HIGH LINER FOODS ANNOUNCES CHANGE OF AUDITOR FOR FISCAL 2025

HIGH LINER FOODS ANNOUNCES CHANGE OF AUDITOR FOR FISCAL 2025

LUNENBURG, NS, March 14, 2025 /CNW/ - High Liner Foods Incorporated (TSX: HLF) ("High Liner Foods" or the "Company"), a leading North American value-added frozen seafood company, today announced the appointment of PricewaterhouseCoopers LLP ("PwC") as the external auditor of the Company. The appointment follows a comprehensive request for proposal process for the 2025 external audit engagement of the Company (the "RFP").

As part of the Company's commitment to best corporate governance practices and given Ernst & Young LLP's ("Ernst & Young") long tenure as High Liner Foods' external auditor, the Audit Committee of the Board of Directors (the "Board") initiated the RFP process in 2024. After careful consideration, on the advice of the Audit Committee, the Board selected PwC based on their technology, audit approach, audit team, and independence.

In connection with the RFP, the Board has accepted the resignation of Ernst & Young and the Company extends its gratitude for their expertise and quality audit services provided to the Company over many years.

The Company confirms that there have been no reservations in Ernst & Young's reports for the two most recently completed financial years and there are no "reportable events", as the term is defined in National Instrument 51-102 – Continuous Disclosure Obligations ("NI 51-102").

In accordance with NI 51-102, the notice of change of auditor, together with the required letters from Ernst & Young and PwC, have been reviewed and approved by the Audit Committee and have been filed on SEDAR+.

Forward Looking Information

This press release contains forward-looking information within the meaning of applicable securities laws with respect to the Company, including, but not limited to, statements concerning the change of auditors. Forward-looking statements are based on information currently available to the Company and management's estimates, expectations and assumptions, which we believe are reasonable as of the current date but may prove to be incorrect. These statements are also subject to risks and uncertainties. Actual results or events may differ materially from those expressed or implied by such forward-looking statements. Additional information about these assumptions, risks and uncertainties is included in the Company's securities regulatory filings, including under the headings "Risk Factors" and "Forward-Looking Information" in the Company's annual Management's Discussion & Analysis, which can be found under the Company's profile on SEDAR+ at www.sedarplus.ca. Undue reliance should not be placed on this forward-looking information, which applies only as of the date hereof, and the Company does not undertake to update or revise any forward-looking information, whether as a result of any new information, future events or otherwise, except as may be required by applicable law.

About High Liner Foods Incorporated

High Liner Foods Incorporated is a leading North American processor and marketer of value-added frozen seafood. High Liner Foods' retail branded products are sold throughout the United States and Canada under the High Liner, Fisher Boy, Mirabel, Sea Cuisine, and Catch of the Day labels, and are available in most grocery and club stores. The Company also sells branded products to restaurants and institutions under the High Liner, Mirabel, Icelandic Seafood and FPI labels and is a major supplier of private label value-added seafood products to North American food retailers and foodservice distributors. High Liner Foods is a publicly traded Canadian company, trading under the symbol HLF on the Toronto Stock Exchange.

SOURCE High Liner Foods Incorporated