FPI reaches tentative agreement with plant employees in Newfoundland and Labrador

    TSX: FPL

    ST. JOHN'S, April 22 /CNW/ - FPI Limited ("FPI" or "the Company") today
confirmed that a tentative agreement has been reached with the Newfoundland
and Labrador processing plant employees represented by the Fish, Food and
Allied Workers ("FFAW/CAW" or "the Union"). The previous Collective Agreement
had expired on March 31, 2005.
    "Contract negotiations between FPI and the FFAW/CAW have been lengthy,
and have certainly been trying for all of us," said Graham Roome, Chief
Operating Officer for FPI. "Now, we believe we have achieved a workable
compromise. We are hopeful that the tentative agreement reached this weekend
will be ratified by plant employees, and that we can continue building a
future together in this intensely competitive industry."
    The Company will have no comment on the specifics of the tentative
agreement until such time as the Union members have had an opportunity to
consider the matter and cast their ballots in a ratification vote.

    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; www.fpil.com

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