Clearwater Seafoods Income Fund issues circular and voting instructions
relating to proposal to amend terms of 7% convertible debentures

/NOT FOR DISTRIBUTION TO UNITED STATES OR FOR DISSEMINATION IN THE UNITED STATES/

HALIFAX, Feb. 17 /CNW/ - (TSX: CLR.UN, CLR.DB, CLR.DB.A):

Further to its news release dated February 2, 2010, regarding a proposal to amend terms of its 7% convertible debentures (the "2010 Debentures"), Clearwater Seafoods Income Fund (the "Fund") announced that it has issued the management information circular ("Circular") and written consent and form of proxy in relation to this proposal. The Circular and written consent and proxy will be mailed to holders of the 2010 Debentures ("Debentureholders") this week.

For any inquiries regarding the meeting, Debentureholders are invited to contact Computershare at 1-800-564-6253.

Holders of these 2010 Debentures have a number of options with respect to voting for these amendments including by mail, in person, by telephone or through the internet. To vote you will require your control number which is located on your Voting Instruction Form and/or Written Consent form found in the meeting material package.

    
    - Vote by mail or in person - complete the written consent and proxy or
      voting instruction form and return in person or by mail addressed to
      Computershare Investor Services Inc., Proxy Department, 100 University
      Avenue, 9th Floor, Toronto, Ontario, M5J 2Y1

    - Vote by fax - by faxing the written consent or voting instruction form
      to the attention of the Proxy Department at 1-905-507-7793 or
      1-514-281-8911.

    - Vote using the internet - Go to the following web site:
      www.proxyvote.com.

    - Vote by telephone - Call for English 1-800-474-7493 or French call
      1-800-474-7501.
    

Written consents and proxies must be received by Computershare Investor Services Inc. no later than 10:00 a.m. (Atlantic Standard Time) on March 12, 2010.

A copy of the Circular and written consent and form of proxy is available for review on SEDAR at www.sedar.com under Clearwater Seafoods Income Fund's profile and on Clearwater's website at www.clearwater.ca.

The Board of Trustees of the Fund believes that the debenture amendments provide a number of benefits to the Fund which create value for all its securityholders and recommends that the Debentureholders consent to/vote for the amendments. For further particulars of such benefits see the section entitled "Benefits of the Debenture Amendments and Recommendation of the Board" in the Circular.

About Clearwater

Clearwater is recognized for its consistent quality, wide diversity and reliable delivery of premium seafood, including scallops, lobster, clams, coldwater shrimp, crab and ground fish.

Since its founding in 1976, Clearwater has invested in science, people, technology, resource ownership and resource management to preserve and grow its seafood resource. This commitment has allowed it to remain a leader in the global seafood market.

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For further information: Robert Wight, Chief Financial Officer, Clearwater, [phone]; Tyrone Cotie, Director of Corporate Finance and Investor Relations, Clearwater, [phone]