon farming operation, based in Nanaimo, British Columbia, Canada, subject to certain closing conditions.<\/p>\n

\u201cWe believe land-based salmon farming can be part of the solution of healing our environment and will meet the gap between the growing global demand of salmon and a supply that is limited by its environmental impact, as well as geographical and governmental constraints,\u201d said the Company\u2019s Chairman and CEO, John Keeler. Mr. Keeler added, \u201cWe are very thrilled to partner with the Atkinson family, the founders and operators of Taste of BC Aquafarms, who have been pioneers in RAS farming since 2010. They\u2019ve built a proven and scalable model and we are excited to strategically fund their next level of growth and use our sales platform to market their delicious, sashimi-grade, Steelhead Salmon.\u201d<\/p>\n

\u201cWe are delighted to be joining Blue Star Foods through this acquisition. From the beginning, I wanted to create a RAS model that we could easily replicate in multiple locations, with predictable outcomes, and leave a legacy of a new Industry of land-based salmon production in British Columbia and beyond,\u201d said Steve Atkinson, President of Taste of BC Aquafarms. He added, \u201cWe took a different approach than others in developing RAS for salmon production. First, we wanted to develop a proven, successful culture system, and now we are looking to deploy this system in multiples. Our modular design strategy works and is highly scalable. I see no reason why the RAS Salmon production in BC cannot potentially exceed 100,000 metric tons annual production in the next two decades. Along with Blue Star, we intend to be leaders in this new industry.\u201d<\/p>\n

\n Growing Demand for Marine Protein and RAS Technologies Growing Importance<\/em>\n <\/p>\n

According to the United Nations\u2019 estimates, by 2050, the world will have an estimated 9.8 billion people, a 2 billion increase in population from 2020. With a growing population, it is expected that there will be an increase in demand for protein food sources, and a significant amount of that demand will be for marine protein.<\/p>\n

RAS technologies are a disruptive, non-invasive, land-based aquaculture method that is expected to reshape the seafood industry over the next several decades. RAS land-based farming avoids some of the current pitfalls of existing methods of sourcing salmon, including:<\/p>\n