ASG Consolidated LLC and ASG Finance, Inc. Announce Completion of their Exchange Offer regarding their 11 1/2% Senior Discount Notes Due 2011.

SEATTLE -- ASG Consolidated LLC and ASG Finance, Inc. (American Seafoods) today announced the completion of their exchange offer regarding $196.0 million aggregate principal amount of their 11 1/2% Senior Discount Notes due 2011.

In the exchange offer, American Seafoods exchanged notes that are registered under the Securities Act of 1933, as amended, for their outstanding 11 1/2% Senior Discount Notes due 2011 issued and sold on October 19, 2004, which were not registered under the Securities Act of 1933, as amended.

As of the close of business on May 11, 2005, which was the exchange offer expiration date, $196.0 million (out of $196.0 million aggregate principal amount at maturity) in aggregate principal amount of the unregistered notes have been confirmed as tendered in exchange for a like principal amount of the registered notes.

About American Seafoods

ASG Consolidated LLC, through American Seafoods Group LLC and its subsidiaries, is a leader in the harvesting, processing, preparation and supply of quality seafood. Harvesting a variety of fish species, the Company processes seafood into an array of finished products, both on board its state-of-the-art fleet of vessels and at its HACCP-approved production facilities located in both Massachusetts and Alabama. The Company produces a diverse range of fillet, surimi, roe and block-cut product offerings, made from Alaska pollock, Pacific cod, sea scallops, and U.S. farm raised catfish. Finished products are sold worldwide through an extensive global distribution and customer support network. From the ocean to the plate, American Seafoods has established a global sourcing, selling, marketing and distribution network bringing quality seafood to consumers worldwide. For more information, please visit us at www.americanseafoods.com.

Forward-looking Statements

This press release contains forward-looking statements within the meaning of the federal securities laws, including the Private Securities Litigation Reform Act of 1995. The words "will," "believes," "anticipates," "intends," "estimates," "expects," "projects," "plans," or similar expressions are intended to identify forward-looking statements. All statements in this press release other than statements of historical fact, including statements which address our strategy, future operations, future financial position, estimated sales, projected costs, prospects, plans and objectives of management and events or developments that the Company expects or anticipates will occur, are forward-looking statements. All forward-looking statements speak only as of the date on which they are made. They rely on a number of assumptions concerning future events and are subject to a number of risks and uncertainties, many of which are outside the Company's control and could cause actual results to differ materially from such statements.