Premium Brands Holdings Corporation
TSX : PBH

Premium Brands Holdings Corporation

November 18, 2010 06:00 ET

Premium Brands Holdings Corporation Expands Seafood Platform

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 18, 2010) - Premium Brands Holdings Corporation (TSX:PBH), a leading producer, marketer and distributor of branded specialty food products, announced today a 60% investment in Hub City Fisheries (Hub). Hub is a value added fresh seafood processor operating out of a modern facility located on Vancouver Island. 

"Hub will play an integral role in the development of our rapidly growing seafood initiatives. In particular, our B&C Foods, Centennial and Maximum Seafood businesses will be working with Hub to generate new product offerings and programs for both their retail and foodservice customers," said Mr. George Paleologou, President and CEO.

"I am very excited to be joining the Premium Brands Group and look forward to working with them to accelerate Hub's growth," said Mr. Roger Paquette, President of Hub City Fisheries. "Recent investments in our processing facility will ensure we have the capacity to provide the Premium Brands Group with proprietary seafood solutions," added Mr. Paquette.

"Fresh seafood is an exciting and fast growing product category in the food industry," said Mr. Paleologou. "The addition of Hub, which has sales of approximately $10 million per year, will expand our seafood business platform to almost $100 million in annual sales," added Mr. Paleologou.

About Premium Brands

Premium Brands owns a broad range of leading specialty food manufacturing and differentiated food distribution businesses with operations in British Columbia, Alberta, Saskatchewan, Manitoba, Ontario and Washington State. The Company services over 25,000 customers and its family of brands and businesses include Grimm's, Harvest, McSweeney's, Bread Garden Express, Hygaard, Hempler's, Quality Fast Foods, Gloria's Best of Fresh, Harlan Fairbanks, Creekside Bakehouse, Centennial Foodservice, B&C Foods, Duso's Fine Foods, Maximum Seafood, SK Food Group and Hub City Fisheries.

Forward Looking Statements

This press release includes forward looking statements with respect to Premium Brands, including its business operations strategy and financial performance and condition. These statements generally can be identified by the use of forward looking words such as "may", "could", "should", "would", "will", "expect", "intend", "plan", "estimate", "project", "anticipate", "believe" or "continue", or the negative thereof or similar variations. Although management believes that the expectations reflected in such forward looking statements are reasonable and represent Premium Brands' internal expectations and belief as of November 18, 2010, such statements involve unknown risks and uncertainties beyond Premium Brands' control which may cause its actual performance and results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward looking statements.

Important factors that could cause actual results to differ materially from Premium Brands' expectations include, among other things: (i) seasonal and/or weather related fluctuations in its sales; (ii) changes in consumer discretionary spending resulting from changes in economic conditions and/or general consumer confidence levels; (iii) changes in the cost of raw materials used for its products; (iv) changes in the cost of products sourced from third party manufacturers and sold through Premium Brands' proprietary distribution networks; (v) changes in Canadian income tax laws; (vi) changes in consumer preferences for food products; (vii) competition from other food manufacturers and distributors; (viii) new government regulations affecting Premium Brands' business and operations; (ix) the inability to realize anticipated tax attributes associated with its recent conversion to a corporation; (x) exposure to third party credit/contractual risk and operational risk relating to its recent conversion to a corporation; and (xi) other factors as discussed in Premium Brands' Management's Discussion and Analysis for 2009, which is filed electronically through SEDAR and available online at www.sedar.com. It should be noted that this list of important factors affecting forward looking information may not be exhaustive.

Unless otherwise indicated, the forward looking information in this document is made as of November 18, 2010 and, except as required by applicable law, will not be publicly updated or revised. This cautionary statement expressly qualifies the forward looking information in this document.

Contact Information

  • Premium Brands Holdings Corporation
    George Paleologou
    President and CEO
    (604) 656-3100
    or
    Premium Brands Holdings Corporation
    Will Kalutycz
    CFO
    (604) 656-3100
    www.premiumbrandsholdings.com