Clearwater Seafoods Income Fund Announces Availability of 2007 Tax Information



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

    HALIFAX, March 17 /CNW/ - (TSX:CLR.UN): Clearwater Seafoods Income Fund
(the "Fund") announced today that the breakdown of taxable income and return
on capital relating to cash distributions declared in the 2007 calendar year
was 76% dividend income, 23% return of capital and 1% other income for
Canadian residents. A schedule of distributions declared in 2007 is available
at www.clearwater.ca.
    The Fund is currently not paying distributions on its units and under
this scenario currently estimates that holders of units will receive an
allocation of taxable income as a result of their ownership of units of the
Fund in 2008 of approximately 70% dividends and 30% other income. The Fund
will update this at such time as there is a change in the status of
distributions.

    This news release contains forward-looking statements limited to the
taxation of distributions in fiscal 2008. Such statements involve known and
unknown risks, uncertainties and other factors outside management's control
that could cause actual results to differ materially from those expressed in
the forward-looking statements. The Fund does not assume responsibility for
the accuracy and completeness of the forward-looking statements and does not
undertake any obligation to publicly revise these forward-looking statements
to reflect subsequent events or circumstances.

    About Clearwater

    Clearwater is recognized for its consistent quality, wide diversity and
reliable delivery of premium seafood, including scallops, lobster, clams, cold
water shrimp, crab and groundfish.
    Since its founding in 1976, Clearwater has invested in science, people,
technology, resource ownership and resource management to preserve and grow
its seafood resource. This commitment has allowed it to remain a leader in the
global seafood industry.
    %SEDAR: 00018023E




For further information:

For further information: Robert Wight, Chief Financial Officer,
Clearwater, (902) 457-2369; Tyrone Cotie, Director of Corporate Finance and
Investor Relations, Clearwater, (902) 457-8181


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