LUNENBURG, NS, Feb. 29,
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$5 million
investment in Norcod AS ("Norcod"), a leader in responsible
and sustainable cod aquaculture based in Trondheim, Norway and listed on the Euronext Growth
exchange on the Oslo Stock Exchange (NCOD.OL).
In exchange for the $5 million
investment, High Liner Foods will receive an approximately 10%
share ownership in Norcod and nomination rights for a director,
currently Paul Jewer, to serve on Norcod's Board of Directors.
The Company's investment, which will be made from cash from
operations, forms part of a larger capital raise by Norcod that is
expected to close in March 2024.
"Today's investment is a small but important step forward in our
strategy to position High Liner Foods for the next chapter of
leadership and growth. In a dynamic global seafood environment, we
want to ensure that our Company and its stakeholders can benefit
from the opportunities across the full value chain in highly sought
after species like cod," said Paul
Jewer, President and Chief Executive Officer at High Liner
Foods.
Mr. Jewer continued, "We are impressed by Norcod's leadership
team and their proven production record and expertise. In
making this long-term investment, we welcome the opportunity to
support, and help shape, the bold, innovative work underway to lead
the future of sustainable cod farming as a source of premium
seafood for North America and
markets around the world. It is a great complement to our existing
diversified supply of cod, and ongoing support for the future of
Atlantic seafood."
High Liner Foods believes that Norcod provides attractive
investment characteristics and that participation in the private
placement provides an investment opportunity for its shareholders
to gain exposure to the growing cod aquaculture market. Norcod has
proven production across three cycles and operates 6
farming sites with licenses secured to reach a 26,000 mt production capacity. Norcod is
geographically focused in central and northern part of Norway with optimal biological conditions for
aquaculture. Norcod is able to avoid seasonal dependency and
deliver fresh, premium, products throughout the year. For more
information: www.norcod.com.
Forward Looking Statements
This news release contains forward-looking statements that are
based on a variety of factors and assumptions. Specific
forward-looking statements in this document include but are not
limited to statements with respect to: impact on supply of product,
timing and completion of investment, which may be impacted by
factors including Norcod operations, market conditions and
conditions to complete the private placement. Actual results could
differ materially from the conclusion, forecast or projection
stated in such forward-looking information. As a result, we cannot
guarantee that any forward-looking statements will materialize.
Forward-looking information is based on management's current
estimates, expectations and assumptions, which we believe are
reasonable as of the current date. You should not place undue
importance on forward-looking information and should not rely upon
this information as of any other date. Except as required under
applicable securities laws, we do not undertake to update these
forward-looking statements, whether written or oral, that may be
made from time to time by us or on our behalf, whether as a result
of new information, future events or otherwise.
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
investor@highlinerfoods.com.
SOURCE High Liner Foods Incorporated
