Arichat Pounds Limited Announces That Clearwater Limited Partnership Has Ceased To Be A Reporting Issuer



    /NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
    DISSEMINATION IN THE UNITED STATES/

    ARICHAT, NS, Oct. 16 /CNW/ - Arichat Pounds Limited ("Arichat"), the
receiver for Clearwater Limited Partnership (the "Partnership"), announced
today that on Friday, October 12, 2007, the Ontario Securities Commission
granted an order to the Partnership stating that for the purposes of Ontario
securities law, the Partnership is no longer a reporting issuer. As the
Partnership was only a reporting issuer in the Province of Ontario, it is now
not a reporting issuer in any jurisdiction and will no longer be subject to
any continuous disclosure obligations of reporting issuers. A copy of the
order is available through the Ontario Securities Commission's website at
www.osc.gov.on.ca.
    The Partnership was dissolved on December 31, 2006 in accordance with the
partnership agreement among the Partnership's members. During the second
quarter of 2007, ending June 30, 2007, independent directors of Arichat were
appointed to oversee the completion of the dissolution of the Partnership.
Arichat has agreed to act as receiver and is in the process of liquidating the
assets of the Partnership to settle the Partnership's outstanding debt
obligations.
    The dissolution is expected to be completed in the fourth quarter
of 2007.

    About the Partnership

    The Partnership was formed as a Nova Scotia limited partnership on
June 25, 1986 under the Limited Partnerships Act (Nova Scotia) to carry on the
business of a dryland lobster pound in Arichat, Nova Scotia.




For further information:

For further information: Tyrone Cotie, Secretary, Arichat Pounds
Limited, (902) 457-8181

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CLEARWATER LIMITED PARTNERSHIP

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