SAN DIEGO, November 29, 2011 /PRNewswire/ --
- First Phase of Harvesting of FY ending June 2012 Finalized
- Tuna Prices Increase 38% From Last Harvesting
Season
Umami Sustainable Seafood Inc. (OTCBB: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
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.
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.