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ASG Consolidated LLC Announces Early Settlement of Tender Offer and Consent Solicitation

SEATTLE, May 10, 2010 (BUSINESS WIRE) -- ASG Consolidated LLC (the "Company") announced today the early settlement of its previously announced cash tender offer and consent solicitation (the "Offer") with respect to the 111/2% Senior Discount Notes due 2011 (the "Notes") of the Company and ASG Finance, Inc., a wholly-owned subsidiary of the Company.

As of 5:00 p.m., New Your City time, on May 3, 2010 (the "Consent Time"), $247,294,000 of the principal amount of the Notes had been validly tendered and not withdrawn, which represented approximately 98.5% of the outstanding aggregate principal amount of the Notes. On May 7, 2010, the Company accepted for purchase and payment (the "Early Settlement") all of the Notes that were validly tendered at or prior to the Consent Time. Payment for the Notes was made on May 7, 2010 (the "Early Settlement Date"). Holders of Notes who tendered their Notes at or prior to the Consent Time received $1,033.75 for each $1,000 principal amount of the Notes validly tendered (which included the consent payment of $30.00 per $1,000 principal amount of Notes), plus any accrued and unpaid interest up to, but not including, the Early Settlement Date.

This press release does not constitute an offer to purchase the Notes or a solicitation of consents to amend the related indenture. The Offer is made solely pursuant to the Offer to Purchase and Consent Solicitation Statement dated April 20, 2010. The Offer is not being made to holders of Notes in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, blue sky or other laws of such jurisdiction.

Company Information and Forward Looking Statements About the Company ASG Consolidated is a leader in the harvesting, processing, preparation and supply of quality seafood. Harvesting a variety of fish species, ASG Consolidated processes seafood into an array of finished products, both on board its state-of-the-art fleet of vessels and at its HACCP-approved production facilities located in Massachusetts. ASG Consolidated produces a diverse range of fillet, surimi, roe and block product offerings, made from Alaska pollock, Pacific whiting, Pacific cod and sea scallops. Finished products are sold worldwide through an extensive global distribution and customer support network.

From the ocean to the plate, ASG Consolidated has established a global sourcing, selling, marketing and distribution network bringing quality seafood to consumers worldwide. For more information, please visit us at www.americanseafoods.com.

This press release contains forward-looking statements. The words "will," "believes," "anticipates," "intends," "estimates," "expects," "projects," "plans," or similar expressions are intended to identify forward-looking statements. All statements in this press release other than statements of historical fact, including statements which address our strategy, future operations, future financial position, estimated sales, projected costs, prospects, plans and objectives of management and events or developments that the Company expects or anticipates will occur, are forward-looking statements.

All forward-looking statements speak only as of the date on which they are made.

They rely on a number of assumptions concerning future events and are subject to a number of risks and uncertainties, many of which are outside of the Company's control and could cause actual results to differ materially from such statements.

SOURCE: ASG Consolidated LLC CONTACT: American Seafoods Group Andrea Figueroa, 206-374-1502 andrea.figueroa@americanseafoods.com Copyright Business Wire 2010 -0- KEYWORD: United States

North America

Washington INDUSTRY KEYWORD: Manufacturing

Packaging

Retail

Food/Beverage