Umami Sustainable Seafood (OTC BB:UMAM)

First Quarter Results:

• Sales were $42.3 million for the three months ended March 31, 2011, an increase of $22.0 million, or 108%, over the three months ended March 31, 2010
• Gross profit for the three months ended March 31, 2011 was $10.0 million, or 24%, of sales.
• Estimated non-GAAP net income attributable to Umami shareholders using estimated catch and farming costs and eliminating gain on bargain purchase on business combination was $9.6 million for the three months ended March 31, 2011 and for the nine months ended March 31, 2011 was $10.2 million.

In announcing these results, Oli Steindorsson, Chairman and CEO of Umami, commented: "The completion of the Bajaacquisition on November 30, 2010 more than doubled the size of our farming operations, gave us geographic diversity and added three unique farming locations to our operations. We are also pleased to be able to show our shareholders enhanced profitability reflecting on both strong demand for our products and the proof of our concept of long term farming of Bluefin Tuna. Last but not least, the growth on our livestock sets the tone for strong sales growth in next 2 years."

On October 20, 2010, Umami Sustainable Seafood Inc. (the “Company”) consummated the sale of 1,000,000 shares (the “Shares”) of the Company’s common stock (the "Common Stock") and warrants (the "Warrants") to purchase 1,000,000 shares of Common Stock to one accredited investor pursuant to a Securities Purchase Agreement dated October 20, 2010 (the “Purchase Agreement”) for $1,500,000. The Warrants have a term of five years and are exercisable at a per share price of $1.80. The Company granted the purchaser certain piggy-back registration rights with respect to the Shares and the shares of Common Stock underlying the Warrants. The sale of the Shares and Warrants was exempt from the registration requirements of the Securities Act of 1933, as amended (the “Act”) pursuant to Section 4(2) of the Act due to the fact that the offering of the Shares and Warrants was made on a private basis to a single purchaser and the Company obtained representations from the purchaser that it is an accredited investor.

Lions Gate Lighting Corp. announced that it has entered into a share exchange agreement (the "Agreement") today with Atlantis Group hf. ("Atlantis"), the sole indirect shareholder of Kali Tuna d.o.o. ("Kali Tuna"). Pursuant to the terms of the Agreement, Lions Gate has agreed to acquire Kali Tuna in exchange for the issuance by the Company to Atlantis of 30,000,000 shares of its common stock, subject to the satisfaction or waiver of certain conditions precedent as set out in the Agreement. If the Agreement is successfully completed, Kali Tuna will become an indirect wholly-owned subsidiary of the Company.

Kali Tuna is a private Croatian company that owns and operates facilities and equipment in Croatia where it farms Northern Bluefin Tuna for sale primarily into the Japanese sushi and sashimi market. If the Agreement is completed, the Company is proposing to change its name to "Umami Sustainable Seafood Inc." to more accurately reflect the business of Kali Tuna.