High Liner Foods Inc. Generates positive return for Nova Scotia

Apr 30, 2010
A leading Nova Scotia employer is buying back shares held by NSBI for $4

The province, through Nova Scotia Business Inc., held 500,000 non-voting
common shares in High Liner Foods Inc. as part of an investment in the
company. The province has earned $5.3 million in dividends over the life
of this investment.

"Today, High Liner Foods is a strong competitor in the North American
marketplace, providing good, sustainable employment for the people of
Nova Scotia," said Percy Paris, Minister of Economic and Rural
Development. "The province is proud of the company's success and the
role we played in it."

High Liner Foods Inc. has been in business since 1899 and is Canada's
largest value-added seafood producer. The company employs 325 people in
Nova Scotia.

In 1984, the province invested $5 million in High Liner Foods Inc.

"The province has been a long-term partner in our success," said Henry
Demone, president and CEO, High Liner Foods Inc. "Its investment in High
Liner Foods has helped us to become what we are today, the largest
value-added seafood company in Canada and a leading player in North
America, with the broadest market reach in our industry."

Earlier this month, High Liner Foods Inc. gave notice to shareholders
that it would buy back non-voting common shares. NSBI is one of a number
of shareholders exercising this option, which closes today, April 30.

"NSBI makes investments and manages them to generate a positive return
to the province and a net economic benefit through jobs and spinoffs,"
said Stephen Lund, president and CEO of Nova Scotia Business Inc. "High
Liner Foods is a clear example of how we work with Nova Scotia companies
to do both."

Nova Scotia Business Inc. is Nova Scotia's private-sector-led business
development agency. NSBI helps Nova Scotia companies meet their growth
potential through advisory services, trade development, financing and
venture capital. The investment attraction agency for the province, NSBI
fuels job creation and economic growth. For more information, visit
www.nsbi.ca and join the conversation at www.nsbi.ca/connect.

High Liner Foods Inc. 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 and Sea Cuisine labels, and are available in
most grocery and club stores. The company also sells its High Liner, FPI
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.