Umami Sustainable Seafood Inc. (OTCBB:UMAM) (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."
Source: Umami Sustainable Seafood Inc.
