Blue Star Foods (BSFC) Issues Shareholder Letter from CEO

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.

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.

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