Oli Steindorsson will be the Chairman and CEO of Lions Gate, which will change its name to Umami Sustainable Seafood Inc. (Photo: Atlantis Group/FIS)

Atlantis Group announces share exchange

Atlantis Group, a multinational aquaculture company and wholesale trader of farmed seafood worldwide, with a key market in Japan, has exchanged all of the issued and outstanding capital stock of its wholly owned northern bluefin tuna aquaculture subsidiary, Kali Tuna d.o.o. for newly issued restricted shares of Lions Gate Lighting Corp, a US publicly traded Nevada corporation. Simultaneously, Lions Gate raised gross proceeds of approximately USD 7.3 million through the issuance of 7.3 million shares and approximately 1.4 million warrants in a private placement offering.

Lions Gate intends to change its name to Umami Sustainable Seafood Inc. as soon as possible. The stock of Lions Gate will continue to trade on the OTC Bulletin Board under the ticker symbol LNLT until the company's name change is cleared by the Financial Industry Regulatory Authority.

The cornerstone of Umami is Kali Tuna, an established northern bluefin tuna aquaculture operation located in the Croatian territorial waters of the Adriatic Sea. Kali Tuna has been in operation for approximately 15 years and produces high-quality bluefin tuna. Initially, Lions Gate will continue to market a substantial proportion of its production in Japan utilizing the Atlantis Group as its sales agent.

Lions Gate will utilize the proceeds of the private offering, along with additional issued shares, to fund acquisitions of northern bluefin tuna 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 northern bluefin tuna and feeding programs.

Oli Steindorsson will be the Chairman and Chief Executive Officer of Lions Gate. Steindorsson has over 15 years experience in the fishing industry and has been a director of Kali Tuna since 2005 and the Chief Executive Officer of the Atlantis Group since 2004.

"Building on the Croatian success of Kali Tuna and our sales expertise, we intend to become the leader of the northern bluefin tuna industry," says 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 Umami 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. Umami will do its best to leverage the trust in key markets built by its majority owner Atlantis Group. We are already in negotiations with companies which we view as important targets in our strategic plan and expect to finalize these negotiations in the coming months."

By Denise Recalde
editorial@seafood.media
www.seafood.media

Address:	15 Storhofda
City:	Reykjavik
State/ZIP:	(108)
Country:	Iceland
Phone:	+354 515 7300
Fax:	+354 515 7309
E-Mail:	iceland@atlantis-ltd.com
More about:

 

 

 

Print