January 25, 2012

The acquisition of Seatrade International Co., Inc by American Holdco, Inc. (AHI) has been announced by Michael Tourkistas, President & CEO of East Coast Seafood, Inc.

East Coast Seafood, who sells live and frozen lobster and seafood throughout the US, Europe and Asia, recently celebrated a 30 year anniversary. The company's headquarters are in the greater Boston area of Massachusetts with direct distribution offices throughout Europe. AHI owns and operates several additional subsidiaries including: Paturel International Company, with processing facilities in New Brunswick and Nova Scotia, Canada; Worldwide Perishables Enterprises, Inc., a perishable freight forwarding company located in Chelsea, Massachusetts and Halifax, Nova Scotia, Canada; and Canadian Gold Seafood Company, with offices in Halifax, Nova Scotia and Brussels, Belgium. AHI offers high quality seafood products worldwide through a sophisticated and fully integrated network of companies.

Seatrade International, which also recently celebrated its 30th year in business, operates scallop processing plants in Portsmouth, NH and New Bedford, MA. Seatrade sells its products throughout the US and Europe with a network of both direct sales and sales representatives. Steve Barndollar, Karin Barndollar and Bob Blais will continue in their management capacities of Seatrade International.

"Our combined operations present an excellent fit and formalise an existing long term strategic relationship," said Michael Tourkistas. "In keeping with AHI's strategic vision of vertical and horizontal integration, this acquisition is a step in building a highly diversified seafood company with logistical efficiencies and continued commitments towards sustainable practices and responsible business. When delivering high quality seafood products to customers around the world, there are many positives to sharing operational advantages, which is at the very heart of the companies' sustainability mission, Plan Green. With goals focused on five areas of operational improvement including Energy, Waste, Community, Education and Sustainability, AHI aims to benefit all partners in the supply chain through this merging of two seafood leaders."

Steve Barndollar remarked, "The AHI family of brands complements our business and provides us all an excellent platform for growth. Our Seatrade team is excited by the opportunity to address a larger, consolidated customer base, while providing enhanced product offerings and logistical advantages; thereby creating incremental value for all of Seatrade's stakeholders - our employees, harvesters, and customers."