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CLEARWATER SEAFOODS TO REVISIT REFINANCING OPTIONS FOR CONVERTIBLE DEBENTURES

Attention Business/Financial Editors 

CLEARWATER SEAFOODS TO REVISIT REFINANCING OPTIONS FOR CONVERTIBLE DEBENTURES


/Not for distribution to United States or for dissemination in the United
States / 

HALIFAX, MARCH 16/CNW/ - (TSX: CLR.UN, CLR.DB, CLR.DB.A): 

o	Cancels scheduled 7% convertible Debentureholder meeting 
o	Will revisit refinancing options

Today Clearwater Seafoods Income Fund (the “Fund”):announced that the serial
meeting of the holders (“Debentureholders”) of the 7% convertible unsecured
subordinated debentures due December 31, 2010 (the “2010 Debentures”), in
connection with the proposed amendments, has been cancelled.  The meeting of
Debentureholders was scheduled for 10:00 a.m. on Tuesday, March 16, 2010. 

The meeting has been cancelled as the voting results as of March 12, 2010, the
cutoff date to receive proxies, although positive, indicated that the proposed
amendments to the 2010 Debentures would not receive the required 66 2/3%
approval of the votes cast. 

The Fund may, in the future, revisit refinancing options of the 2010
Debentures.  If any determination is made in regards to refinancing options,
the Fund will advise the Debentureholders. 

Mr. Colin MacDonald, Chairman of CS ManPar Inc., the general partner of the
Fund's administrator, Clearwater Seafoods Limited Partnership (“Clearwater”), 
and Chairman and Chief Executive Officer of Clearwater stated, “We had looked
at amending these convertible debentures before their maturity as part of our
ongoing review of the Fund's capital structure and strategy to address maturing
debt facilities.  We respect the feedback received from the Debentureholders
and will take some additional time to consider other options to refinance the
2010 Debentures.” 

Tom Traves, Chair of the Board of Trustees, added, “While the Trustees felt
that the terms offered had a number of benefits for Debentureholders, given the
voting results, we will continue to review the Fund's capital structure and in
particular the options available for addressing the maturity of the 2010
Debentures”. 

About Clearwater

Clearwater is recognized for its consistent quality, wide diversity and
reliable delivery of premium seafood, including scallops, lobster, clams,
coldwater shrimp, crab and ground fish. 

Since its founding in 1976, Clearwater has invested in science, people,
technology, resource ownership and resource management to preserve and grow its
seafood resource. This commitment has allowed it to remain a leader in the
global seafood market. 

For further information: Robert Wight, Chief Financial Officer, Clearwater,
(902) 457-2369; Tyrone Cotie, Director of Corporate Finance and Investor
Relations, Clearwater, (902) 457-8181.