SAN DIEGO – Umami Sustainable Seafood Inc., a holding company of fish farms supplying sashimi-grade Northern Bluefin Tuna to the global market, is pleased to announce that its subsidiary Baja Aqua Farms has sold and delivered approximately $50 million worth of tuna harvested at Baja's Mexican facility.
The sales reflect an increase of 38% in the price paid per kilo of tuna compared to the price paid for tuna in the last fiscal year.
Harvesting at Baja began in late August 2011 and finished last week. Traditionally, harvesting at Baja takes place from November to March, but the new harvesting schedule provides our clients with additional options going forward.
Harvesting at Kali Tuna, Umami's Croatian operation, is planned to start in December, and is projected to be substantially complete by early March 2012.
Oli Steindorsson, Chairman and Chief Executive of Umami, commented:
"The successful change in of Baja's harvesting schedule is another example of why the merger of the Kali and Baja operations is beneficial. Umami can now offer its clients premium sashimi-grade Bluefin Tuna eight months out of every year, instead of the previous three month window. It also means that Umami's annual cash flows are stabilizing and the company will become less dependent on short-term debt.
In addition to the 38% rise in tuna prices this year as compared to last year, improvement in our operations and other factors have helped to improve our profit margin on sales contracts. We are especially pleased that our fish farming process has matured enough so that we are now able to shift and extend our harvest schedule in order to take maximum advantage of current market conditions."
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 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.