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CLEARWATER ANNOUNCES STRATEGIC REVIEW

CLEARWATER ANNOUNCES STRATEGIC REVIEW

Clearwater announces strategic review. Clearwater Seafoods Incorporated has initiated a formal strategic process to identify, review and evaluate a broad range of potential strategic alternatives available to it with a view to continuing to enhance shareholder value

In conjunction with the Strategic Review, Clearwater has formed a special committee of independent directors to solicit, consider and evaluate various strategic alternatives available to the Company (the “Special Committee”). The Special Committee is chaired by Brendan Paddick and includes Jane Craighead, Vicki McKibbon, Karl Smith and Jim Dickson.

Clearwater’s board of directors has determined it is timely, prudent and in the best interests of the Company and its stakeholders to commence the Strategic Review in light of the Company having recently received several expressions of interest.  The Company’s board of directors, including representatives of its controlling shareholders, is committed to fully evaluating appropriate strategic options while simultaneously supporting the Company’s management and employees in their ongoing efforts.

Strategic options may include, but are not limited to, a sale of all or a material portion of Clearwater’s assets, either in one transaction or in a series of transactions, the outright sale of Clearwater, a merger or other transaction involving Clearwater and a third party, joint ventures, licensing arrangements, various financing alternatives or other significant transaction.

The Special Committee has engaged RBC Capital Markets as its financial advisor in connection with the Strategic Review and Stewart McKelvey as its legal advisor.

It is Clearwater’s current intention not to disclose developments with respect to the Strategic Review unless and until the board of directors has approved a specific transaction, on the recommendation of the Special Committee, or otherwise determines that disclosure is necessary or appropriate. Clearwater cautions that there are no assurances or guarantees that the Strategic Review will result in a transaction or, if a transaction is undertaken, the terms or timing of such a transaction. Clearwater has not yet set a definitive schedule to complete its identification, examination and consideration of strategic alternatives.

Clearwater is one of North America’s largest vertically-integrated seafood companies and the largest holder of shellfish licenses and quotas in Canada. It is recognized globally for its superior quality, food safety, diversity of species and reliable worldwide delivery of premium wild, eco-certified seafood, including scallops, lobster, clams, coldwater shrimp, langoustine, whelk and crab.

 

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