Clearwater Seafoods Incorporated Responds to Market Rumors

HALIFAX, NS – In response to market rumors that have come to its attention, Clearwater Seafoods Incorporated (“Clearwater” or the “Company”) (TSX: CLR) stated today that the Company continues to advance the strategic review process (see press release dated March 5, 2020) with its financial advisors to identify, review and evaluate a broad range of potential strategic alternatives available to it with a view to continuing to enhance shareholder value. The process is continuing in earnest and no timeline for its completion has been currently defined. There can be no assurance that any such strategic alternatives will ultimately lead to a transaction. As a general policy, Clearwater does not publicly comment on potential transactions unless and until a binding legal agreement has been signed.

All shareholders and prospective investors are encouraged to rely only on information provided by the Company in its ongoing disclosures, which are available on the Company website and on SEDAR.

About Clearwater

Clearwater is one of North America’s largest vertically-integrated seafood companies and the largest holder of shellfish licenses and quotas in Canada. It is recognized globally for its superior quality, food safety, diversity of species and reliable worldwide delivery of premium wild, eco-certified seafood, including scallops, lobster, clams, coldwater shrimp, langoustine, whelk and crab.

Since its founding in 1976, Clearwater has invested in science, communities, people and technological innovation, as well as resource management to sustain and grow its seafood resource. This commitment has allowed it to remain a leader in the global seafood market and in sustainable seafood excellence. Further information is available on Clearwater’s website at www.clearwater.ca and at [email protected].

Reader Advisories

This news release may contain “forward-looking information” as defined in applicable Canadian securities legislation. Such forward-looking statements typically contain statements with words such as “anticipate”, “expect”, “intend”, “estimate”, “propose”, or similar words suggesting future outcomes or statements regarding an outlook. More particularly and without limitation, this news release contains forward-looking information and statements concerning the Company’s Strategic Review and the review of strategic alternatives that may be available to it.  All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding future plans and objectives of Clearwater, constitute forward-looking information that involve various known and unknown risks, uncertainties, and other factors outside management’s control. Forward-looking information is based on a number of factors and assumptions which have been used to develop such information but which may prove to be incorrect including, but not limited to, total allowable catch levels, selling prices, weather, exchange rates, fuel and other input costs.

Forward-looking statements and information are provided for the purpose of providing information about the current expectations and plans of management of the Company relating to the future. Readers are cautioned that reliance on such statements and information may not be appropriate for other purposes, such as making investment decisions. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. There can be no assurance that such information will prove to be accurate and actual results and future events could differ materially from those anticipated in such forward-looking information.

For additional information with respect to risk factors applicable to Clearwater, reference should be made to Clearwater’s continuous disclosure materials filed from time to time with securities regulators, including, but not limited to, Clearwater’s Annual Information Form. The forward-looking information contained in this release is made as of the date of this release and Clearwater does not undertake to update publicly or revise the forward-looking information contained in this release, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.

No regulatory authority has approved or disapproved the adequacy or accuracy of this news release.