High Liner Foods Invests $10.0 Million in Andfjord™ Salmon

LUNENBURG, NS, May 22, 2024 /CNW/ - High Liner Foods Incorporated (TSX: HLF) ("High Liner Foods" or "the Company"), a leading North American value-added frozen seafood company, today announced it has committed to make a US$10.0 million investment in Andfjord Salmon Group AS ("Andfjord"), a market leader in sustainable and fish-friendly salmon aquaculture, located on the island of Andøya in the Arctic archipelago of Vesterålen, Norway and listed on the Euronext Growth exchange on the Oslo Stock Exchange (ANDF).

 In exchange for the $10 million investment, High Liner Foods will receive an approximately 4.5% share ownership in Andfjord. The Company's investment, which will be made from cash from operations, forms part of a larger capital raise by Andfjord that is expected to close in May 2024.

"Salmon is an important growth species for High Liner Foods, and we believe that land-based aquaculture will become an important component of the global salmon supply chain that will help bridge the gap between supply and demand," said Paul Jewer, President and Chief Executive Officer at High Liner Foods. "Today's modest investment will give High Liner Foods a platform to gain operational insights and experience in land-based aquaculture as part of our ongoing efforts to meet the growing consumer demand for sustainably sourced and eco-friendly seafood products."

Mr. Jewer continued, "We feel that Andfjord is an ideal partner that possesses the proven technology and experience High Liner Foods can work with and learn from, as we focus our efforts on growing our Atlantic Salmon business in North America." Participation in the private placement allows the Company to gain exposure to this innovative approach to salmon farming. Andfjord has ambitious expansion plans, targeting a production capacity of 40,000 tonnes by 2030 and has outlined a growth strategy that involves scaling up production capacity while significantly maintaining lower operating expenses. For more information: www.andfjordsalmon.com.

About High Liner Foods Incorporated

High Liner Foods Incorporated is a leading North American processor and marketer of value-added frozen seafood. High Liner Foods' retail branded products are sold throughout the United States and Canada under the High Liner, Fisher Boy, Mirabel, Sea Cuisine, and Catch of the Day labels, and are available in most grocery and club stores. The Company also sells branded products to restaurants and institutions under the High Liner, Mirabel, Icelandic Seafood and FPI labels and is a major supplier of private label value-added seafood products to North American food retailers and foodservice distributors. High Liner Foods is a publicly traded Canadian company, trading under the symbol HLF on the Toronto Stock Exchange.

For further information about the Company, please visit our website at www.highlinerfoods.com or send an e-mail to [email protected]. 

SOURCE High Liner Foods Incorporated

Kimberly Stephens, CPA, CA, Vice President, Finance, High Liner Foods Incorporated, Tel: [phone], [email protected]; Jennifer Bell, Vice President, Communications, High Liner Foods Incorporated, Tel: [phone], [email protected]