FPI expresses disappointment at Union vote; Reiterates that operations must become more competitve with the seafood industry in Newfoundland and Labrador

    TSX: FPL

    ST. JOHN'S, April 12 /CNW/ - FPI Limited ("FPI" or "the Company") has
been advised by the Fish, Food and Allied Workers ("FFAW/CAW" or "the Union")
that unionized plant employees in Newfoundland and Labrador have voted not to
accept the offer presented to them by the Company.
    FPI is disappointed with the result of the vote. The Company had hoped
its latest offer, which included an hourly wage rate higher than that
recommended by the Majority Report of the Labour Relations Agency's
Conciliation Board, would be acceptable to the plant employees.
    As a high cost producer of high quality seafood, FPI has no choice but to
become more competitive in its operations. While corporate-wide cost control
measures introduced over the past two years have made administration much more
efficient, plant operations remain uncompetitive by a significant margin in
comparison to other seafood operators in Newfoundland and Labrador. The
Company had hoped through its recent discussions with the Union to reach an
agreement that would be acceptable to plant employees while making essential
improvements to FPI's competitive position in the province.

    About FPI: FPI Limited is a Newfoundland and Labrador-based seafood
company engaged in harvesting, processing, global sourcing, and marketing a
wide selection of high quality seafood products.

    FPI Limited trades on the Toronto Stock Exchange under the symbol FPL.

For further information:

For further information: Investors: Bev Evans, Chief Financial Officer,
(709) 570-0351, bevans@fpil.com; Media: Russ Carrigan, Corporate
Communications, (709) 570-0130, rcarrigan@fpil.com

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