High Liner Foods in discussion to acquire Icelandic Group's U.S. and Asian processing assets

LUNENBURG, NS, Oct. 28, 2011 /CNW/ - High Liner Foods Incorporated (TSX: HLF; HLF.A), a leading North American processor and marketer of superior quality seafood, announced today that it is engaged in exclusive discussions with Icelandic Group ("Icelandic") to acquire Icelandic's U.S and Asian processing assets.  The terms and conditions of the transaction are still being discussed and are subject to final Board approvals.  High Liner is also still in the process of completing its due diligence review. As such, there can be no assurance that a final agreement will be reached.

High Liner has issued this press release at the request of market surveillance on behalf of the Toronto Stock Exchange in response to recent media reports and does not intend to make any further comments on the potential acquisition until a definitive agreement is reached or all discussions are terminated.

About High Liner Foods Incorporated

High Liner Foods Incorporated is a leading North American processor and marketer of prepared, value-added frozen seafood.  High Liner's branded products are sold throughout the United States, Canada and Mexico under the High Liner®, Fisher Boy®, Mirabel®, Sea Cuisine™ and Royal Sea® labels, and are available in most grocery and club stores.  The Company also sells its High Liner®, FPI®, VikingTM and Mirabel® food service products to restaurants and institutions, and is a major supplier of private label seafood products to North American food retailers and food service distributors.  High Liner Foods is a publicly traded Canadian company, trading under the symbols HLF and HLF.A on the Toronto Stock Exchange.

For further information about the Company, please visit our website at www.highlinerfoods.com or send an e-mail to investor@highlinerfoods.com.