HERRING FISHERY CANCELLED

For Immediate Release – Herring Fishery Cancelled

In March, Coastal Village Seafoods (CVS), announced the revival of our region herring fishery that had been dormant since 2005. The announcement was made in support of the CVRF mission of Hope, Fish, and Work. At the time of the announcement, it was realized that the herring market would be difficult due to the large available quotas and remaining inventory in the destination markets for herring (chief among them, Japan). Since then, the actual harvests south of our region have created additional pressures on price that prevent the possibility of managing the loss to the amount approved by the CVRF Board of Directors in December. Due to the expected extreme losses - losses well in excess of the benefits our fishermen would receive, the herring fishery planned for Coastal Villages’ districts in 2010 has been cancelled.

Those fishers who completed the herring survey conducted by our Community Service Representatives in April and who were planning to use their valid herring fishing license to deliver herring to CVS, will be compensated with a $3,000 check to be mailed by June 4, 2010. Additionally, the herring processing workers who had agreed to report to Platinum in May to process herring will be paid $500 to be included as a bonus to their first salmon processing check. These payments will amount to the projected benefit our region fishers would have received had they actually fished for the herring, but will allow Coastal to avoid the significant financial loss that was going to result from the execution of a herring fishery in 2010.

Coastal is committed to providing economically sound opportunities to our region residents. We hope for a recovery in the global herring market that will allow a herring fishery in the future.

Please provide your local Community Service Representatives any comments or feedback. All of the information will be reviewed and we will attempt to address all concerns. We appreciate the support of the region fishermen as we continue to attempt to manage the fishery in the most responsible way available.

On a positive note, we look forward to the start of successful halibut and salmon fishing seasons and thank you for your continued dedication to creating a premier fishery.