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2017-01-27

Iceland Seafood International hf.: SFS and Fishermen's Union Negotiations

As a leading player in the Icelandic and European seafood sector the company
believes it is incumbent upon them to make a statement regarding the above
subject matter.

As has been widely reported, negotiations between Fisheries Iceland (SFS) and
the various Fishermen's unions broke down earlier this week, leading to
uncertainty on when fishing of larger boats/vessels will recommence. The
small boat fleet in Iceland has continued supplying the markets throughout
this period.

At Iceland Seafood International, six out of seven of the Group's companies
operate outside of Iceland, including three factory operations in Europe.
This geographic diversity provides the Group with a robust position. The
majority of these foreign companies are not solely reliant on Iceland for
supplies and are in a position of securing raw materials and products from
other countries. Outside of fresh products, the Group's foreign subsidiaries
entered this period with healthy stocks which have to date enabled continued
supplies to our customers.

The strike therefore has so far not materially affected the financial
performance of ISI and the potential effects on the 2017 results will be
dependent on various factors, one being how long the fishing fleet in Iceland
is in-active.

ISI will continue to work closely with operating suppliers in Iceland and
internationally to mitigate the effects of the strike on our customer base
and like all companies in the sector look forward to the prompt resolution of
this strike.

Elsewhere, the Group this year remains focused on its strategy to explore
acquisition opportunities in Europe and looks forward to announcing its
annual results in late March.

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This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Iceland Seafood International hf. via Globenewswire

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