Umami Sustainable Seafood Inc announces completion of private placement

September 2, 2010 13:53

Umami Sustainable Seafood Inc announced that the Company has ended its private placement financing which raised total cash proceeds of approximately USD8.7 million. As previously announced, this private placement was partially completed in June 2010 in conjunction with the closing of a share exchange among the Company and Atlantis Group that resulted in Kali Tuna becoming an indirect wholly owned subsidiary of Umami, reports with reference to Umami Sustainable Seafood Inc.

In announcing these developments, Mr. Steindorsson, the Company's President and Chief Executive Officer, stated: "I am very pleased to report the completion of the first stage of our financing program which has enabled us to acquire a 33% interest in Baja Aquafarms, the leading producer of Pacific Bluefin Tuna in Mexico, with the option to acquire the remaining 67% by September 15, 2010. With the benefit of this acquisition, Umami has already become a very significant world supplier of bluefin tuna."

Mr. Steindorsson continued: "We have built this platform through the combined experience of our management team based in Croatia and Mexico, which has been active in the business for more than 25 years. Our extended cycle farming process of up to 3 years is among the longest in the industry. In addition, our strict adherence to quota in all fishing areas where we operate, together with operational technology developed in conjunction with leading Bluefin research, has resulted in a sustainable model, which we hope will become the foundation of the industry. We believe that with the role as one of the leaders in the field of bluefin tuna farming, comes the responsibility to operate a sustainable model. This is not new to us, having run our Croatian operations for five years, all the while having pressed for lower quotas and stricter control mechanisms, to ensure the durability of the resource."

"I am also pleased to report that Baja has just completed one of the most successful fishing seasons on record in Mexico and this should result in a very successful year financially. Our Japanese customers, to whom we sell under long term contracts, remain our key customers and the recent increases in the market price for premium Bluefin products in Japan are expected to significantly increase the profitability of our operations."

Mr. Steindorsson concluded: "I am very pleased to be making what is effectively our first operational release as a public company. Given developments in the world food market, particularly the emphasis on environmental impact and sustainability, we at Umami believe that intelligent and sensitive development of the Bluefin Tuna industry can present a key source of low environmental impact, high quality fish product. Umami, with its highly successful and sustainable platform intends to be at the forefront of the process."

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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. It also owns a 33% in Baja Aquafarms based in Mexico and has an option to acquire the remaining 67%. The Company intends to become the leader in the Northern Bluefin Tuna industry 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. The Company just completed its name change from Lions Gate Lighting Corp. to Umami Sustainable Seafood Inc. effective August 20, 2010.

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