Umami Sustainable Seafood Inc

Umami Sustainable Seafood Inc. ("umami" or the "Company") (OTC Bulletin Board: UMAM.OB) announced today that the company has terminated its private placement financing which raised the total cash income of approximately $ 8 7 million. As previously announced, this private placement was completed in June 2010 partially in connection with the closing of an exchange of shares between the Company and the Atlanta group that gave rise to Kali Tuna become an indirect wholly owned subsidiary of Umami .


In announcing these developments, Mr. Steindórsson, the company president and CEO, said: "I am pleased to report the completion of the first stage of our financing program which has enabled us to acquire a 33% stake in Aquafarms Baja, the largest producer of Pacific bluefin tuna in Mexico, with the option to acquire the remaining 67% on September 15, 2010. With the benefit of this acquisition, Umami has already become a major global supplier of bluefin tuna. "

Mr. Steindórsson continued: "We have built this platform through the combined expertise of our management team based in Croatia and Mexico, which has been active in the business for over 25 years. Our farm extended cycle of up to 3 years is one of the longest in the industry. In addition, our strict adherence to the quota in all fishing areas in which we operate, along with operational technology developed under the research leader of the Bluefin Tuna has been lead to a sustainable model, which we hope will become the foundation of the industry. We believe the role as one of the leaders in the field of bluefin tuna farming, comes the responsibility to operate a sustainable model. This is not new for us, taking our operations in Croatia for five years, while under pressure from reduced quotas and stricter control mechanisms to ensure sustainability of resources. "

"I am also pleased to report that Baja California has just completed one of the fishing season's most successful record in Mexico, and this should translate into a very successful year financially. Our Japanese customers, which sell under long contracts term, remain our key customers, and recent increases in the price of premium red product market in Japan is expected to significantly increase the profitability of our operations. "

Mr. Steindórsson concluded: "I am very happy to be doing what is actually the first release of operating as a public company. View of the developments in the global food market, particularly the emphasis on environmental impact and sustainability, we in Umami believe that intelligent and sensitive development of the tuna industry can provide a key source of low environmental impact, product quality fish. Umami, with its highly successful and sustainable platform intends to be at the forefront of the process. "
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