Clearwater Seafoods Incorporated (TSX:CLR) announced that it has initiated a formal strategic process to identify, review and evaluate a broad range of potential strategic alternatives available to it with a view to continuing to enhance shareholder value (the "Strategic Review"). In conjunction with the Strategic Review, Clearwater has formed a special committee of independent directors to solicit, consider and evaluate various strategic alternatives available to the Company (the "Special Committee"). The Special Committee is chaired by Brendan Paddick and includes Jane Craighead, Vicki McKibbon, Karl Smith and Jim Dickson. Clearwater's board of directors has determined it is timely, prudent and in the best interests of the Company and its stakeholders to commence the Strategic Review in light of the Company having recently received several expressions of interest. The Special Committee has engaged RBC Capital Markets as its financial advisor in connection with the Strategic Review and Stewart McKelvey as its legal advisor.