The 2004
year-class scallops are approximately 40% larger at the beginning of the
season when compared to the 2003 year-class. The Company expects to begin harvesting these 2006
year-class scallops during the late fall 2007 provided adequate financing
is available for ear-hanging and harvesting the full 30 million. ISL has
developed proprietary hatchery technology for the hybridization of Pacific
scallops and production of juvenile blackcod. Sussman and
trusts for the benefit of Mr.

attain apiculture

The benefits of
five years of selective breeding are also starting to show benefits with
the 2004 year-class, displaying a higher weight to shell ratio.

The Company is the predominant producers of live "in the shell" scallop
products in North America. Five British Columbia joint venture farmers are
currently farming scallops and receive scallop seed, technology , and
support in an arrangement with Island Scallops.

8
million of equity value), (2) amending the terms of the
post-redemption redemption price adjustment set forth in the
certificate of incorporation of the Company (A) from an amount payable
upon the occurrence of certain capital stock transactions determined
with respect to the value of the Company upon the occurrence of such
capital stock transaction, to a liquidated amount of $4 million,
payable only after the occurrence of certain capital stock
transactions and the receipt by the current stockholders of PAHC
Holdings, on a cumulative basis, of an aggregate of $24 million of
dividends and distributions in respect of such capital stock
transactions, and (B) to remove the one-year time period for such
adjustment of the redemption price, and (3) eliminating the backstop
indemnification obligation of the Company to the Palladium investors
of up to $4 million incurred in connection with the sale by the
Company to the Palladium investors in December 2003 of The Prince
Manufacturing Company. These risks and uncertainties include , but are not limited
to, the Company's substantial leverage and potential inability to
service its debt; the Company's dependence on distributions from its
subsidiaries; risks associated with the Company's international
operations and significant foreign assets; the Company's dependence on
its Israeli operations; competition in each of the Company's markets;
potential environmental liability; potential legislation affecting the
use of medicated feed additives; extensive regulation by numerous
government authorities in the United States and other countries; the
Company's reliance on the continued operation and sufficiency of our
manufacturing facilities; the Company's reliance upon unpatented trade
secrets; the risks of legal proceedings and general litigation
expenses; potential operating hazards and uninsured risks; the risk of
work stoppages; the Company's dependence on key personnel; and other
factors discussed in the Company's filings with the U.

pasture snails

The use of
DNA based family analysis started in 2005 will continue through 2006, with
the goal of breeding high meat yield scallops. ISL was established in 1989 and for over 15 years has
successfully operated a scallop farming and marine hatchery business. In the case of blackcod,
there were a number of technical difficulties associated with spawning that
ISL has solved with its technological innovations .edgewaterfoods.----Phibro
Animal Health Corporation (the "Company"), announced today the
consummation of the redemption of its Series C Preferred Stock, all of
which was held by Palladium Equity Partners II LP and certain of its
affiliates, for $26.

hatchery promising

ISL is dedicated to the farming, processing and marketing of high quality,
high value marine species: scallops and sablefish (or blackcod). The unique hatchery technologies held by Edgewater give it
the advantage of being a "Green" environmentally friendly business.J. Bendheim, Mr.

phytoplankton commercially

The Company intends to produce 800 million to 1 billion
scallop larvae, which are anticipated to mature into approximately 30
million seed scallops.

Forward -Looking Statements

This news release contains statements that, to the extent that
they are not recitations of historical fact, constitute
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995, Section 21E of the
Securities Exchange Act of 1934.

consume promising

Edgewater Foods International

The scallop produced by the Company is a hybrid of the imported Japanese
scallop (Patinopecten Mizuhopecten Yessoensis) and the local weathervane
scallop (Patinopecten Caurinus), which was developed by Island Scallops in
the 1990s.4 million. The Company is not
obligated on the HoldCo Notes. Such forward-looking information
involves risks and uncertainties that could cause actual results to
differ materially from those expressed in any such forward-looking
statements.

larval microlivestock

As such, there are no
existing competitors that produce and/or harvest both scallops and
blackcod.6 million of liquidation preference and $6. MFAs are used preventively
and therapeutically in animal feed to produce healthy livestock .

posieux promising

The early start to the harvest was attributed to improved scallop growth
rates as a result of selective breeding and use of "ear-hanging" farming
techniques.1 pounds.
As distribution is expanded , the Company will continue to focus on
specialty wholesalers with strong ties to major restaurants .

Edgewater is the parent company of Island Scallops Ltd. These new husbandry
techniques significantly increase growth yields, while strengthening the
selected strain's ability to resist disease. The
Company is also a specialty chemicals manufacturer and marketer,
serving numerous markets.

deserts spawning

Bendheim 's family own the same number and class of shares of PAHC
Holdings as they previously owned of the Company, and having the same
designations, relative rights, privileges and limitations as the
Company 's shares of such class.

husbandry attain

(OTC BB: EDWT) announced today it has commenced the harvesting of its
year -class 2004 sea scallops, The 2004 year-class scallop harvest started
approximately one month sooner than the Company originally anticipated. This unique scallop, marketed as the "Pacific scallop," is one
of the largest scallops in the world, reaching 15 cm in size and weighing
up to approximately 1.

snails hatchery

The Company anticipates harvesting approximately 2 million
scallops between now and October 2006.

