HALIFAX – Clearwater Seafoods Incorporated (“Clearwater” or the “Company”) (TSX: CLR) is pleased to announce January 25, 2021 that, pursuant to the previously announced plan of arrangement pursuant to the Canada Business Corporations Act (the “Arrangement”), Premium Brands Holdings Corporation (TSX: PBH) and FNC Holdings Limited Partnership, representing a coalition of Mi’kmaq First Nations, acting through a wholly-owned subsidiary, 12385104 Canada Inc., have indirectly acquired all of the issued and outstanding common shares of Clearwater (“Shares”) effective today at a price of C$8.25 per Share.

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 ...