- Icelandic USA sold the production facility and related equipment in Cambridge USA as well as Ocean to Ocean inventory in the USA and related USA trademarks.

Icelandic USA Inc. sold on December 31, 2007 the production facilities and
related equipment in Cambridge, Maryland.  No production has been in the
facilities since June 2007, when the production of Icelandic USA was moved to
one production plant in Newport News, Virginia.  As mentioned in previous
statements the closure of the Cambridge plant was the final step in the merger
of Icelandic USA and Samband of Iceland which started in the year 2005.  The
Newport News facility is a newer facility and pocesses state of the art
technology processes to serve Icelandic USA´s current customer base and has
additional capacity for future growth. 

Icelandic USA´s subsidiary, Ocean to Ocean, has sold all of it´s inventory in
the USA and related USA trademarks to Singleton Fisheries under the Meridian
name. 

The sales have insignificant effects on the income statement and balance sheet
of Icelandic Group. 

For further information:

Björgólfur Jóhannsson, CEO of Icelandic Group
Tel: +354 896 1455



About Icelandic Group
Icelandic Group (OMX Nordic Exchange: IG) consists of an international network
of production and marketing companies selling seafood products on global
markets.  In several markets the company enjoys the prominent position of its
brand, ICELANDIC, especially within the food service sector. The company is
also a major supplier to the retail sector through its branded or private label
production. The Group employs approximately 4,600 people.  The personnel
include renowned experts in the fields of fishing and primary processing,
product innovation and value-added processing, and in the worldwide marketing
of seafood products.