Fareport Capital Inc.

Fareport Capital Inc.

May 16, 2006 17:00 ET

Fareport Capital Inc. Update

TORONTO, ONTARIO--(CCNMatthews - May 16, 2006) - Fareport Capital Inc. (TSX VENTURE:CAB) -

Fareport Capital Inc. ("Fareport" or the "Company") (TSX VENTURE:CAB) wishes to provide an update with regards to its compliance with Ontario Securities Commission ("OSC") Policy 57-603.

The Company reported that there has been no material developments in the matters referred to in the May 2, 2006 press release.

The Company is currently working towards finalizing financial statements for the first and second quarters of fiscal 2006. As previously indicated, management plans to report these interim results by early June 2006.

Furthermore, the temporary management and insider cease trade order (the "MCTO") imposed pursuant to OSC Policy 57-603 continues to be in effect. The MCTO prohibits present and certain past directors, officers and insiders of Fareport from trading in securities of Fareport.

Regarding the previously announced agreement to settle the civil claim against Fareport's former management, advisors and certain investors, negotiations between the parties with respect to finalizing the revised settlement agreement continue.

Fareport will continue to provide updates on these and related matters in accordance with OSC Policy 57-603.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Fareport Capital Inc.
    Mr. Lou Elmaleh
    Chairman and Chief Executive Officer
    (416) 750-1167 Ext. 400