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Private Seas Ahead for Clearwater Seafoods

CANADA - Clearwater Seafoods Income Fund announced today that it has entered into a transaction agreement with CS Acquisition Limited Partnership.

This transaction is the outcome of a comprehensive review of strategic alternatives conducted by a Special Committee of the Board of Trustees of the Fund, whose members are independent of CFFI. The price of $4.50 per unit represents a 32% premium over the volume weighted average trading price for the Fund's units on the Toronto Stock Exchange for the previous 20 trading days, and is within the valuation range established by BMO Capital Markets, the independent valuator retained by the Special Committee.

Based on the recommendation of its Special Committee, the Board of Trustees has unanimously resolved to recommend that unitholders approve the transaction. The Fund will issue a management information circular, which will contain its recommendation to unitholders together with a copy of the formal valuation and fairness opinion.

"This all cash transaction represents an excellent opportunity for the Fund's unitholders to realize a significant premium on their units, given the challenging conditions facing the Fund and the changes in the Canadian public markets related to income trusts," commented Tom Traves, Chairman of the Fund. Mr. Traves continued, "The Special Committee and the full Board of the Fund unanimously support the transaction".

The completion of the transaction is subject to the approval of the Fund's unitholders at a special meeting which is expected to be held on or about September 22, 2008.