Baja is a private Mexican company that owns and operates facilities and equipment in the territorial waters of Baja California, Mexico where it fishes for and farms Pacific Northern Bluefin Tuna for sale primarily into the Japanese sushi and sashimi market. Baja is the largest tuna farming operation in Mexico and has been fishing and farming Bluefin Tuna since 2000.
NEW YORK, July 22 /CNW/ -- Lions Gate Lighting Corp. ("Lions Gate" or the "Company") (OTC Bulletin Board: LNLT) announced that it has entered into an agreement to acquire 33% of Baja Aquafarms ("Baja") along with an option agreement to acquire the remaining 67% (the "Agreements") . The acquisition of the 33% interest is effective upon the issuance of Baja shares to the Company, which shall be no later than August 30, 2010, and the Company has until September 15, 2010 to exercise its option to acquire the remaining 67%. The Company will invest cash into Baja in the amount of $8,000,000 by July 31, 2010. In addition, an amount of $10,000,000 will be paid to the sellers out of the proceeds from the sale of a portion of Baja's inventory by September 30, 2010. If the option is exercised, the Company will also issue 10,000,000 shares of its common stock.