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Umami Sustainable Seafood Inc. Announces Purchase of Live Bluefin Tuna and Agreement to Acquire Additional Farming Capacity in Croatia

March 9, 2011

SAN DIEGO, March 9, 2011 /PRNewswire-FirstCall/ — Umami Sustainable
Seafood Inc. (OTCBB:UMAM) (“Umami” or the “Company”) today announced that
following an acquisition of about 150 metric tons of live bluefin tuna in
Croatia from an unrelated third party (hereinafter: “the Vendor”) in January
2011
, the Company has also concluded an agreement with the Vendor that
secures the transfer of the Vendor’s current tuna farming concessions in
Croatia to Kali Tuna, Umami’s Croatian subsidiary, subject to the formal
approval of the respective Croatian Authority. These concessions relate to
1,500 metric tons of farming capacity and respective farming licenses.

The additional concessions would increase Kali Tuna’s approved farming
capacity in Croatia by approximately 45%, from 3,300 metric tons to 4,800
metric tons of capacity. As part of the agreement on the transfer of
concessions, Kali Tuna has agreed to purchase certain bluefin farming assets
from the same Vendor once Kali Tuna receives final approval for the
concession transfer. The concessions and assets are located in close
proximity to Split, Croatia, and are less than 100 miles from Kali Tuna’s
present operations in Kali, Croatia. Total consideration for the concessions,
the related farming assets and the 150 metric tons of bluefin tuna will be
approximately $4.9 million.

In announcing the acquisition, Oli Steindorsson, Chairman and CEO
commented: “The additional concessions which we are acquiring, subject to the
local county’s formal approval, are an integral part of our plan to increase
capacity in Croatia in order to achieve higher levels of sustainable
production of bluefin tuna. We purchased live bluefin tuna to effectively
secure the acquisition of the farming concessions and assets, facilitating an
increase in Kali Tuna’s level of sustainable production. The locations of the
new concessions are in the protected waters of the Adriatic Sea and the
physical distance is close enough to our present Kali facilities for
efficient operations and far enough to allow geographic diversity of
locations.”

Mr. Steindorsson concluded: “Coming on the back of our acquisition of
Baja Aquafarms in Mexico, the purchase of the additional concessions in
Croatia reflects Umami’s commitment to building our sustainable production
base for bluefin tuna and to growing into one of the world’s leading
participants in sustainable aquaculture. The additions to our capacity should
allow Umami to achieve over 5,000 metric tons of sustainable production by
fiscal year 2013.”

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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