Clearwater Seafoods Incorporated Announces Chief Financial Officer Succession

/NOT FOR DISTRIBUTION TO UNITED STATES OR FOR DISSEMINATION IN THE UNITED STATES/

HALIFAX, March 3, 2016 /CNW/ – (TSX: CLR):

Clearwater Seafoods Incorporated ("Clearwater") announced today that Bob Wight will retire later this year after twenty-eight (28) years of dedicated service and Teresa Fortney will be appointed Vice President Finance and Chief Financial Officer, effective March 24, 2016.

Teresa Fortney is a Chartered Professional Accountant ("CPA, CMA") with over twenty-nine (29) years of senior financial leadership experience in the consumer foods industry including Maple Leaf Foods, Schneider Foods and McCormick. Teresa is a University of Waterloo mathematics graduate who has spent most of her career in growth oriented, multi-site manufacturing and distribution environments in the food industry. At Schneider, she developed her treasury skills, analyzed numerous acquisitions and implemented SOX while introducing project management and enhancing business process controls and systems. At Maple Leaf Foods, she became the senior finance professional of their $2 billion consumer foods business and led the integration of the Schneider’s business. Most recently, she has been the CFO of Wescast, a role that allowed Teresa to further hone her investor relations, public markets, international and M&A expertise in a company that was publicly traded until its sale to Chinese interests in early 2013.

Ian Smith, Clearwater’s CEO, commented, "Teresa has extensive operational, capital markets, and mergers and acquisition experience and I am confident her depth and breadth of experience will allow us to continue to advance our growth agenda."

Effective March 24, 2016 and until his retirement, Bob Wight will assume project leadership responsibilities for the successful integration of Macduff Shellfish, the UK-based shellfish harvester acquired by Clearwater in October, 2015.

Mr. Smith commented, "Bob and I have worked very closely over the last five (5) years and his vast industry knowledge, amazing work ethic and steadfast commitment to the company have been well recognized and greatly appreciated. Bob was a co-author and major contributor to Clearwater’s most recent and highly successful strategic growth plan that saw the company post double digit sales and adjusted EBITDA compound annual growth and I look forward to continuing to work with him in his new role while wishing him and his family well as he prepares for his well-deserved retirement later this year."

Colin MacDonald, Chairman of Clearwater Seafoods Incorporated commented, "I have worked with Bob very closely over the past 28 years and his intelligence, tenacity, energy, work ethic and loyalty are second to none. On behalf of both Clearwater Seafoods Incorporated and its largest shareholder, Clearwater Fine Foods Incorporated, I would like to sincerely thank Bob for his contribution to our overall corporate success and wish him and his family a long and prosperous future."

COMMENTARY REGARDING FORWARD-LOOKING STATEMENTS

This news release may contain "forward-looking information" as defined in applicable Canadian securities legislation. All statements other than statements of historical fact, including, without limitation, statements regarding future plans and objectives of Clearwater, constitute forward-looking information that involve various known and unknown risks, uncertainties, and other factors outside management’s control.  

Forward-looking information is based on a number of factors and assumptions which have been used to develop such information but which may prove to be incorrect including, but not limited to, total allowable catch levels, selling prices, weather, exchange rates, fuel and other input costs. 

There can be no assurance that such information will prove to be accurate and actual results and future events could differ materially from those anticipated in such forward-looking information.

For additional information with respect to risk factors applicable to Clearwater, reference should be made to Clearwater’s continuous disclosure materials filed from time to time with securities regulators, including, but not limited to, Clearwater’s Annual Information Form.

The forward-looking information contained in this release is made as of the date of this release and Clearwater does not undertake to update publicly or revise the forward-looking information contained in this report, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.

No regulatory authority has approved or disapproved the adequacy or accuracy of this report.

About Clearwater

Clearwater is one of North America’s largest vertically integrated seafood companies and the largest holder of shellfish licenses and quotas in Canada. It is recognized globally for its superior quality, food safety, diversity of species and reliable worldwide delivery of premium wild, eco-certified seafood, including scallops, lobster, clams, coldwater shrimp, crab and groundfish. With the addition of Macduff Shellfish Group Limited ("Macduff"), Clearwater has expanded its product offering to include langoustines and whelk.

Since its founding in 1976, Clearwater has invested in science, people and technological innovation as well as resource ownership and management to sustain and grow its seafood resource. This commitment has allowed it to remain a leader in the global seafood market and in sustainable seafood excellence.

SOURCE Clearwater Seafoods Incorporated

Image with caption: "Teresa Fortney will be appointed VP and Chief Financial Officer effectiveMarch 24, 2016 (CNW Group/Clearwater Seafoods Incorporated)". Image available at: http://photos.newswire.ca/images/download/20160302_C2444_PHOTO_EN_633689.jpg