Umami Sustainable Seafood Inc., through its subsidiaries, engages in fishing, farming, harvesting, and selling Atlantic and Pacific Bluefin Tuna primarily into the Japanese sushi and sashimi market. The company’s fishing and farming operations increase the total weight of its Bluefin Tuna, referred to as biomass, by catching or purchasing Bluefin Tuna and then transporting them to its farms for growing over extended cycles. In Croatia, it uses a combination of its fleet and contracted fishing vessels to catch Bluefin Tuna during May and June. In Mexico, the company leases a fleet of purse seiners and tugboats for an 80-day period during the fishing season of May through August to catch Bluefin Tuna. The company has farming operations off the coast of Croatia in the Adriatic Sea and off the coast of Baja California, Mexico in the Pacific Ocean. Its existing farming concessions in Croatia enable it to hold 5,030 metric tons at its Croatian farm. The company’s Bluefin Tuna inventory as of June 30, 2012, was approximately 1,450 metric tons in Croatia and approximately 887 metric tons in Mexico. Farming Concessions The company operates its farming sites under concession permits granted by the applicable national authorities of Croatia and Mexico. In Croatia, it operates 5 farming sites with an aggregate input quota of 1,972 metric tons of new Bluefin Tuna per annum. In Mexico, the company operates 5 sites, which are allowed an aggregate input of 2,720 additional metric tons of Bluefin Tuna per annum. Seasonality The company is a June 30-based fiscal year company and due to the optimal seasonality for harvesting Bluefin Tuna in winter, the company generates little or no revenue in its first fiscal quarter (the three months ending September 30) or its fourth fiscal quarter (the three months ending June 30). In Croatia, its harvest months are typically from November through February, while in Mexico, its harvest months are typically from October through December. Customers The company's major customers include Atlantis Japan; Mitsubishi Corporation; Global Seafoods Co., LTD; Sirius Ocean Inc.; Daito Gyorui Co., Ltd.; and Kykuyo Co., LTD. Competition The company’s competitors in the Adriatic and Mediterranean that produce Bluefin Tuna are Fuentes e Hijos (Spain); Aquadem (Turkey); Azzopardi (Malta); Sagun (Turkey); and Balfego (Spain). In Mexico, it competes with Maricultura del Norte and Aquacultura Baja California. Regulation Environmental Laws The company’s Croatian operation is subject to laws and rules that regulate the location, design and operation of its farming sites. Under Croatia's Environment Protection Act of 2007, the company is required to apply for location permits, which are issued by the respective authority for each farming location and in accordance with local ordinances. Each of its farming locations in Croatia is provided with a location permit approved by the Croatian Ministry of Environmental Protection. The company’s aquaculture activities are developed in federal water bodies under a concession title issued by the National Commission of Aquaculture and Fisheries. In respect of the non-hazardous waste generated by its activities (mainly animal organic waste), the company is subject to the provisions of the Environmental Protection Act of Baja California, or the ‘Environmental Provincial Act’. It is also subject to the National Waters Act and the General Act for Sustainable Fishing and Aquaculture in Mexico, which governs the grant of concessions for commercial fisheries. History Umami Sustainable Seafood Inc. was founded in 1996.
umami sustainable seafood in
1230 Columbia Street
San Diego, CA 92101
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