Millbrook First Nation

Millbrook First Nation
Icy Waters Ltd.

Icy Waters Ltd.

January 23, 2008 13:07 ET

Millbrook Joins Forces With Icy Waters™ to Launch North American Arctic Charr Partnership

TRURO, NOVA SCOTIA--(Marketwire - Jan. 23, 2008) - John Rose, President of Icy Waters™ Ltd. and Millbrook First Nation Chief Lawrence Paul and his Band Council announced today in Truro, Nova Scotia that they are forming an international partnership to produce and market Arctic Charr, a premium quality freshwater finfish related to the salmon and trout families.

Whether the products are fillets delivered to fine dining establishments in Canada and the United States or its peerless strain of ova (female reproductive cells) shipped around the world, Icy Waters™ has become synonymous with consistency and premium quality.

The aquaculture industry in Atlantic Canada is in a state of transition. While demand for fish and fish products continues to increase in North America, supply is now global. The economics of fish culture have changed so that in order to remain viable, larger critical size is required. A new model is essential if the smaller scale farmer is to survive. Millbrook has worked successfully with the Atlantic Provinces Opportunities Agency (ACOA) to develop markets for Arctic Charr and will continue to do so in the future.

Partnership between Millbrook Chief Lawrence Paul and his Band Council and Icy Waters™ is about the growth and success of environmentally sound and sustainable land-based aquaculture. Consistent premium quality is the mantra of Icy Waters™. Partnership with Millbrook is recognition of the fact that Millbrook shares the same mantra, having become a high-quality producer of premium Arctic Charr. Chief Lawrence Paul and his Band Council and the folks from Icy Waters™ are highly committed to the future. This partnership is also testament to Millbrook's commitment to the growth and prosperity of land-based fish-farming in Atlantic Canada, in particular Arctic Charr.

The partnership will provide additional production capacity allowing the two groups to grow the marketplace in Eastern North America. It provides great flexibility for both production units in ensuring that they can manage demand and growth in a sustainable way. "This allows us to bookend the continent" says Mr. Rose.

Icy Waters™ Ltd. is a fully integrated aquaculture company dedicated to the development of Arctic Charr as a premium quality, freshwater finfish species. Icy Waters sells its ova to aquaculture operations throughout the world while selling its many forms of flesh products to restaurants and retail establishments across North America.

Subsequent to the Marshall Decision, the Millbrook First Nation, led by Chief Lawrence Paul and his Band Council invested in aquaculture and selected Arctic Charr for its farm operation because the North American market for Arctic Charr was underdeveloped and undersupplied. Global production of Arctic Charr is estimated at 4,000 metric tons a year as compared to a million metric tones of Atlantic Salmon. Iceland currently supplies about two thirds of the world's charr production.

Chief Lawrence Paul and his Band Council established the land-based, grow-out facility on Millbrook's Power Centre outside Truro in 2003 with an investment of $3.3 million. Production capacity is 125 metric tonnes a year. Fish eggs are purchased from Icy Waters, hatched and reared to 100 gm fry in a Truro hatchery before moving into Millbrook's grow-out facility. The hatcheries, together with grow-out facility and processing operations employ about twenty five people year round, most from the Millbrook Band.

Icy Waters™ Ltd. was established in 1985 with production operations located near Whitehorse in Canada's Yukon Territory and quickly became a world leader in Arctic Charr aquaculture production. Its facilities include: a state-of-the-art hatchery; quarantined broodstock production unit and egg incubation room; a Tank Farm which produces close to 200 metric tones of Arctic Charr annually; and on-site processing facilities. Marketing, sales and administration are managed from Kitchener, Ontario.

"We believe that Arctic Charr are the finest freshwater finfish available in world seafood markets today" said Mr. Rose. "We are committed to developing and promoting an industry which is environmentally sound and uses sustainable aquaculture practices". Chief Lawrence Paul and his Band Council are in complete support of this commitment.

A Backgrounder is available at the following address: http://www.ccnmatthews.com/docs/mil.pdf

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