SAN DIEGO, December 9, 2010 /PRNewswire-FirstCall/ -- Umami
Sustainable Seafood Inc. (OTCBB:UMAM) ("Umami" or the "Company")
today announced that it expects to have harvested approximately
1,400 metric tons of bluefin tuna, with a sales value of
approximately $25 million, for the
six months ending December 31,
2010.
The Company expects to harvest approximately 400 metric tons of
bluefin tuna at its Kali Tuna operation in Croatia and 1,000 metric tons at its Baja Aqua
Farms operation in Mexico. Of the
1,000 metric tons at Baja,
approximately 650 metric tons were harvested prior to Umami's
completion of the acquisition of Baja. Umami's interest in those sales will be
included in the income statement under earnings from investment in
unconsolidated affiliates for the period. Those sales made after
completion of the full acquisition of Baja, estimated to total 350 metric tons, will
be included in Umami's sales and operating results for the six
months ending December 31, 2010.
The Company also announced that it expects to end the six months
ending December 31, 2010 with
approximately 5,000 metric tons of biomass which are available for
sale or further growth at its farming facilities.
In announcing these results, Oli Steindorsson, Chairman and CEO
commented: "Following the announcement of the closing of the
Baja acquisition last week, it is
gratifying to see our harvest generating significant cash flow to
assist in the operational expansion of our business, as well as
strong operating results. We believe that the acquisition of
Baja has elevated our bluefin
operations to higher standards and we will continue to harness the
benefits of our sustainable operating platform to generate superior
financial results."
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 aquaculture for
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 businesses
of Kali Tuna and Baja
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.