High Liner Foods provides update on credit facility

    - Bank of Montreal replaces Landsbanki in syndicated credit facility -

    LUNENBURG, NS, Jan. 20 /CNW/ - High Liner Foods Incorporated (TSX:HLF), a
leading North American value-added frozen seafood company, confirmed today
that Bank of Montreal has taken over the position of Landsbanki Islands hf as
a U.S. lender in High Liner's credit facility, effective on January 16, 2009.
    On October 15, 2008, High Liner commented on the Icelandic economic
crisis, noting that Landsbanki was a participant in its syndicated credit
facility and was experiencing difficulties. On October 17, High Liner updated
that announcement to confirm that Landsbanki intended to continue servicing
High Liner's loan. Since that date, Landsbanki has fulfilled the requirements
of the credit agreement.
    However, High Liner is now pleased to announce that the Landsbanki
commitment to provide up to CA$40 million to High Liner's U.S. subsidiary
under the terms of the credit facility has been fully assigned to the Bank of
Montreal. Bank of Montreal now joins the Royal Bank of Canada and CIT Business
Credit Canada Inc. in the overall $120 million operating facility, of which
more than $60 million is available at this date.

    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 High Liner's credit facility. Our statements are based on the
status quo. The statements are not a guarantee of future performance. By their
nature, forward-looking statements involve uncertainties and risks that may or
may not affect future outcomes.
    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

    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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