Benzinga | Dec 14, 2021 07:15AM EST

EXCLUSIVE: Blue Star Foods Corp To Acquire The Assets Of Gault Seafood, LLC, No Terms Disclosed

Miami, FL, December 14, 2021, 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.