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Umami Sustainable Seafood Inc. Announces Estimates of First Half Sales

December 9, 2010

SAN DIEGO, December 9, 2010 /PRNewswire-FirstCall/ — 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.

SOURCE Umami Sustainable Seafood Inc.


Source: newswire



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