Umami Sustainable Seafood Announces Execution of Sales Agreements for Baja Aqua Farms

NEW YORK, November 3, 2010 /PRNewswire-FirstCall/ -- 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."

Background of 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. The Company also owns a 33% interest in Baja and 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. The Company intends to become the leader in the Northern Bluefin Tuna industry 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.

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 such as the statements that (i) the Company will complete the remaining 67% of the Baja acquisition; (ii) the combination of the Company and Baja will enable the Company's shareholders to potentially realize significant value; and (iii) that Baja will continue to be profitable in the future. 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) the inability to close the purchase of the remaining 67% for any reason; (ii) adverse market conditions; (iii) any adverse occurrence with respect to the farmed seafood industry generally or the business of Kali Tuna and/or Baja specifically; (iv) any impediments to the acquisition and growth plans in the event the remaining 67% of the acquisition is not completed; and (v) 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 reports filed or to be filed from time-to-time with the Securities and Exchange Commission.

    Umami Sustainable Seafood
    Chrysler Building
    405 Lexington Avenue
    26th Floor, New York
    NY 10174

    Contact:
    Karl Petur Jonsson
    email: [email protected]

SOURCE Umami Sustainable Seafood Inc.