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 that its Chairman and CEO John Keeler
provided the following letter to shareholders.
Blue Star Foods Corp remains committed to
transparency and integrity. As to the allege increased in debt
levels, recently publish in a seafood trade publication, herein
below is a comparative table of Blue Star liabilities quarter
ending June 30, 2024, versus same period 2023. Which shows a 50.4%
reduction in total liabilities and strengthening its balance sheet
by $4,630,557 in Shareholder equity.
CURRENT LIABILITIES |
|
6/30/24 |
|
6/30/23 |
|
(Decreased by %) |
Accounts payable
and accruals |
|
$ |
839,494 |
|
|
$ |
1,246,465 |
|
|
|
(33 |
%) |
Customer refunds |
|
$ |
107,587 |
|
|
|
|
|
|
|
|
|
Deferred income |
|
|
— |
|
|
$ |
48,170 |
|
|
|
(100 |
%) |
Current Maturities of
long-Term debt, net of discounts |
|
|
|
|
|
$ |
2,250,343 |
|
|
|
(100 |
%) |
Current maturities of lease
liabilities |
|
$ |
35,852 |
|
|
$ |
52,657 |
|
|
|
(32 |
%) |
Current maturities of related
party long-term notes |
|
$ |
100,000 |
|
|
$ |
275,000 |
|
|
|
(64 |
%) |
Loan payable |
|
$ |
829,754 |
|
|
$ |
514,711 |
|
|
|
39 |
% |
Related party notes payable -
subordinated |
|
$ |
44,038 |
|
|
$ |
830,339 |
|
|
|
(95 |
%) |
Derivative liability |
|
$ |
484,350 |
|
|
$ |
430,402 |
|
|
|
13 |
% |
Warrants liability |
|
$ |
550 |
|
|
$ |
116,247 |
|
|
|
(99.9 |
%) |
Other current liabilities |
|
$ |
790,881 |
|
|
$ |
790,881 |
|
|
|
|
|
Total Current
Liabilities |
|
$ |
3,232,506 |
|
|
$ |
6,555,215 |
|
|
|
(51 |
%) |
LONG-TERM
LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
Lease liability, net of
current portion |
|
$ |
68,936 |
|
|
$ |
120,611 |
|
|
|
(43 |
%) |
Debt, net of current portion
and discounts |
|
$ |
188,509 |
|
|
$ |
287,149 |
|
|
|
(34 |
%) |
related party notes, net of
current position |
|
|
|
|
|
$ |
75,000 |
|
|
|
(100 |
%) |
TOTAL
LIABILITIES |
|
$ |
3,489,951 |
|
|
$ |
7,037,975 |
|
|
|
(50.4 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
John Keeler, Chairman and CEO of Blue Star,
stated, “I feel it necessary to release this shareholder letter as
we are aware of and navigating difficulties with Taste of BC
Aquafarm's parcel landlord’s libel and slander campaign against
Blue Star Foods, Corp.”
Blue Star Foods Corp and its Canadian
subsidiary, Taste of BC Aquafarm, Inc. (“TOBC”), have confronted
challenges stemming from interactions with TOBC’s parcel landlord,
from whom Blue Star acquired Taste of BC Aquafarm, Inc. in 2021.
These incidents have been accompanied by tort interference as
recent as July, 2024 and other past actions orchestrated by his
son’s malevolent and willful management negligence, while at helm
of Taste of BC, which was terminated in February 2024. Solely for
own personal and financial gain, that seem aimed at undermining
both economic stability and corporate reputation.
Steve Atkinson, in his capacity as parcel
landlord, has been formally accused of interfering with the
functions of Taste of BC, causing human capital employed time loss
to deter Mr. Atkinson’s malevolent, negligent and malicious acts.
Employees have reported numerous instances of harassment,
undermining their ability to perform their duties in a secure and
productive environment
In a particularly concerning turn, there is
evidence (including CCTV recordings) of trespassing and property
vandalization attributed to Steve Atkinson. However, The Taste of
BC Aquafarms’ team championed by safeguarding the equipment and
fish at the farm.
The situation is further compounded by an
orchestrated campaign of libel and slander against Blue Star Foods
Corp. Various reports from industry publications have surfaced,
seemingly stemming from Mr. Atkinson’s disseminating half-truth,
false rumors and lies.
Blue Star is on the right side of the truth and
is focusing on factual communication, the company aims to protect
its interests and of its shareholders, while continuing to advance
its mission in sustainable seafood production & targeted
revenue growth.
Considering libel and slander reputational
campaign, Blue Star Foods appreciates the continued support from
its employees, supply and distributor partners, and most
importantly seeking support from its shareholders. Together, let’s
aim to overcome these adversities, seek legal claims and remedies
against the reputational perpetrator(s), while retaining focus on
growth, innovation and contribution to the aquaculture industry. It
is essential to transform challenges into opportunities for growth,
resilience, and strengthened relationships within the industry.
On February 15, 2024; Benjamin Atkinson’s employment was
terminated as president of Taste of BC Aquafarm.
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, 2023, 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
Blue Star Foods (NASDAQ:BSFC)
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