The Deep Sea Fisheries group of companies owned and operated a fleet of fishing vessels that produced ocean-caught, premium seafoods, and marketed these products to buyers world-wide.

These operations were generally very successful for nearly 20 years. However structural changes in recent years such as rapid increases in the cost of fuel, plus intense and ever growing competition from ultra cheap aquaculture in developing nations, convinced Deep Sea’s board that continuing on with these operations would no longer be in the best interests of shareholders.

Deep Sea divested its main undertaking of fishing industry operations during 2007, with the shareholder approved sales of the group's Statutory Fishing Rights and its fleet of six fishing vessels and equipment for about $18.5 million.

After immediately retiring all debt, Deep Sea has returned in excess of $11.7 million to shareholders via fully franked dividends and a capital return.

The directors have since been actively seeking new direction for the Company. An independent corporate adviser, Pendulum Capital, has been engaged by Deep Sea at the inception of the divestment process, and Pendulum continues to advise and assist the Company going forward.

Deep Sea is now pleased to advise that it has carefully considered and agreed to a proposal from Albion Capital Partners to reposition the Company to drive the identification and evaluation of valuable new projects. Albion has undertaken similar transactions in the past and has demonstrated an excellent track record in this regard. Key terms of this proposal are outlined in an announcement to the market dated 5 June 2008.