High Liner Foods realizes $6 million foreign exchange gain

    - Unwinding U.S. Dollar Hedges will add $0.32 per share to fourth quarter
    earnings -

    LUNENBURG, NS, Oct. 11 /CNW/ - High Liner Foods Incorporated (TSX:HLF;
TSX:HLF.A) announces that it has unwound certain foreign exchange contracts
that it had previously booked to hedge its exposure to the U.S. dollar. Due to
the unprecedented volatility of the Canadian dollar, High Liner decided that
it would take advantage of market conditions to realize a cash gain, adding
$0.32 per share of after tax income to its fourth quarter results on a fully
diluted basis. The total cash gain realized from these transactions is close
to $9 million, before applicable taxes. Net proceeds will be used to reduce
operating debt.
    Kelly Nelson, Chief Financial Officer of High Liner Foods, states: "The
current financial markets certainly present unique challenges, but also
opportunities. We believed it is in the best interests of our shareholders to
unwind these contracts in order to take advantage of their current valuation."
    High Liner's risk management strategy with respect to exposure to the
U.S. dollar is fully explained in its Management Discussion and Analysis,
available in its 2007 Annual Report and in its most recent Second Quarter
Interim Report to Shareholders for 2008. These documents are available at
www.sedar.com and at www.highlinerfoods.com. After unwinding these contracts,
High Liner's exposure to the U.S. dollar is not hedged. However, Management
and the Audit Committee will actively monitor currency exposures and take
action as required.

    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 NonVoting Equity Shares trade under the symbol HLF.A on the
Toronto Stock Exchange.

    This document contains forward-looking statements, including earnings
comments for 2008. These statements contain words such as "anticipate",
"expect", "could", "should", "may", "plans", "will", or similar expressions
that are based on 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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