Lions Gate Enters Into Share Exchange Agreement With Atlantis Group hf
ANCOUVER, BRITISH COLUMBIA--(Marketwire - May 3, 2010) - Lions Gate Lighting Corp. ("Lions Gate" or the "Company") (OTCBB:LNLT) 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.
Oli Steindorsson is expected to become the Chairman and Chief Executive Officer of the Company. Mr. Steindorsson has over 15 years experience in the fishing industry. He has been the Chairman of Kali Tuna since 2005 and has been the Chief Executive Officer of Atlantis since 2004. Mr. Steindorsson is a native of a fishing village in Iceland and has grown up in and worked in the fishing industry all of his life. Mr. Steindorsson moved to Japan at the age of 17 and, in addition to his experience in fishing and aquaculture, has become an expert in the Japanese fish trading and marketing industry.
The closing of the share exchange is subject to the satisfaction or waiver of a number of conditions as set forth in the Agreement, including a private raise of funds to finance the combined company's operations. As a result of these conditions, there is no assurance that Lions Gate will complete the acquisition of Kali Tuna.
Robert Fraser, the Company's President, said, "We are delighted to combine Lions Gate with Kali Tuna, thereby enabling our shareholders to potentially realize significant value. Kali Tuna is a strong company with a promising future."
About Kali Tuna
Kali Tuna is an established Croatian-based aquaculture operation raising Northern Bluefin Tuna in the Croatian part of the Adriatic Sea. Kali Tuna intends to become the leader in the Northern Bluefin Tuna industry by acquisition and internal growth. The growth of Kali Tuna will be founded on the sustainable management of resources and economically sound practices, seeking opportunities resulting from market consolidation and scientific progress in the industry.
On behalf of the Board of Directors
Robert Fraser, President
FOR FURTHER INFORMATION PLEASE CONTACT:
Lions Gate Lighting Corp.
Robert Fraser
604.729.5759
Source: Lions Gate Lighting Corp.
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Lions Gate Lighting Corp.
Robert Fraser
604.729.5759
