Mr. George Paleologou reports

PREMIUM BRANDS HOLDINGS CORPORATION ANNOUNCES THE COMPLETION OF THE ACQUISITION OF STAMPEDE CULINARY PARTNERS, INC.

Premium Brands Holdings Corp. has successfully completed the previously announced acquisition of Stampede Culinary Partners Inc.

The purchase price for the Stampede acquisition, subject to further customary postclosing net working capital adjustments and excluding transaction costs, was approximately $688.0-million (U.S.) and consisted of (i) the initial base purchase price of approximately $662.5-million (U.S.) comprising (a) $512.5-million (U.S.) in cash and (b) the issuance of $150.0-million (U.S.) of common shares (approximately 2.2 million common shares) of the company to the seller, (ii) initial customary net working capital adjustments of approximately $10.5-million (U.S.) and (iii) reimbursement for cash on hand of approximately $15.0-million (U.S.).

In order to partially finance the Stampede acquisition, the company completed the issue and sale of: (i) 3,303,260 subscription receipts at a price of $97.50 per public subscription receipt, for gross proceeds of approximately $322-million; $172.5-million aggregate principal amount of 5.50 per cent convertible unsecured subordinated debentures at a price of $1,000 per debenture, for gross proceeds of $172.5-million; and (iii) an aggregate of 1,743,600 subscription receipts, on a private placement basis, at a price of $97.50 per placement subscription receipt, for gross proceeds of approximately $170-million, for aggregate gross proceeds in respect of the offering of approximately $665-million.

The balance of the base cash purchase price for the Stampede acquisition was financed by a draw of approximately $102-million on the company's revolving credit facility.

The public subscription receipts were offered to the public through a syndicate of underwriters led by CIBC Capital Markets, BMO Capital Markets, National Bank Financial Inc., Raymond James Ltd. and Scotiabank, and included Cormark Securities Inc., Desjardins Securities Inc., Merrill Lynch Canada Inc., RBC Dominion Securities Inc., TD Securities Inc., Canaccord Genuity Corp., Stifel Nicolaus Canada Inc. and Ventum Financial Corp. The debentures were offered to the public through a syndicate of underwriters led by CIBC Capital Markets, BMO Capital Markets, National Bank Financial Inc., Raymond James Ltd. and Scotiabank, and included Canaccord Genuity Corp., Desjardins Securities Inc., RBC Dominion Securities Inc. and TD Securities Inc. CIBC Capital Markets acted as sole bookrunner and agent on the concurrent private placement.

In accordance with the terms of the subscription receipt agreement pursuant to which the subscription receipts were issued, each outstanding subscription receipt was exchanged, without payment of additional consideration and without further action on the part of the holders thereof, for one share, resulting in the issuance of 5,046,860 shares. The shares issued on exchange of the placement subscription receipts are subject to a four-month hold period under applicable Canadian securities laws.

The company expects that the subscription receipts will be halted from trading as soon as possible and delisted from the Toronto Stock Exchange (TSX) at the close of markets today and that the shares issued in exchange for the subscription receipts issued in the offering will immediately commence trading on the TSX.

About Premium Brands Holdings Corp.

Premium Brands owns a broad range of leading specialty food manufacturing and differentiated food distribution businesses with operations across Canada, the United States and Italy.

We seek Safe Harbor.