NAME CHANGE FOR ICELANDIC SEAFOOD PRODUCER

Name change for Icelandic seafood producer sparked by Asia move. The Board of Directors of Icelandic seafood producer HB Grandi hf. has approved a purchase agreement of seafood sales companies in Asia and to submit it to a shareholders meeting for its approval.

The company made an offer to buy the sales companies for 31.1 million euros and the owner, Útgerðarfélag Reykjavíkur hf., accepted the offer as has been announced in a statement to Nasdaq Iceland Stock Exchange. The purpose of the purchase is to strengthen the sales and marketing operations of the company, in particular in Asia.

The Board of Directors also decided to propose to the shareholders meeting to change the name and the brand of the company to Brim and Brim Seafood. A new name and a brand identity will serve the purpose of the company which is to market and sell to valuable markets the seafood products the company catches and processes.

A statement from the company said: “The name HB Grandi is 15 years old and reflects a merger of two companies, Haraldur Böðvarsson and Grandi. The changes this time serves the purpose of underlining the company´s greater commitment to international marketing and sales operations as indicated by the buying of the sales companies in Asia.”