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LA Times writes about UmamiSan Diego, July 20th LA Times Food section today prints a feature on Bluefin tuna, with Umami's Baja Aqua Farms in the spotlight. Read the full article here. UMAMI announces completion of $29.1 million of credit facilities and loans to be used for its operationsSAN DIEGO – JULY 8, 2011 -- Umami Sustainable Seafood Inc. (OTCBB:UMAM) (“Umami” or the “Company”), a holding company of fish farming operations supplying sashimi-grade Northern Bluefin Tuna to the global market, announces that it has completed credit facilities and closed loans, which in the aggregate provide up to $29.1 million additional capital for its seasonal farming operations and for capital expenses to finance the Company through its upcoming harvest starting in September 2011. One of the credit facilities is with a Croatian bank and will supply up to $15.4 million working capital to Kali Tuna based on operational needs. This facility was signed June 21, 2011 and the Company has already drawn on the facility to fund a portion of Kali Tuna’s operations. Amounts borrowed under the Croatian facility mature in December 2014. In July 2011 the Company borrowed $3.0 million in additional funds and extended the maturity of $2.0 million in notes from two private investors. These notes were issued at a discount and on September 30, 2011 the Company will be required to repay $5.6 million. Finally, the Company has completed a working capital facility with Atlantis Group hf (the majority shareholder of the Company) which will provide working capital loans of up to $15.0 million that are now available to us to fund its operations. The working capital facility required a settlement of $4.0 million of previously existing related party loans. As a result, the Company will be able to access $10.7 million, net of expenses, in new capital for its operations as needed. The loans are due to be repaid no later than March 31, 2012. Each facility and the loans discussed above require designated biomass as security. The $29.1 million in available new capital, combined with the Company’s current harvesting plan, is expected to meet its operational needs through the harvest. Additionally, the harvest plan, combined with our expected capital available at the end of the harvest, is expected to supply Umami with the liquidity necessary to maintain its operations into the next growing season.
About Umami Sustainable Seafood Inc.
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.
Contacts:
Umami Sustainable Seafood Inc. Oli Steindorsson
The Investor Relations Group Investor Relations: Public Relations:
Related documents UMAMI announces completion of $29.1 million of credit facilities and loans to be used for its operations – Umami Sustainable Seafood Press Release
Spanish government urges Carrefour to abandon anti Bluefin campaignThe Spanish Ministry of Health, Social Affairs and Equality has urged the supermarket chain Carrefour to rectify an advertising campaign agains Bluefin tuna sales. Thus, the authority supports a complaint by the Association of Fisheries, Trade and Consumer Affairs in charge of bluefin tuna (APCCR) in early March. The Association's complaint was related to one of the ads in the campaign 'Carrefour to a positive outcome', where the French retail group says it does not sell bluefin tuna because it is a threatened resource. For APCCR, Carrefour violates Article 4 of the General Law on Advertising, because its advertising induces people to think that bluefin tuna is an endangered species and should not be consumed. "This behavior economically damages fishing companies, producers and traders of this species and their workers," complained APCCR. Besides, it has been emphasized that this tuna is not a species in danger of extinction but it is subject to a recovery plan established by the International Commission for the Conservation of Atlantic Tunas (ICCAT). It has been noted that tuna fishing and marketing are regulated and are legal. INC found that "the comparison between bluefin tuna with any of the species listed in Annex I to the Convention on International Trade in Endangered Species of Wild Fauna and Flora (CITES), considered as endangered cannot be endorsed." At present, the French firm did not declare to be in favour or against the matter, reported EFE agency. US government body: No grounds for declaring Atlantic Bluefin an endangered speciesNOAA- The National Oceanic and Atmospheric Administration on Friday decided not to list Atlantic bluefin tuna for protection under the Endangered Species Act, which would have prohibited U.S. fishermen from catching the species. “Based on careful scientific review, we have decided the best way to ensure the long-term sustainability of bluefin tuna is through international cooperation and strong domestic fishery management,” said NOAA Fisheries Administrator Eric Schwaab. “The United States will continue to be a leader in advocating science-based quotas at ICCAT, full compliance with these quotas and other management measures to ensure the long-term viability of this and other important fish stocks.” This is in line with what Umami's management has maintained; that there is no imminent danger posed to the stock as long as quotas are set in line with scientific advice and compliance secured. No reports of illegal fishing have been filed since 2009, according to ICCAT’s illegal vessel list, in spite of much strengthened policing of the waters, lower quotas and tighter control of the fishing. Atlantis Japan acquires 75% stake in Prime Time Seafood Inc.Los Angeles, Dec 21st 2010. /// Atlantis Japan, a wholly owned subsidiary of Atlantis Group, seafood company and majority owner of Umami Sustainable