SAN DIEGO, March 9, 2011 /PRNewswire/ -- Umami Sustainable
Seafood Inc. (OTCBB:UMAM) ("Umami" or the "Company") today
announced that following an acquisition of about 150 metric tons of
live bluefin tuna in Croatia from
an unrelated third party (hereinafter: "the Vendor") in
January 2011, the Company has also
concluded an agreement with the Vendor that secures the transfer of
the Vendor's current tuna farming concessions in Croatia to Kali Tuna, Umami's Croatian
subsidiary, subject to the formal approval of the respective
Croatian Authority. These concessions relate to 1,500 metric tons
of farming capacity and respective farming licenses.
The additional concessions would increase Kali Tuna's approved
farming capacity in Croatia by
approximately 45%, from 3,300 metric tons to 4,800 metric tons of
capacity. As part of the agreement on the transfer of concessions,
Kali Tuna has agreed to purchase certain bluefin farming assets
from the same Vendor once Kali Tuna receives final approval for the
concession transfer. The concessions and assets are located in
close proximity to Split, Croatia,
and are less than 100 miles from Kali Tuna's present operations in
Kali, Croatia. Total consideration
for the concessions, the related farming assets and the 150 metric
tons of bluefin tuna will be approximately $4.9 million.
In announcing the acquisition, Oli Steindorsson, Chairman and
CEO commented: "The additional concessions which we are acquiring,
subject to the local county's formal approval, are an integral part
of our plan to increase capacity in Croatia in order to achieve higher levels of
sustainable production of bluefin tuna. We purchased live bluefin
tuna to effectively secure the acquisition of the farming
concessions and assets, facilitating an increase in Kali Tuna's
level of sustainable production. The locations of the new
concessions are in the protected waters of the Adriatic Sea and the
physical distance is close enough to our present Kali facilities
for efficient operations and far enough to allow geographic
diversity of locations."
Mr. Steindorsson concluded: "Coming on the back of our
acquisition of Baja Aquafarms in Mexico, the purchase of the additional
concessions in Croatia reflects
Umami's commitment to building our sustainable production base for
bluefin tuna and to growing into one of the world's leading
participants in sustainable aquaculture. The additions to our
capacity should allow Umami to achieve over 5,000 metric tons of
sustainable production by fiscal year 2013."
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.