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March 1, 2004
For immediate release

RFP Issued Today to Potential Parties Interested in Polar

Development and Technology

Creditors of Polar Foods International Inc., Ernst & Young Inc. (EYI), along with the Government of Prince Edward Island, announced today the notice of Request for Proposals (RFP) for the purchase of the receiver and manager’s right, title and interest in certain of Polar’s assets.

Notices advising of the RFP have been issued to approximately 200 fish processing plants in Canada and other international contacts.

“We had to move quickly to complete an RFP so that it could be issued to potential buyers as early as today,” said Mike Currie, Minister of Development and Technology. “The spring lobster season begins on May 1, 2004. We would like to see the receiver and manager complete the sale process in time to facilitate the successful purchaser’s preparation for the upcoming spring processing season.

Polar operated fish/seafood and lobster processing plants and live lobster storage facilities in Prince Edward Island, New Brunswick and Nova Scotia. Polar purchased lobster directly from approximately 415 fishermen and five agents in PEI, and from fishermen agents in New Brunswick, Nova Scotia, Newfoundland, Quebec and Maine.

Proposals to purchase assets are to be received no later than 5 p.m., Atlantic Standard Time, Friday, March 12, 2004, at Ernst & Young Inc. To obtain a copy of the Request for Proposals, please contact Paul Douglas, Vice-President at: Ernst & Young Inc., Receiver and Manager of Polar Foods International Inc., 1959 Upper Water Street, Suite 1301, Halifax, Nova Scotia, Canada, B3J 2Z1, phone: (902) 420-1080; facsimile: (902) 420-0503; e-mail:

Media Contact: Julie Whitlock
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