Clearwater Seafoods Income Fund Announces that it does not intend to pursue Cooke Proposal

HALIFAX, NS, Sept. 27, 2011 /CNW/ - Clearwater Seafoods Income Fund (TSX: CLR: UN) announced today that the Board of Trustees of the Fund has determined, after consultation with its financial and legal advisors, that the Fund will not pursue the proposal made by Cooke Aquaculture Inc. for the acquisition of the issued and outstanding units of the Fund.  The Board of Trustees has concluded that the proposed offer price of $3.50 per unit does not adequately reflect the value of the Fund and its future prospects.

Forward Looking Statements

This press release contains "forward looking statements". These statements are identified by the use of phrases such as "anticipates", "expects", "believes", "estimates", "intends", "could", "may", "plans", "predicts", "projects", "will", "would", "foresees", "remain confident that" "future prospects" and other similar expressions or the negative of these terms and include, without limitation, statements relating to the existence or terms of any transaction for the purchase of units of the Fund, which may be impacted by many factors including due diligence, negotiation and the ability of Cooke to obtain a sufficient number of units and convertible debentures of the Fund to satisfy the conditions set-forth in its proposal.

Forward-looking statements included in this press release are made based on the Trustees' belief as well as assumptions made by, and information currently available to the Trustees. While such beliefs and assumptions are considered reasonable by the Trustees, they are inherently subject to significant business, economic and competitive uncertainties and contingencies. A number of important factors could cause actual results to differ materially from those projected in the forward looking statements. The foregoing list is not exhaustive. In addition, these forward-looking statements relate to the date on which they are made. Although the forward-looking statements contained herein are based upon what the Trustees believe to be reasonable assumptions, the Trustees cannot make assurances that actual results will be consistent with these forward-looking statements, and, except as required by law, the Trustees and the Fund disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. In formulating the forward-looking statements herein, the Trustees have assumed that business and economic conditions affecting the Fund will continue substantially in the ordinary course, including without limitation with respect to industry conditions, general levels of economic activity, regulation, taxes, foreign exchange rates and interest rates, that there will be no unexpected material changes in its facilities, customer and employee relations, credit arrangements or credit and collections experience.

SOURCE CLEARWATER SEAFOODS INCOME FUND

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CLEARWATER SEAFOODS INCOME FUND

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