American Seafoods to Acquire Southern Pride Catfish.

Business Editors

SEATTLE--(BUSINESS WIRE)--Nov. 21, 2002

American Seafoods Group LLC, a world leader in the harvesting, preparation and supply of quality seafood, announced today that is has reached an agreement to acquire Southern Pride Catfish Inc. of Greensboro, Alabama.

Under the terms of the agreement, American Seafoods Group will purchase substantially all the assets of Southern Pride Catfish. The acquisition will be accounted for as a purchase transaction and will be subject to customary closing conditions and further due diligence. The existing management team, lead by founder, Joe T. Glover, Jr., is expected to continue to manage Southern Pride's day-to-day operations.

"Southern Pride Catfish is a natural extension and ideal compliment to American Seafoods Group and its products," remarked Bernt O. Bodal, Chairman and CEO. "Aquaculture fisheries are becoming an ever-increasing part of the seafood industry and we believe this acquisition will further strengthen American Seafoods' position as a global leader with worldwide seafood sales, marketing and distribution. We will be in an even stronger position to meet the needs of our customers with our newly combined domestic and international distribution networks."

Southern Pride Catfish, with processing centers in Greensboro and Demopolis, Alabama, the center of Alabama's "Catfish Capital," was founded in 1986 and presently employs over 750 people. Southern Pride Catfish is the largest processor of farmed raised catfish in the United States with annual sales in excess of $100 million. From the farm, only minutes after the live fish are transported to the plant, they are fully packaged and ready to be delivered, fresh to you. Restaurants and retailers across the nation enjoy the benefits of Southern Pride's delicious and wholesome catfish. For more information visit www.southernpride.net.

American Seafoods Group LLC is a world leader in the harvesting, at-sea processing, preparation and supply of quality seafood. Harvesting a variety of fish species, the Company processes its catch into an array of finished products, both on board its state-of-the-art fleet of vessels and at its East Coast value-added processing facilities. 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 visit www.americanseafoods.com.

This press release contains forward-looking statements. 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 of the Company's control and could cause actual results to differ materially from such statements.