- Company to Continue Discussions with FPI Toward Reaching a Definitive
Agreement -
LUNENBURG, NS, April 30 /CNW/ - High Liner Foods Incorporated (TSX: HLF)
today announced that FPI Limited has accepted the terms of its non-binding
expression of interest to acquire FPI's North American value-added food
service and retail frozen seafood businesses (referred to by FPI as its
Manufacturing and Marketing Group). FPI has agreed to negotiate only with High
Liner with respect to these assets until the earlier of the signing of a
definitive agreement or a decision by the parties to discontinue discussions.
Any definitive agreement would be subject to due diligence by High Liner.
There can be no assurance that these discussions will result in a transaction.
The sale of any of FPI's assets would require the approval of the Government
of Newfoundland and Labrador and competition regulators in each of Canada and
the United States. CIBC World Markets is providing expertise and financial
advice to High Liner.
About High Liner Foods Incorporated
High Liner Foods Incorporated is one of North America's largest
processors and marketers of prepared, value-added frozen seafood. High Liner's
branded products are sold throughout the United States, Canada and Mexico
under the High Liner® and Fisher Boy® labels and available in most grocery
and club stores. The Company also sells its High Liner® food service
products to restaurants and institutions. The Company is also 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 symbol HLF on the Toronto Stock Exchange.
This document contains forward-looking statements, including sales,
earnings, marketing, and profitability comments for 2007 and beyond. These
statements contain words such as "anticipate", "expect", "could", "should",
"may", "plans", "will", or similar expressions that are based on and arise out
of our experience, our perception of trends, current conditions and expected
future developments as well as other factors. The statements are not a
guarantee of future performance. 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 a number of important factors, as discussed herein and in our
other continuous disclosure documents, could cause actual results to 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 thorough discussion of the risk
factors that can cause anticipated outcomes to differ from actual outcomes. We
disclaim any intention or obligation to update or revise forward-looking
statements.
For further information about the Company, please visit our Internet site
at www.highlinerfoods.com or send e-mail to investor@highlinerfoodinc.com.
%SEDAR: 00001789E
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