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VIET SEAFOOD

Pioneer In Tuna Farming, Suspends Bluefin Activity Australia, December 21, 12

Australian bluefin tuna farmer, Clean Seas Tuna, has stopped its program to breed southern bluefin tuna in captivity due to disappointing results and a lack of funds.
The company said this season’s attempts had produced poor quantities of fertilized eggs. It has decided to suspend the program for now and “at least the 2013-14 summer.”
Clean Seas had bumped up the breeding schedule this year, in the hopes of transferring the fingerlings to sea cages while the waters were still warm. However, the disappointing results in egg production meant it does not expect this to be possible.
The company also still does not have a financial partner. It therefore decided to focus its limited funds on its yellowtail kingfish program, which is showing positive outcomes.
Clean Seas has $3.9 million in cash but will need to raise capital - including a possible share purchase plan in early 2013.
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