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LUNENBURG, NS, Oct. 11 /CNW/ -- - Unwinding U.S. Dollar Hedges will add $0.32 per share to fourth quarter

earnings -

LUNENBURG, NS, Oct. 11 /CNW/ - High Liner Foods Incorporated (TSX:HLF; TSX:HLF.A) announces that it has unwound certain foreign exchange contracts that it had previously booked to hedge its exposure to the U.S. dollar. Due to the unprecedented volatility of the Canadian dollar, High Liner decided that it would take advantage of market conditions to realize a cash gain, adding $0.32 per share of after tax income to its fourth quarter results on a fully diluted basis. The total cash gain realized from these transactions is close to $9 million, before applicable taxes. Net proceeds will be used to reduce operating debt.

Kelly Nelson, Chief Financial Officer of High Liner Foods, states: "The current financial markets certainly present unique challenges, but also opportunities. We believed it is in the best interests of our shareholders to unwind these contracts in order to take advantage of their current valuation."

High Liner's risk management strategy with respect to exposure to the U.S. dollar is fully explained in its Management Discussion and Analysis, available in its 2007 Annual Report and in its most recent Second Quarter Interim Report to Shareholders for 2008. These documents are available at www.sedar.com and at www.highlinerfoods.com. After unwinding these contracts, High Liner's exposure to the U.S. dollar is not hedged. However, Management and the Audit Committee will actively monitor currency exposures and take action as required.

About High Liner Foods Incorporated

High Liner Foods Incorporated is a leading North American processor and marketer of prepared, value-added frozen seafood. High Liner's branded products are sold throughout the United States, Canada and Mexico under the High Liner(R), Fisher Boy(R), Mirabel(R) and Sea Cuisine(TM) labels, and are available in most grocery and club stores. The Company also sells its High Liner(R), FPI(R) and Mirabel(R) food service products to restaurants and institutions, and is a major supplier of private label seafood products to North American food retailers and food service distributors. High Liner Foods is a publicly traded Canadian company. Its common shares trade under the symbol HLF and its NonVoting Equity Shares trade under the symbol HLF.A on the Toronto Stock Exchange.

This document contains forward-looking statements, including earnings comments for 2008. These statements contain words such as "anticipate", "expect", "could", "should", "may", "plans", "will", or similar expressions that are based on and arise out of our experience, our perception of trends, current conditions and expected future developments as well as other factors. The statements are not a guarantee of future performance. By their nature, forward-looking statements involve uncertainties and risks that the forecasts and targets will not be achieved. Readers are cautioned not to place undue reliance on forward-looking statements, as a number of important factors, as discussed herein and in our other continuous disclosure documents, could cause actual results to differ materially from those expressed in such forward-looking statements. We include in publicly available documents filed from time to time with securities commissions and The Toronto Stock Exchange, a thorough discussion of the risk factors that can cause anticipated outcomes to differ from actual outcomes. We disclaim any intention or obligation to update or revise forward-looking statements.

For further information about the Company, please visit our Internet site at www.highlinerfoods.com or send e-mail to investor@highlinerfoods.com.

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