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 last December. Icelandic USA says this sale will allow it to focus on its core competency which is valued added seafood and commodity Groundfish products.

According to the Icelandic Group, the sale does not have significant effects on the income statement and balance sheet of the 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," it said in a statement. "The purpose of the sale is to sharpen the focus within Icelandic Group´s operation and to lower debt."

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