HIGH LINER FOODS ANNOUNCES INTENT TO ACQUIRE LEADING FOODSERVICES COMPANY
LUNENBURG, NS, Dec. 9 /CNW/ - High Liner Foods Incorporated (TSX: HLF; HLF.A), a leading value-added frozen seafood company, today announced that is has reached an agreement in principle to acquire a value-added foodservices company based in North America with annual revenues of approximately CDN$40 million.
The transaction is expected to close sometime before December 31, 2010, subject to High Liner's completion of its due diligence process, final board approval and finalization of a formal purchase agreement.
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® 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.
This document contains forward-looking statement. Forward-looking statements can generally be identified by the use of the conditional tense, the words "may", "should", "would", "believe", "plan", "expect", "intend", "anticipate", "estimate", "foresee", "objective" or "continue" or the negative of these terms or variations of them or words and expressions of similar nature., Specific forward-looking statements in this document include, but are not limited to expectations with respect to completion of the proposed acquisition which may be impacted by due diligence results and completion of negotiations . These statements are based on a number of factors and assumptions including, but not limited to: the condition of the Canadian and United States economies; and continued access to capital. The statements are not a guarantee of future performance, and there can be no assurances that this proposed acquisition will be completed. By their nature, forward-looking statements involve uncertainties and risks that the forecasts and targets will not be achieved. Readers are cautioned not to place undue reliance on forward-looking statements, as actual results may differ materially from those expressed in such forward-looking statements. We include in publicly available documents filed from time to time with securities commissions and The Toronto Stock Exchange, a discussion of the risk factors that can cause anticipated outcomes to differ from actual outcomes. Except as required under applicable securities legislation, we do not undertake to update forward-looking statements, whether written or oral, that may be made from time to time by us or on our behalf, whether as a result of new information, future events or otherwise..
For further information about the Company, please visit our website at www.highlinerfoods.com or send an e-mail to investor@highlinerfoodinc.com.