December 6, 2010

Umami completes acquisition of Baja Aqua Farms

Umami Sustainable Seafood Inc. has announced that it has completed the acquisition of Baja Aqua Farms, Mexico's leading producer of bluefin tuna.

In July 2010, Umami acquired a 33% interest in Baja Aqua Farms along with an option to acquire an additional 66.98%. Umami exercised their option and the transaction closed with the result that Baja is now a 99.98 % owned subsidiary of Umami.

Completing the Baja Aqua Farms acquisition, Oli Steindorsson, Umami's Chairman stated that, "This is a milestone achievement for our Company. Combining Baja with our existing Croatian operations positions Umami as one of the worlds' leading producers of bluefin tuna."

"We are confident that owning a leading production platform adjacent to one of the world's key markets for premium tuna will facilitate greater access to that marketplace as well as strengthening our company's global reach. In addition to doubling our annual production of Northern bluefin tuna, the completed acquisition of Baja Aqua Farms should increase our global market share of this premium food to over 20%," Steindorsson said.

"The corporate synergies and expected operating efficiencies from the merger with respect to marketing and distribution should help create cost savings and improved operating margins. Moving forward, our goal is to seek additional strategic acquisitions to complement our existing operations in Croatia and Mexico to help build market share," he said.