Seafood (OTCBB "UMAM"), the largest global producer of Northern bluefin tuna, today announced that it has acquired a 75% stake in Prime Time Seafood Inc. Prime Time Seafood, Inc. is a California corporation established in 1988. It specializes in the grading and distribution of fresh tuna. The company currently imports Tuna from all over the world and supplies it to customers throughout the United States and Canada. It is based in Los Angeles. In announcing the acquisition, Oli Valur Steindorsson, the CEO of Atlantis Group and Umami stated: “Prime Time Seafood will serve as a reinforcement to our already strong seafood marketing operations. Prime Time will serve as our foothold and launchpad in the US market. With sustainability issues being firmly dealt with we believe that a large market for bluefin tuna will be opening up in the US, California especially”. Rex Ito, founder and CEO of Prime Time Seafood stated: “The combination of Atlantis' resources and farmed fish through Umami, together with Prime Time's experience and knowledge in the tuna market will be highly beneficial for both parties. In addition to enhancing current operations and farmed bluefin distribution, Prime Time and Atlantis are also developing closed life-cycle production of other popular marine finfish in our operations in Ensenada, Mexico”. For further information, please contact: Prime Time Seafood, Inc. Office: 213-747-4212
Cellular: Rex Ito 310-339-3008 David Medina 310-413-1989 Marlen Shaw 760-224-4850
Related documents Atlantis Japan acquires 75% stake in Prime Time Seafood Inc. – Atlantis Group Press Release Lions Gate to Acquire Baja AquafarmsLions Gate to Acquire Baja Aquafarms
Distributed by Atlantis Group - atlantis-ltd.com - Karl Jonsson - +974 620 5471 / +354 664 0000 / karl@atlantis-ltd.com New York, NY--(PR Newswire - 07/22/10): Lions Gate Lighting Corp. ("Lions Gate" or the "Company") (OTC.BB:LNLT - News) announced that it has entered into an agreement to acquire 33% of Baja Aquafarms (“Baja”) along with an option agreement to acquire the remaining 67% (the "Agreements") . The acquisition of the 33% interest is effective upon the issuance of Baja shares to the Company which shall be no later than August 30, 2010 and the Company has until September 15, 2010 to exercise its option to acquire the remaining 67%. The Company will invest cash into Baja in the amount of $8,000,000 by July 31, 2010. In addition, an amount of $10,000,000 will be paid to the sellers out of the proceeds from the sale of a portion of Baja’s inventory by September 30, 2010. If the option is exercised, the Company will also issue 10,000,000 shares of its common stock. Baja is a private Mexican company that owns and operates facilities and equipment in the territorial waters of Baja California, Mexico where it fishes for and farms Pacific Northern Bluefin Tuna for sale primarily into the Japanese sushi and sashimi market. Baja is the largest tuna farming operation in Mexico. Baja has been fishing and farming Bluefin Tuna since 2000. The operation is well run and managed and will continue to operate using existing management and employees. We anticipate the combination of the two companies will lead to greater efficiencies and knowledge as we combine and transfer knowledge between Baja and Kali Tuna, Lions Gate’s wholly owned subsidiary. Oli Steindorsson the Chairman and Chief Executive Officer of the Company said “The combination of Baja and our cornerstone operation Kali Tuna will more than double our operations while adding geographical diversity. Additionally, the proximity of the farm to the United States markets will allow us to develop additional markets for Bluefin Tuna in the United States and Canada.” Related documents Lions Gate to Acquire Baja Aquafarms |
Atlantis Group Announces Share ExchangeAtlantis Group hf. Announces Share Exchange of Kali Tuna and Lions Gate Lighting Corp Planning Name Change to Umami Sustainable Seafood
Distributed by Atlantis Group - atlantis-ltd.com - Karl Jonsson - +974 620 5471 / +354 664 0000 / karl@atlantis-ltd.com New York, NY – July 1st, 2010: Atlantis Group hf, a multinational aquaculture company and wholesale trader of farmed (aquaculture) seafood worldwide, with a key market in Japan, has exchanged all of the issued and outstanding capital stock of its wholly owned northern bluefin tuna (“NBT”) aquaculture subsidiary, Kali Tuna d.o.o. for newly issued restricted shares of Lions Gate Lighting Corp, a US publicly traded Nevada corporation (“the Company”). Simultaneously, the Company raised gross proceeds of approximately $7.3 million through the issuance of 7.3 million shares and approximately 1.4 million warrants in a private placement offering. The Company intends to change its name to Umami Sustainable Seafood Inc. (“Umami”) as soon as possible. The stock of the Company will continue to trade on the OTC Bulletin Board under the ticker symbol LNLT until the Company’s name change is cleared by the Financial Industry Regulatory Authority. The cornerstone of Umami is Kali Tuna, an established NBT aquaculture operation located in the Croatian territorial waters of the Adriatic Sea. Kali Tuna has been in operation for approximately 15 years and produces NBT that is regarded by many as the highest quality NBT in the world. Initially, the Company will continue to market a substantial proportion of its production in Japan utilizing the Atlantis Group as its sales agent. Related documents Atlantis Group hf. Announces Share Exchange of Kali Tuna and Lions Gate Lighting Corp - Planning Name Change to Umami Sustainable Seafood – Atlantis Group Press Release
