Umami Sells and Delivers Bluefin Tuna Worth Approximately $50 Million
SAN DIEGO, November 29, 2011 /PRNewswire via COMTEX/ -- First Phase of Harvesting
of FY ending June 2012 Finalized
Tuna Prices Increase 38% From Last Harvesting Season
Umami Sustainable Seafood Inc. (UMAM) ("Umami" or the "Company"), a holding
company of fish farms supplying sashimi-grade Northern Bluefin Tuna to the global
market, is pleased to announce that its subsidiary Baja Aqua Farms has sold and
delivered approximately $50 million worth of tuna harvested at Baja's Mexican
facility.
The sales reflect an increase of 38% in the price paid per kilo of tuna compared
to the price paid for tuna in the last fiscal year.
Harvesting at Baja began in late August 2011 and finished last week.
Traditionally, harvesting at Baja takes place from November to March, but the new
harvesting schedule provides our clients with additional options going forward.
Harvesting at Kali Tuna, Umami's Croatian operation, is planned to start in
December, and is projected to be substantially complete by early March 2012.
Oli Steindorsson, Chairman and Chief Executive of Umami, commented:
"The successful change in of Baja's harvesting schedule is another example of why
the merger of the Kali and Baja operations is beneficial. Umami can now offer its
clients premium sashimi-grade Bluefin Tuna eight months out of every year,
instead of the previous three month window. It also means that Umami's annual
cash flows are stabilizing and the company will become less dependent on
short-term debt.
In addition to the 38% rise in tuna prices this year as compared to last year,
improvement in our operations and other factors have helped to improve our profit
margin on sales contracts. We are especially pleased that our fish farming
process has matured enough so that we are now able to shift and extend our
harvest schedule in order to take maximum advantage of current market
conditions."
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 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 Umami.
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.
Contacts
Umami Sustainable Seafood Inc. Oli Steindorsson Chairman and CEO +1-619-544-9177
The Investor Relations Group +1-212-825-3210 Investor Relations: Erika Moran or
Adam Holdsworth
Public Relations: Laura Colontrelle or Enrique Briz
SOURCE Umami Sustainable Seafood Inc.
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