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Clean Seas Tuna's Yellowtail Kingfish Health Now Improving

AUSTRALIA - Clean Seas Tuna has confirmed that the Company is making significant progress in improving the operations of its Yellowtail Kingfish and SBT propagation divisions.

The company also noted that:

  • The health of the kingfish is now improving.
  • The company remains on target to achieve early tuna spawning with our tuna broodstock already showing encouraging courting behaviour.
  • Cash reserves are as forecast and the company has managed to sell significant surplus assets in line with our planned sell]down programme.

Unfortunately a number of employees have been made redundant as part of the restructuring initiatives, with workforce levels trimmed to almost half of the early 2012 level.

Clean Seas reconfirms that cash reserves are on track and will service the Companythrough to early Calender 2013.

Yellowtail Kingfish Division

  • Clean Seas is well advanced on consolidating the existing kingfish business to Port Lincoln.
  • The Kingfish health is improving and mortalities are now on their way down.
  • Clean Seas believes that it has narrowed the possible cause of the previously advised Kingfish health problems and further confirmation work incorporating mitigation and recovery solutions are now well underway.
  • Genetically selected kingfish have now begun spawning and are being used for the next juvenile production run. This should improve growth rates - previously Clean Seas only used wild caught kingfish as its juvenile sourcing broodstock.
  • Potential improvements have been identified for advancing the operations of the kingfish juvenile production.

Propagated Tuna Division

  • Tuna broodstock remain in very good condition and are already showing encouraging courting behaviour.
  • Their tank environment is being enhanced in preparation for earlier spawning in October 2012.
  • Preparations are well progressed to enable the introduction of up to five thousand tuna fingerlings to sea pens early in the summer of 2012/13.

Seeking a Core Investor

Clean Seas is making promising progress in finding a core investor to take the business forward. Together with our investment advisor, BBY of Sydney, we have identified a number of companies that are interested in assessing the investment opportunity.

The Clean Seas Tuna Board and Management are optimistic about the progress being made and are pleased that we are strategically developing the Company in a positive direction.

Lucy Towers

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