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Clean Seas Tuna Net Loss $26,000 in First Half

AUSTRALIA - Clean Seas Tuna Ltd has reported a net loss of $26,000 for the half year to 31 December 2007.


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"We are now positioned to move forward with confidence in refining our sales, marketing and logistics chain."
Clean Seas Managing Director, Marcus Stehr.

During the half year the company completed the acquisition of Clean Seas Aquaculture Growout Pty Ltd (CSAG) consolidating all Stehr family aquaculture interests with Clean Seas.

Clean Seas also saw a successful capital raising of A$36.8 million in November 2007 at A$1.35 per share through a private placement and a 1:8 non renouncable rights issue.

There was also a total of 1.375 million Kingfish and Mulloway fingerlings produced and transferred to sea cages for growout compared to 0.76 million 2006.

First half production of Kingfish and Mulloway was 967 tonnes (344 tonnes 2006) and production is projected to exceed 2,500 tonnes for the half year ending 30 June 2008 with a further increase to some 5,000 tonnes projected for FY2009.

First half sales of Kingfish and Mulloway was 711 tonnes (513 tonnes 2006) and projected to exceed 1,250 for the half year ending 30 June 2008 with a further increase to some 3,500 projected for FY2009.

Loss after tax for the half A$26,000 this compares to a profit of A$486,000 in 2006 principally as a consequence of seasonality with a material improvement anticipated for the half year ending 30 June 2008 and for the full financial year ending 30 June 2008 (A$1.1 million profit FY2007) in the order of +200 per cent.

The SBT breeding programme remains on target and a full progress report will issue prior to 31 March 2008.

Clean Seas Managing Director, Marcus Stehr said: "Industry thematics continue to improve for our full range of aquaculture products and I am personally delighted with the substantial progress we are making in all core areas of business. We are continuously upgrading our personnel and utilisation of technologies to meet the challenges of this dynamic industry. I am particularly pleased with the progress we have made over the last six months, in refining our production and harvest cycles whilst reducing costs. We are now positioned to move forward with confidence in refining our sales, marketing and logistics chain to meet the growing domestic and export demand for our premium quality products."

Ellen Hardy

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