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| 8-K - Umami Sustainable Seafood Inc. | v205389_8-k.htm |
UMAMI
SUSTAINABLE SEAFOOD INC. ANNOUNCES ESTIMATES OF FIRST HALF SALES
San
Diego, December 9, 2010: Umami Sustainable Seafood Inc. (OTCBB:UMAM) (“Umami” or
the “Company") today announced that it expects to have harvested
approximately 1,400 metric tons of bluefin tuna, with a sales value of
approximately $25 million, for the six months ending December 31,
2010.
The
Company expects to harvest approximately 400 metric tons of bluefin tuna at its
Kali Tuna operation in Croatia and 1,000 metric tons at its Baja Aqua Farms
operation in Mexico. Of the 1,000 metric tons at Baja, approximately
650 metric tons were harvested prior to Umami’s completion of the acquisition of
Baja. Umami’s interest in those sales will be included in
the income statement under earnings from investment in unconsolidated
affiliates for the period. Those sales made after completion of the
full acquisition of Baja, estimated to total 350 metric tons, will be included
in Umami’s sales and operating results for the six months ending December 31,
2010.
The
Company also announced that it expects to end the six months ending December 31,
2010 with approximately 5,000 metric tons of biomass which are available for
sale or further growth at its farming facilities.
In
announcing these results, Oli Steindorsson, Chairman and CEO commented:
“Following the announcement of the closing of the Baja acquisition last week, it
is gratifying to see our harvest generating significant cash flow to assist in
the operational expansion of our business, as well as strong operating results.
We believe that the acquisition of Baja has elevated our bluefin operations to
higher standards and we will continue to harness the benefits of our sustainable
operating platform to generate superior financial results.”
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 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.
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.