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CLEARWATER SEAFOODS AND MI’KMAQ FIRST NATIONS’ HISTORIC TRANSACTION

CLEARWATER

Clearwater seafoods incorporated, Premium Brands Holdings Corporation and Mi’kmaq First Nations’ Coalition celebrate completion of historic transaction. Clearwater shareholders provided overwhelming support for the transaction.

Colin MacDonald, Chair of the board of directors of Clearwater said:

“I’m proud of this deal and confident it will enhance the culture of diversity and sustainable seafood excellence that Clearwater is known for. I’m proud to turn over the legacy of the company in Atlantic Canada to new ownership and the existing management team.”

“We are very excited to have a world class seafood company like Clearwater join our ecosystem.  The combination of its best-in-class management team, differentiated products and world renowned reputation for quality with our value-add expertise, brand development capabilities and extensive customer relationships in North America will strengthen Clearwater’s business and position it to accelerate its growth,” said George Paleologou, President and CEO of Premium Brands. “We are also very pleased to be partnering with the Membertou, Miawpukek, Sipekne’katik, We’koqma’q, Potlotek, Pictou Landing and Paqtnkek communities. We all share a common long-term vision for Clearwater and its continuing development as a global leader in premium seafood,” added Mr. Paleologou.

“This is a significant achievement for the Mi’kmaq,” said Chief Terry Paul, Membertou First Nation. “Mi’kmaq not only become 50% owners of the company but expect to hold Clearwater’s Canadian fishing licences within a fully Mi’kmaq owned partnership. This collective investment by First Nations in Clearwater represents the single largest investment in the seafood industry by any Indigenous group in Canada and transforms our participation in the commercial fishing sector providing more opportunities and prosperity for our communities,” added Chief Terry Paul.

“We are delighted to be working with Premium Brands and the Mi’kmaq to continue to grow and strengthen our business while preserving our culture and community presence.” said Ian Smith, President and CEO of Clearwater.  “This partnership positions us to continue building on the legacy of our founders, Colin MacDonald and John Risley, while we embark on the next chapter of a remarkable Atlantic Canadian success story” added Mr. Smith.

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