SAN DIEGO, CA — Umami Sustainable Seafood Inc. (OTCBB:UMAM) ("Umami" or the "Company"), a fish farming company supplying sashimi-grade Northern Bluefin Tuna to the global market, expects to report approximately $42 million in sales related to approximately 2,200 metric tons of bluefin tuna for the quarter ended March 31, 2011. For the nine months ended March 31, 2011 our sales total $56 million related to approximately 2,800 metric tons of bluefin tuna.
The combined operations sold approximately $70 million in sales of Northern Bluefin Tuna at the conclusion of the current season's harvests for its Croatia (Kali Tuna) and Ensenada, Mexico (Baja Aqua Farms) based aquaculture operations. The harvest concluded the week of March 27, 2011, and represented sales of approximately 3,500 metric tons for the combined operations. Sales from the Baja Aqua Farms operation prior to the acquisition of 100% of the operations (sales prior to December 1, 2010 totaling $14 million) are not included in Umami's consolidated sales amount. From December 1, 2010 and into the future the financial results include and will include Baja fully consolidated into Umami.
"We are extremely satisfied with the yield of tuna from this season's harvest at our Kali Tuna and Baja Aqua Farms facilities," said Oli Steindorsson, Chairman and Chief Executive Officer of Umami. "Once again, we have demonstrated that our sustainable fish farming practices are capable of maximizing our annual harvest production and we are looking forward with great anticipation to the coming fishing season. We are confident that our sustainable farming practices will give Umami a distinct advantage over our competitors because of our up to three-and-a-half-year growth cycle in our pens before harvest. Longer time in captivity allows Umami to grow the fish to a larger and more valuable marketable weight before harvesting, which also helps sustain the wild population and lessens the impact of established fishing quotas."
A stock assessment conducted by ICCAT's scientific body (SCRS) in autumn 2010 calculated the Mediterranean stock of Northern Bluefin Tuna at 175,000 metric tons, a significant improvement over a 2007 estimate of 78,000 metric tons.
"We were pleased to see the population estimates for this important resource in the Mediterranean improve over the past few years and we are proud to be helping in that effort in some small way," said Mr. Steindorsson.
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, 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. 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.
Source: Umami Sustainable Seafood Inc.
