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MARINE HARVEST COMPLETES SALE OF TUNA BUSINESS AND ANNOUNCES YEAR END RESULTS

 WOODBRIDGE, N.J., Dec. 31 /PRNewswire/ -- Marine Harvest International, Inc. (AMEX: MHI), formerly known as MariFarms, Inc., announced today that it has completed the sale of the business and assets of Pan Pacific Fisheries, Inc., its tuna processing and specialty fish business, to Pan Pacific Fisheries Holdings, Inc. The purchase price of $8.3 million, subject to a net worth adjustment, consists of $5.95 million cash, a subordinated note in the amount of $1.35 million and $1.0 million of preferred stock.
 In commenting on the sale and year end results, John A. Mistretta, chairman, said, "we are pleased to now be completely out of the tuna business which so severely hurt our 1992 results and look forward with great optimism to 1993 with our company firmly focused on our salmon and shrimp aquaculture operations."
 The company reported that for the year ended Sept. 30, 1992, it had net sales of $90.1 million and a net loss of $15.0 million. The loss was primarily due to losses incurred in the tuna operation and as a result of its sale.
 Marine Harvest International, Inc. is a world leader in aquaculture, and is engaged in salmon and shrimp aquaculture operations.
 MARINE HARVEST INTERNATIONAL, INC.
 Consolidated Summary of Operations
 (In thousands, except per share data)
 Year ended Sept. 30 1992
 Net sales $90,100
 Net loss (14,995)
 Net loss per common share $(2.22)
 -0- 12/31/92
 /CONTACT: Diana Burton of Marine Harvest, 908-750-1122/
 (MHI)


CO: Marine Harvest International, Inc. ST: New Jersey IN: SU: ERN

SM -- NY039 -- 1009 12/31/92 16:37 EST
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Publication:PR Newswire
Date:Dec 31, 1992
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