Attached files
| file | filename |
|---|---|
| 8-K - Umami Sustainable Seafood Inc. | v204719_8-k.htm |
SAN
DIEGO, December 3, 2010 /PRNewswire-FirstCall/ -- Umami Sustainable Seafood Inc.
(OTCBB:UMAM.ob
- News) (the
"Umami" or "Company") today announced that the Company completed the acquisition
of Baja Aqua Farms, Mexico's leading producer of bluefin tuna.
In July
2010, The Company acquired 33% interest in Baja Aqua Farms along with an option
to acquire an additional 66.98%. Umami exercised their option and the
transaction closed with the result that Baja is now a 99.98% owned subsidiary of
Umami.
Completing
the Baja Aqua Farms acquisition, Oli Steindorsson, Umami's Chairman stated;
"This is a milestone achievement for our Company. Combining Baja with our
existing Croatian operations positions Umami as one of the worlds' leading
producers of bluefin tuna. We are confident that owning a leading production
platform adjacent to one of the world's key markets for premium tuna will
facilitate greater access to that marketplace as well as strengthening our
company's global reach. In addition to doubling our annual production of
Northern bluefin tuna, the completed acquisition of Baja Aqua Farms should
increase our global market share of this premium food to over 20%. The corporate
synergies and expected operating efficiencies from the merger with respect to
marketing and distribution should help create cost savings and improved
operating margins. Moving forward, our goal is to seek additional strategic
acquisitions to complement our existing operations in Croatia and Mexico to help
build market share."
Mr.
Steindorsson concluded "At Umami we never lose sight of the fact that, first and
foremost, we operate a sustainable production platform. Umami is consistently at
the forefront in the efforts of adjusting catch quotas to scientific advice as
we are well aware that the bluefin tuna represents a scarce and precious
resource and that, in order for the industry to prosper, it is imperative that
operators take great care of the issues of stock levels and quota."
Vilhelm
Gudmundsson the Chief Executive Officer of Baja stated "We are glad to be
combining Baja with Umami. Both companies have been leaders in pursuing a
sustainable production model for Northern bluefin tuna and we believe the
combination of the management teams combines many years of successful
aquaculture operating experience that both operations will profit
from."
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 the 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 business of Kali Tuna 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.