American Seafoods Announces Acquisition of Factory Trawler HIGHLAND LIGHT

Business Wire, August 15, 2008

SEATTLE -- America Seafoods Group ("American Seafoods") today announced that it has acquired the factory trawler HIGHLAND LIGHT and the fishing vessel TRACY ANNE from subsidiaries of Yardarm Knot, Inc. following the receipt of applicable government approvals. The purchase price was not disclosed.

With the acquisition, American Seafoods further expands its Alaskan catcher-processor fleet. The fleet is used primarily to harvest whitefish in the frigid waters of the Bering Sea and off the Pacific coasts of Washington and Oregon. American Seafoods also harvests cod aboard three catcher-longline vessels.

"The addition of the HIGHLAND LIGHT to our state-of-the-art factory trawler fleet will enhance American Seafoods' flexibility to bring high-quality, frozen-at-sea whitefish products to our customers," said Bernt O. Bodal, chief executive officer of American Seafoods Group, "We are looking forward to working with our Alaskan partners to fold this new catching and processing platform into our operations."

The acquisition marks another major step in the increasing ownership by Alaskans in the Bering Sea commercial fisheries. Two Alaskan community development groups, Coastal Villages Region Fund and Central Bering Sea Fishermen's Association (CBSFA), both of which supply valuable fisheries quota to the Company, combined own approximately 50 percent of the Company. Coastal Villages represents 20 western Alaska villages and around 9,000 residents along the coast of the Bering Sea from Scammon Bay to Platinum, while CBSFA represents the 500 residents of the community of St. Paul in the Pribilof Islands.

Financing for the transaction was arranged by Banc of America Securities LLC and Glitnir Banki, hf. Glitnir Capital Corporation in New York also acted as exclusive financial advisor to American Seafoods in connection with the deal.

About American Seafoods

American Seafoods is a leader in the harvesting, processing, preparation and supply of quality seafood. Harvesting a variety of fish species, the Company processes seafood into an array of finished products, both on board its state-of-the-art fleet of vessels and at its HACCP-approved production facilities located in both Massachusetts and Alabama. The Company produces a diverse range of fillet, surimi, roe and block product offerings, made from Alaska pollock, Pacific whiting, Pacific cod, and sea scallops. Finished products are sold worldwide through an extensive global distribution and customer support network. From the ocean to the plate, American Seafoods has established a global sourcing, selling, marketing and distribution network bringing quality seafood to consumers worldwide. For more information, please visit us at www.americanseafoods.com.

This press release contains forward-looking statements. The words "will," "believes," "anticipates," "intends," "estimates," "expects," "projects," "plans," or similar expressions are intended to identify forward-looking statements. All statements in this press release other than statements of historical fact, including statements which address our strategy, future operations, future financial position, estimated sales, projected costs, prospects, plans and objectives of management and events or developments that the Company expects or anticipates will occur, are forward-looking statements. All forward-looking statements speak only as of the date on which they are made. They rely on a number of assumptions concerning future events and are subject to a number of risks and uncertainties, many of which are outside of the Company's control and could cause actual results to differ materially from such statements.