Icicle Press Release

News Release

7 March 2007

Icicle Seafoods, Inc. is pleased to announce the recent formation of SALMONES AYSEN, S.A., a Chilean company with headquarters in Santiago, Chile. Icicle’s partner in this new enterprise is Mr. Pablo Baraona, formerly of Salmones Tecmar, S.A. SALMONES AYSEN’s operations will consist of the production of farm salmon and trout in southern Chile’s Eleventh Region.

Icicle Seafoods, an Alaska corporation founded in 1965, is a diversified seafood company with several on-shore and floating processing facilities operating throughout Alaska in most major fisheries. It is currently one of the largest processors of wild salmon in the world. Mr. Baraona was one of the principals of Salmones Tecmar, S.A. and has been involved in the salmon business in Chile since 1992. Tecmar was sold to Fjord Seafoods in 2000.

Don Giles, Icicle’s President & CEO said, “Our company has had a 15-year relationship with Mr. Baraona and his team in Chile. We think this is an ideal fit, combining Icicle’s global marketing efforts and product diversity with Mr. Baraona’s experience and expertise in the salmon industry in Chile.” Giles further stated, “While we know this may give some of our friends in Alaska some heartburn, our commitment to Alaska and Alaska wild salmon is unwavering as evidenced by our recent acquisitions of two salmon plants in Alaska the past two years, as well as the addition of Kelley-Clarke Seafood, Inc. in 2005. Most of our wild salmon customers worldwide also use farmed salmon and are demanding control and accountability from the water to their door. With this new venture we can give them the same assurance and accountability as we do with our wild Alaskan products.”

Mr. Baraona said, “My team and I are excited to be partnered with Icicle in this project. Our experiences and business together over the years has been both positive and successful for all concerned, and we look forward to working together to make SALMONES AYSEN a success.”

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