SAN DIEGO, December 3, 2010 /PRNewswire-FirstCall/ -- Umami
Sustainable Seafood Inc. (OTCBB:UMAM) (the "Umami" or "Company")
today announced that the Company completed the acquisition of Baja
Aqua Farms, Mexico's leading
producer of bluefin tuna.
In July 2010, The Company acquired
33% interest in Baja Aqua Farms along with an option to acquire an
additional 66.98%. Umami exercised their option and the transaction
closed with the result that Baja
is now a 99.98% owned subsidiary of Umami.
Completing the Baja Aqua Farms acquisition, Oli Steindorsson,
Umami's Chairman stated; "This is a milestone achievement for our
Company. Combining Baja with our
existing Croatian operations positions Umami as one of the worlds'
leading producers of bluefin tuna. We are confident that owning a
leading production platform adjacent to one of the world's key
markets for premium tuna will facilitate greater access to that
marketplace as well as strengthening our company's global reach. In
addition to doubling our annual production of Northern bluefin
tuna, the completed acquisition of Baja Aqua Farms should increase
our global market share of this premium food to over 20%. The
corporate synergies and expected operating efficiencies from the
merger with respect to marketing and distribution should help
create cost savings and improved operating margins. Moving forward,
our goal is to seek additional strategic acquisitions to complement
our existing operations in Croatia
and Mexico to help build market
share."
Mr. Steindorsson concluded "At Umami we never lose sight of the
fact that, first and foremost, we operate a sustainable production
platform. Umami is consistently at the forefront in the efforts of
adjusting catch quotas to scientific advice as we are well aware
that the bluefin tuna represents a scarce and precious resource and
that, in order for the industry to prosper, it is imperative that
operators take great care of the issues of stock levels and
quota."
Vilhelm Gudmundsson the Chief
Executive Officer of Baja stated
"We are glad to be combining Baja
with Umami. Both companies have been leaders in pursuing a
sustainable production model for Northern bluefin tuna and we
believe the combination of the management teams combines many years
of successful aquaculture operating experience that both operations
will profit from."
About the Company
The Company owns and operates Kali Tuna, which is an established
Croatian based aquaculture operation, raising Northern bluefin tuna
in the Croatian part of the Adriatic Sea and, as of November 30, 2010, Baja Aqua Farms which is an
established Mexico based
aquaculture operation raising Northern bluefin tuna in the Pacific.
The Company intends to become the leader in the Northern bluefin
tuna by acquisition and internal growth. The growth of the Company
will be founded on the sustainable management of resources and
economically sound practices, seeking opportunities resulting from
market consolidation and scientific progress in the industry. We
also intend to continue our research into closed cycle farming
technology for bluefin tuna, which has produced encouraging
results.
Notice Regarding Forward Looking Statements
This press release contains projections and forward-looking
statements, as that term is defined in Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. Statements in this
press release, which are not purely historical, are forward-looking
statements and can include, without limitation, statements based on
current expectations involving a number of risks and uncertainties
and which are not guarantees of future performance of the Company.
There are numerous risks and uncertainties that could cause actual
results and the Company's plans and objectives to differ materially
from those expressed in the forward-looking information, including
(i) adverse market conditions; (ii) any adverse occurrence with
respect to the farmed seafood industry generally or the business of
Kali Tuna specifically; and (iii) changes in the regulatory
environment. Actual results and future events could differ
materially from those anticipated in such information. These and
all subsequent written and oral forward-looking information are
based on estimates and opinions of management on the dates they are
made and are expressly qualified in their entirety by this notice.
Although the Company believes that the beliefs, plans, expectations
and intentions contained in this press release are reasonable,
there can be no assurance those beliefs, plans, expectations or
intentions will prove to be accurate. Investors should consult all
of the information set forth herein and should also refer to the
risk factors set forth in the Company's Annual Report on Form 10-K
filed on October 22, 2010, and other
reports filed or to be filed from time-to-time with the Securities
and Exchange Commission.
SOURCE Umami Sustainable Seafood Inc.