Doha news release from AGUN conservation body overwhelmingly rejects trading ban of Atlantic Bluefin Tuna Doha, March 18th 2010 CITES, the UN governed international body of nations in charge of conserving plant and animal species today rejected Monaco's proposal to ban all international trade of Atlantic Bluefin Tuna. The vote was conclusive, 20 nations voted for the motion, while 68 rejected. Conservation measures of the species will hence remain in the hands of ICCAT, the regional fisheries management organization that to date has been responsible for the species. Atlantis Group is the single largest importer of Atlantic Bluefin Tuna into Japan. The company has pushed for measures intended for sustainable utilization of the species on the ICCAT front and this week company representatives were present in Doha to promote the company's stand that the control of the fishing stocks should remain in the hands of regional fisheries management organizations. Oli Valur Steindorsson, Atlantis Group CEO: "Historical evidence proves that those with the long term interest in fisheries resources are those most likely to preserve it. Now ICCAT must secure that the trust invested in it by the 68 nations is rewarded. We have pushed for sustainable utilization on the past two ICCAT meetings and will move on in the same manner; doing our best to secure that sustainable practices prevail in regards to the Atlantic Bluefin." The Atlantic Bluefin Tuna would have been the first commercial fishing stock to be listed on CITES Appendix I, immediately banning all international trade of all products stemming from the species. "the vote clearly demonstrates that the nations will to keep fisheries management at regional level, which has been our view all along." Says Oli Valur Steindorsson, CEO of Atlantis Group. For further info or comments, contact Karl Jonsson at karlpetur@gmail.com or on +354 664 0000 / +974 620 5471 Statement regarding the proposal to list Atlantic Bluefin Tuna on CITES AppendicesListing of Atlantic Bluefin Tuna as an endangered species Ryekjavik, March 10th 2010 Atlantis Group is among the world leaders in the farming and distribution of Bluefin Tuna. The company's for around 8% of the annual import of Bluefin Tuna to the Japanese market. The company acknowledges the urgent need to re-build the Atlantic Bluefin Tuna (ABFT) stock and the grave situation brought on by decades of overfishing and lax control mechanisms. The company views, alternate measures, other than an international ban on trade as the way forward in this matter. Having agreed with requirement quotas within scientific advice and stricter control mechanisms in the fishing of Atlantic Bluefin Tuna on the ICCAT front, the company welcomes the measures taken by ICCAT in the past two years, however it strongly advises against the listing of a commercial fish stock on a list of endangered species and banning the trade of the species. Although the decades of ICCAT's mismanagement can not be disputed, the organization has already shown its capacity for change in several very important ways. The most important elements of which are the: strengthened control mechanisms, significant strengthening of compliance measures, adherence to scientific advice when issuing quotas and increased power given to the SCRS, ICCAT's scientific board. SCRS has been given the authority to halt fishing if stock assessment points towards the collapse of the stock. This makes a listing on CITES Appendix I or II unnecessary. Resorting to the extreme measure of listing commercially fished species on a list of endangered species carries with it the risk of the subsequent listing of over a further 100 species. This would move the right of controlling a vital protein source for the world from those who carry a long term interest in the sustainable use of the species to those who don't. This will empower CITES at the cost of local governments and RFMO's. There are already comparable examples of stock recovery through proper fisheries management, one such example is the Icelandic cod stock, where the stock has grown by 73.6% in the last 26 years through the restructure of the Icelandic fisheries management system. The drive to list the ABFT as an endangered species has been controlled by environmental NGO's with unlimited financial resources. They have systematically distributed lies and disinformation in the world's media and created a mass hysteria, all the while interpreting scientific data in a very creative manner. The call for a "quick fix" to solving the problems of the ABFT must be answered soberly with a long term solution to the sustainable use of the species, empowering ICCAT to do it's job properly. Download Documents Statement regarding the proposal to list Atlantic Bluefin Tuna on CITES Appendices  Kali Tuna - Press releaseCROATIAN TUNA FARM TAKES A MAJOR STEP TOWARDS SUSTAINABLE FARMING OF ATLANTIC BLUEFIN TUNA ZADAR, CROATIA, OCTOBER 6TH, 2009: A vital step towards closed life cycle farming of the commercially valuable Atlantic Blue Fin Tuna (NBT) was achieved in the Adriatic farming sites of Kali Tuna, a Croatian tuna farming company and the laboratories of Aquaculture at Institute of Oceanography and Fisheries (IOF) in Split. Marine scientists at IOF have confirmed that gametogenesis was completed and a number of tuna eggs were spawned in cages off the coast of Croatia. In the experiment over 800 pieces of brood stock were kept in a special cage since the spring of 2006. The fish spawned successfully in the cage during the early summer of 2009. Most of the eggs were released naturally into the water, whilst a number of eggs were collected and later successfully hatched in a Split- based laboratory. More Download images Download all images - ZIP
Download Documents Atlantic Blue Fin Tuna Breeding in Croatia
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