- Icelandic Group sells Ocean to Ocean inventories and trademarks in Canada

Ocean to Ocean, a subsidiary of Icelandic USA, sold its Ocean to Ocean Canada
trade name, customer lists, packaging, Canadian trademarks and brands and
inventory. The buyers are the management of Ocean to Ocean Canada. 

Included in the management group are Joe Wineck and Lillian Chow, the entity's
President and Executive Vice President, respectively.  They hold the majority
of the shares. 

The marketplace in the commodity shrimp arena has become increasingly difficult
in recent years and Ocean to Ocean sold its US inventories and trademarks in
December 2007.  This sale allows Icelandic USA to focus on its core competency
which is valued added seafood and commodity Groundfish products. 

The sale does not have significant effects on the Income statement and Balance
sheet of Icelandic Group but the operations of Ocean to Ocean have been making
a loss for some years.  Looking ahead this will have a positive effect on the
operations of Icelandic USA.  The purpose of the sale is to sharpen the focus
within Icelandic Group´s operation and to lower debt. 


For further information:

Finnbogi A. Baldvinsson CEO of Icelandic Group tel: +49 1723 198 727
Reykjavík February 20 2008


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.