Company Description

The Company is a leading diversified global manufacturer and
marketer of a broad range of animal health and nutrition products,
specifically medicated feed additives ("MFAs") and nutritional feed
additives, which the Company sells throughout the world predominantly
to the poultry, swine and cattle markets.S.

phytoplankton bivalve

PRESS RELEASE Edgewater Foods Announces Better Than Expected Results for Its Current Scallop Harvest

gd agroscope

The 2005 year-class scallops are currently maturing in the Company's
tenured growing sites and joint venture locations. ISL's
scallop farms are situated along both the east and west coasts of Vancouver
Island. These facilities represent the largest private marine research
hatchery and the first fully integrated shellfish producer in Canada. Edgewater seeks to become a leader in the highly profitable
niche seafood industry. For
additional information on Edgewater Foods International Inc., please visit
http://www.

agroscope commercially

The Company anticipates
commencing harvesting up to approximately 9 million 2005
year-class scallops during the 1st quarter of fiscal year 2007, which
begins September 2006.

Through ISL, Edgewater is an aquaculture and marine hatchery that provides
consumers with healthy, environmentally friendly alternatives to the
current market.

snails bivalve

There are no known direct competitors in the
scallop farming business in British Columbia and the Company's wholly owned
subsidiary, Island Scallops Ltd ("ISL") is the only hatchery producing the
Pacific scallop. These statements involve a number of
important risks and uncertainties that could cause actual results to differ
materially including, but not limited to, the performance of joint venture
partners, as well as other economic, competitive and technological factors
involving the Company's operations, markets, services, products and prices.
The HoldCo Notes are secured by all of PAHC Holding's assets (now
consisting substantially of all of the outstanding capital stock of
the Company).

apiculture tidal

PAHC Holdings
now owns all of the outstanding capital stock of all classes of the
Company, and Mr.

Websites concerned with the science and practices involved in raising animals under agricultural conditions, for meat, dairy or draft.

husbandry agroscope

The use of the "ear-hanging"
method allows greater water flow around the scallop, thereby increasing the
availability of phytoplankton, resulting in faster growth. Our
six-step process typically takes a total of 18 months from start to finish ,
with initial harvesting of any year-class beginning in the 10th month. Bendheim and his family.

spawning agroscope

ISL currently distributes the scallops through specialty wholesalers with
particular expertise in selling to restaurants, and has developed a market
for whole live scallops that exceeds 5,000 lbs.

Phibro Animal Health Corporation Announces Redemption of Series C Preferred Stock from Palladium

Sussman and trusts for the benefit of
Mr.

hatchery deserts

Business Editors

RIDGEFIELD PARK, N. Interest on the HoldCo Notes is payable at the option of
PAHC Holdings in cash or pay-in-kind HoldCo Notes .
In connection with the redemption, the Company, PAHC Holdings, the
Palladium investors and the principal stockholders of PAHC Holdings
entered into an agreement with respect to (1) the redemption price
(consisting of $19. Securities
and Exchange Commission.

gezondheidsdienst gd

Edgewater Foods International , Inc. Each
new year-class typically begins in early December, which follows the
natural scallop spawning period. The HoldCo Notes and such security interest are
effectively subordinated to all liabilities, including the Company's
and its subsidiaries' trade payables, as well the Company's indenture
indebtedness.

commercially snails

per week into Vancouver.
With respect to Edgewater, except for the historical information contained
herein, the matters discussed in this news release are forward-looking
statements involving risks and uncertainties that could cause actual
results to differ materially from those in such forward-looking statements. The funds used for such redemption were
contributed to the capital of the Company by PAHC Holdings Corporation
("PAHC Holdings"), a holding company for the capital stock of the
Company recently formed by certain of the shareholders of the Company.

invertebrate tidal

Potential risks and uncertainties include, but are not limited to,
Edgewater's extremely limited operating history, uncertainties related to
the Company's access to additional capital, competition and dependence on
key management.
PAHC Holdings was formed by Jack Bendheim, Marvin S.

pasture swine

The Company does sell scallop seed to a number of small
independents scallop growers, who sell their products into the same
marketplace; however, production from these growers' totals less than
300,000 scallops per year., a Vancouver Island
aquaculture company.com or call (800) 793-0087.
On February 10, 2005 , PAHC Holdings successfully completed a private
offering of $29 million of its senior secured notes due 2010 ("HoldCo
Notes").

swine pasture

The 2006 year-class scallop spawning season is anticipated to commence in
mid-February and scallop brood-stock has been conditioning since
mid-December 2005.

Our unique Scallop Growing Process has seven distinct phases that include:
Brood Stock Conditioning, Larvae Development, Nursery Growth Phase, Mass
Growing in Nets, Transferred to Ear Hanging and finally Harvesting.

Safe Harbor Statement under the Private Securities Litigation Reform Act of
1995: The statements contained in this news release include certain
predictions and projections that may be considered forward-looking
statements under securities law. The proceeds from the sale of the HoldCo Notes have been held
in escrow to finance the redemption.

bivalve hatchery

Farmed
scallops are relatively new to North America and ISL is the only producer
of both live-farmed Pacific scallops and live sablefish.