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Acquisition Of Kali Tuna Completed

Economics +1 more

US - Lions Gate Lighting Corp. has announced that it now wholly owns Croation company, Kali Tuna, after the exchange of shares.

Lions Gate intends to change its name to "Umami Sustainable Seafood Inc." as soon as possible. The stock of the Company will continue to trade on the OTC Bulletin Board under the symbol "LNLT" until all necessary approvals for the name change are received.

Kali Tuna is an established Croatian company that owns and operates aquaculture facilities in the Croatian territorial waters of the Adriatic Sea where it farms Northern Bluefin Tuna ("NBT") for sale primarily into the Japanese sushi and sashimi market.

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, Lions Gate will continue to market a substantial portion of its production in Japan utilising Atlantis (an Icelandic group) as its sales agent.

In connection with the Share Exchange, Robert Fraser and William Grossholz resigned their positions as officers and directors of Lions Gate. Oli Steindorsson, Frederick Kempson and Michael Gault were appointed as directors of the Company.

Mr Steindorsson was appointed as the company's Chairman, President and Chief Executive Officer and Dan Zang as the Company's Chief Financial Officer and Secretary.

"Building on the Croatian success of Kali Tuna and Atlantis's sales expertise, we intend to become the leader of the Northern Bluefin Tuna industry," says Mr Steindorsson.

He adds: "We have a tremendous operating company with many experienced people and the capital and opportunities to grow the company. The growth of the company will be founded on the sustainable management of resources and economically sound practices of Kali Tuna, seeking opportunities resulting from market consolidation and scientific progress in the field. The Company will do its best to leverage the trust in key markets built by its majority shareholder, Atlantis Group."

Lions Gate will utilise the proceeds of the financing to continue to fund acquisitions of NBT farming operations, increase working capital to fund growth of its existing business and fund research and development in tuna farming technology primarily related to reproduction of NBT and feeding programmes, which are much needed to relieve pressure on wild stocks that are already overfished.