NEW YORK, November 3, 2010 — The Board of Directors of Umami Sustainable Seafood Inc. (OTCBB "UMAM") ("The Company") today announced that Baja Aqua Farms ("Baja") of Baja Mexico, of which the Company owns 33%, has executed sales agreements with Japanese buyers (including a wholly owned subsidiary of Atlantis Group, the 62% shareholder of Umami) for a total of $20 million of bluefin tuna, with delivery to commence in November and to be completed before the end of the January 2011. The Company recently announced that it exercised an option to acquire the remaining equity interests in Baja, which, subject to obtaining sufficient financing, is expected to close on or before November 30, 2010.
In announcing the contract signings, Oli Steindorsson, CEO of the Company stated: "We are pleased to see that our decision to invest in Baja is already being validated by these sales agreements, which have been negotiated at price levels which reflect the high level of demand among Japanese clients for the type of premium quality bluefin produced by Baja, and are at the upper end of our forecast range."
Mr. Steindorsson continued: "Harvesting of the fish under contract has already commenced and will be completed by the end of January. The cash proceeds from the sales will be used both to supplement Baja's working capital as well as build additional capacity in Baja to ensure consolidation of its position as the preeminent bluefin operation in the Americas."
Mr. Steindorsson added: "We are also in process of finalizing our sales program for our 100% owned subsidiary Kali Tuna, which we expect to be done within a few months."
Mr. Steindorsson concluded: "Baja and Kali Tuna currently have combined inventory of over 5,500 metric tons of bluefin. Although we do not expect them to sell but part of this inventory this year, if they did so, it would represent a total sales value of approximately $120 million at current prices. This represents an excellent base to deliver good returns on our investment as we move further into our first year as a public company."
Source: Umani Sustainable Seafood Inc.
