Premium Brands Income Fund Announces Passing of Mr. Fred Knoedler

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 16, 2008) - Premium Brands Income Fund (TSX: PBI-UN.TO) regrets to announce the passing away of Mr. Fred Knoedler, Chief Executive Officer, after a brief battle with cancer. Mr. Knoedler passed away in White Rock, BC surrounded by his family.

Mr. Knoedler battled his illness with the same courage, strength and dignity that characterized his 45 year career with Premium Brands and its predecessor companies. During Mr. Knoedler's tenure as CEO Premium Brands underwent a significant transformation from a small commodity based meat processor to one of Canada's leading specialty food manufacturing and distribution businesses.

Mr. George Paleologou, who since 2001 has shared executive responsibilities with Mr. Knoedler as President and Trustee, has been appointed Acting CEO.

Premium Brands owns a broad range of leading branded specialty food businesses with manufacturing and distribution facilities located in British Columbia, Alberta, Saskatchewan, Manitoba and Washington. In addition, the Fund owns proprietary food distribution and wholesale networks through which it sells both its own products and those of third parties to approximately 25,000 customers. The Fund's family of brands include Grimm's, Harvest, McSweeney's, Bread Garden, Hygaard, Hempler's, Quality Fresh Foods, Gloria's Fresh, Harlan's and Centennial Foodservice.

Contacts

George Paleologou
Premium Brands Income Fund
President
(604) 656-3100

Will Kalutycz
Premium Brands Income Fund
CFO
(604) 656-3100
Website: www.premiumbrandsincomefund.com