High Liner Investment Generates Positive Return for Nova Scotia

A leading Nova Scotia employer is buying back shares held by NSBI for $4 million.

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">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.