SAN DIEGO, California,
April 1, 2011 /PRNewswire-FirstCall/
-- Umami Sustainable Seafood Inc. (OTCBB:UMAM) ("Umami" or the
"Company"), a fish farming company supplying sashimi-grade Northern
Bluefin Tuna to the global market, expects to report approximately
$42 million in sales related to
approximately 2,200 metric tons of bluefin tuna for the quarter
ended March 31, 2011. For the nine
months ended March 31, 2011 our sales
total $56 million related to
approximately 2,800 metric tons of bluefin tuna.
The combined operations sold approximately $70 million in sales of Northern Bluefin Tuna at
the conclusion of the current season's harvests for its
Croatia (Kali Tuna) and
Ensenada, Mexico (Baja Aqua Farms)
based aquaculture operations. The harvest concluded the week of
March 27, 2011, and represented sales
of approximately 3,500 metric tons for the combined operations.
Sales from the Baja Aqua Farms operation prior to the acquisition
of 100% of the operations (sales prior to December 1, 2010 totaling $14 million) are not included in Umami's
consolidated sales amount. From December 1,
2010 and into the future the financial results include and
will include Baja fully
consolidated into Umami.
"We are extremely satisfied with the yield of tuna from this
season's harvest at our Kali Tuna and Baja Aqua Farms facilities,"
said Oli Steindorsson, Chairman and Chief Executive Officer of
Umami. "Once again, we have demonstrated that our sustainable fish
farming practices are capable of maximizing our annual harvest
production and we are looking forward with great anticipation to
the coming fishing season. We are confident that our sustainable
farming practices will give Umami a distinct advantage over our
competitors because of our up to three-and-a-half-year growth cycle
in our pens before harvest. Longer time in captivity allows Umami
to grow the fish to a larger and more valuable marketable weight
before harvesting, which also helps sustain the wild population and
lessens the impact of established fishing quotas."
A stock assessment conducted by ICCAT's scientific body (SCRS)
in autumn 2010 calculated the Mediterranean stock of Northern
Bluefin Tuna at 175,000 metric tons, a significant improvement over
a 2007 estimate of 78,000 metric tons.
"We were pleased to see the population estimates for this
important resource in the Mediterranean improve over the past few
years and we are proud to be helping in that effort in some small
way," said Mr. Steindorsson.
About Umami Sustainable Seafood Inc.
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. For more information, please visit
http://www.umamiseafood.com.
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.