Austevoll Seafood ASA Acquires EPAX AS

Company Now Vertically Integrated from Fishing to Omega-3 Products

AALESUND, Norway (January 25, 2007) -- Austevoll Seafood ASA has acquired 100 percent of the shares in EPAX AS from Ferd Private Equity Fund, EPAX AS announced today.

EPAX AS is a world-leading supplier of concentrated, marine-derived omega-3 formulas developed to target specific health conditions and Austevoll Seafood ASA is a leading company in the pelagic fish, meal and oil industry with processing facilities in Norway, Chile and Peru and with annual income of approximately $375 million USD. The acquisition of EPAX AS fits well into Austevoll's strategy to increase value in the fish oil sector.

"EPAX AS is pleased to be under the ownership of Austevoll Seafood. EPAX AS is now the only significant omega-3 supplier to be fully integrated from fishing to production of high-quality omega-3 oils," said Bjorn Refsum, CEO of EPAX AS. "This acquisition will also give us the opportunity to assure full traceability throughout the supply chain down to each fishing vessel—which really no omega-3 company can do today. This is a response to official requirements and also to increasing customer requests."

Additionally, Refsum noted that because the demand for crude fish oil is increasing from the fish-farming and omega-3 industries, and most of the ocean's capacity is being utilized, the company identified the potential for a scarcity in supply in the future. EPAX AS will be able to minimize this issue through Austevoll Seafood, as the company will be able to expand on its secure access to quantity as well as quality, ensuring that EPAX AS products will continue to meet the high standards for which the company is known.

Refsum also noted the EPAX AS board of directors recently decided on an investment plan to ensure increased production at the Aalesund plant, which will be realized in 2007.

About EPAX AS:
EPAX AS is headquartered in Aalesund with a global sales office in Lysaker/Oslo, Norway. Its production facility in Alesund is GMP- approved by the Norwegian Medicines Agency for manufacturing of API products. All of EPAX’s business efforts reflect the company's core commitment: Purity | Quality | Innovation. These values represent EPAX's commitment to offering products that are safe, pure and of consistent quality. EPAX AS offers concentrated Omega-3 EPA/DHA oils in the business-to-business segment under the brand name EPAX, available in a wide range of top quality formulas with different EPA/ DHA ratios focused on specific health conditions. EPAX is also available in TG or EE versions, including TG oils that are available in a deodorized TG/N version, which is virtually without taste and smell. For further information on EPAX AS, its products or clinical studies visit or contact marketing manager Gunilla Traberg at [email protected].

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