Clearwater Seafoods Income Fund Announces Final Court Approval and Earlier Effective Date for Arrangement

HALIFAX, Sept. 27, 2011 /CNW/ - Clearwater Seafoods Income Fund (TSX: CLR.UN CLR.DB.A CLR.DB.B) (the "Fund") is pleased to announce that it has received the final order from the Nova Scotia Supreme Court approving the plan of arrangement under the provisions of the Canada Business Corporations Act (the "Arrangement") to convert the Fund into a corporation. The Arrangement was approved by the unitholders of the Fund at the Fund's special meeting of unitholders held on August 25, 2011. Pursuant to the Arrangement, each holder of Fund units ("Units") will receive for each Unit held one common share of Clearwater Seafoods Incorporated ("Newco"). The common shares of Newco have been conditionally approved for listing on the Toronto Stock Exchange ("TSX").

Pursuant to the amended and restated arrangement agreement dated July 25, 2011 (the "Arrangement Agreement"), the effective date of the Arrangement was to be December 31, 2011 or such other date as the parties to the Arrangement Agreement may determine.  The parties to the Arrangement Agreement have determined that the effective date for the Arrangement will be on or about October 2, 2011.

Subject, therefore, to final approval of the TSX and other required approvals, it is anticipated that the Arrangement will become effective in early October 2011.  It is anticipated that the common shares of Newco will commence trading on the TSX under the symbol "CLR" on October 4, 2011, at which time the Units will be delisted from the TSX.  It is also anticipated that the 7.25% convertible unsecured subordinated debentures, as assumed by Newco, due March 31, 2014 and the 10.5% convertible unsecured subordinated debentures, as assumed by Newco, due December 31, 2013 will commence trading on the TSX under the symbol "CLR.DB.A" and "CLR.DB.B", respectively, on October 4, 2011, at which time the debentures of the Fund will be delisted from the TSX.

Forward-Looking Statements
This press release contains forward-looking statements. Forward-looking information and statements are identified by words or phrases such as "anticipates", "expects", "believes", "estimates", "intends", "could", "may", "plans", "predicts", "projects", "will", "would", "foresees", "remain confident that" and other similar expressions or the negative of these terms.  Forward-looking statements included in this press release are made based on management's belief as well as assumptions made by, and information currently available to, management of the Fund. While such beliefs and assumptions are considered reasonable by the Fund, they are inherently subject to significant business, economic and competitive uncertainties and contingencies. Although the forward-looking statements contained herein are based upon what management believes to be reasonable assumptions, the Fund cannot assure Unitholders that actual results will be consistent with these forward-looking statements, and, except as required by law, the Fund disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

About Clearwater
Clearwater is an investment trust recognized for its consistent quality, wide diversity and reliable delivery of premium wild, eco-labeled seafood, including scallops, lobster, clams, coldwater 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 market.

The Units, 7.25% Debentures and 10.5% Debentures are traded on the TSX under the trading symbols "CLR.UN", "CLR.DB.A", and "CLR.DB.B", respectively.


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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