High Liner Foods provides update on Icelandic banking relationship



    Landsbanki to continue servicing North American frozen seafood company

    LUNENBURG, NS, Oct. 17 /CNW/ - High Liner Foods Incorporated (TSX:HLF;
TSX:HLF.A) today updated its October 15 announcement with respect to
Landsbanki, one of High Liner's three lenders under its working capital credit
facility. Landsbanki has now provided all funds as requested by High Liner to
date, and has confirmed that it intends to continue servicing High Liner's
loan.

    About High Liner Foods Incorporated

    High Liner Foods Incorporated is a leading North American processor and
marketer of prepared, value-added frozen seafood. High Liner's branded
products are sold throughout the United States, Canada and Mexico under the
High Liner(R), Fisher Boy(R), Mirabel(R) and Sea Cuisine(TM) labels, and are
available in most grocery and club stores. The Company also sells its High
Liner(R), FPI(R) and Mirabel(R) food service products to restaurants and
institutions, and is a major supplier of private label seafood products to
North American food retailers and food service distributors. High Liner Foods
is a publicly traded Canadian company. Its common shares trade under the
symbol HLF and its Non-Voting Equity Shares trade under the symbol HLF.A on
the Toronto Stock Exchange.

    This document contains forward-looking statements, particularly with
respect to the future funding by Landsbanki of High Liner's facility. These
statements are based on information provided by Landsbanki and arise out of
our experience, our perception of trends, current conditions and expected
future developments as well as other factors. The statements are not a
guarantee of future performance. By their nature, forward-looking statements
involve uncertainties and risks that the forecasts and targets will not be
achieved.
    Readers are cautioned not to place undue reliance on forward-looking
statements, as a number of important factors, as discussed herein and in our
other continuous disclosure documents, could cause actual results to differ
materially from those expressed in such forward-looking statements. We include
in publicly available documents filed from time to time with securities
commissions and The Toronto Stock Exchange, a thorough discussion of the risk
factors that can cause anticipated outcomes to differ from actual outcomes. We
disclaim any intention or obligation to update or revise forward-looking
statements.
    For further information about the Company, please visit our Internet site
at www.highlinerfoods.com or send e-mail to investor@highlinerfoods.com.

    %SEDAR: 00001789E




For further information:

For further information: Kelly Nelson, Vice President, Corporate
Services & Chief Financial Officer, High Liner Foods Incorporated, Tel: (902)
634-8811, investor@highlinerfoods.com; Trevor Heisler, Investor Relations, The
Equicom Group Inc., Tel: (416) 815-0700 ext.270, theisler@equicomgroup.com


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