History

American Seafoods was formed in January 2000 through the purchase of certain vessel and land-based processing assets from Norway Seafoods and Frionor USA. In the transaction, we purchased seven catcher-processor vessels, one catcher vessel and our New Bedford, Massachusetts processing facilities. Our vessels, which average over 300 feet in length, operate primarily in the U.S. Bering Sea pollock fishery and produce pollock roe (fish eggs), surimi (a fish protein paste used in products such as imitation lobster and crab meat), fillet blocks, headed and gutted fish and fishmeat. Our land-based processing facility in Massachusetts manufactures products such as breaded seafood portions, fillets and scallops and distributes these fresh and frozen seafood products to retailers and food service customers throughout the United States.

In August 2001, we, along with two other partners, formed Pacific Longline Company and acquired three freezer-longliner vessels. In January 2004, we purchased the minority interests in Pacific Longline Company from our partners and increased our ownership to 100%. Our freezer-longliner vessels range in length from 125 to 140 feet and operate in the U.S. Bering Sea/Aleutian Islands Pacific cod fishery producing headed and gutted cod that is sold primarily in the European, Asian and North American markets.

In December 2002, we purchased substantially all the assets of Southern Pride Catfish Company, including its subsidiary, Southern Pride Trucking, Inc., which allowed us to enter in to the business of catfish harvesting, processing and distribution.