Blue Star Foods provides shareholder update

Blue Star Foods provides a Shareholder Update, from its Chairman and Chief Executive Officer John Keeler. “I write to you today with gratitude, pride and excitement. Gratitude and pride for the dedication and support of our employees, partners and shareholders in our accomplishments to date, and great excitement for the value I see for us in the path ahead. Our Quarterly Report 10Q was filed with the U.S. Securities and Exchange on November 20, 2023. While our year-to-date 2023 revenues of $5.1 million were not as high as expected, our quarterly losses have been declining throughout the year. Additionally, we paid off convertible debt, which had caused derivative accounting warrants liability on our balance sheet, as that reduced debt goes back to increasing our equity. Importantly, those warrants liabilities reserves are not related in any way to the cash operations of the Company. The previously taken steps of reducing our corporate and operating expenses and streamlining our business has improve our financial condition. Of note, we have significantly reduced our cash burn, substantially reduced the debt net of discounts to $0.9 million and currently maintain $4.1 million in cash, inventory and A/R. We could buy our current market capitalization with board consent. We currently have 14.4 million shares outstanding. Now turning to our business, we continue to make progress with our RAS segment, highlighted by our option to purchase land in South Carolina for our expansion. Our recently reported quarterly revenue was lower than expected due to us delaying our salmon harvest for two months… Overall, management is focused on returning to revenue growth and profitability. We continue to explore strategic opportunities for growth that are both acquisitive and organic, as we recognize we need to be of larger size in order to build shareholder value.”