Forest & Marine Financial Limited Partnership

Forest & Marine Investments Ltd.

Forest & Marine Investments Ltd.
Forest & Marine Investment Trust

March 23, 2005 17:00 ET

Forest & Marine Investments Ltd.: Share Issuances & Resignations from Board of Directors


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: FOREST & MARINE FINANCIAL LIMITED PARTNERSHIP

AND FOREST & MARINE INVESTMENTS LTD.

TSX VENTURE SYMBOL: FME

AND FOREST & MARINE INVESTMENT TRUST

MARCH 23, 2005 - 17:00 ET

Forest & Marine Investments Ltd.: Share Issuances &
Resignations from Board of Directors

NANAIMO, BRITISH COLUMBIA--(CCNMatthews - March 23, 2005) - Forest &
Marine Investments Ltd. (TSX VENTURE:FME)

The Company advises that since January 1st, 2005 the Company has issued
42,672 Common shares at a price of $8.00 each for total proceeds of
$341,376.

These Common shares were issued as a result of the lending policy of the
Partnership which requires that all borrowers of the Partnership be
security holders or affiliated with a security holder of the Company,
the Partnership or Forest & Marine Investment Trust (collectively the
"Issuers") and hold securities of the Issuers having an initial cost to
such person of not less than 10% of the aggregate borrowings. In
addition, such security holders contractually agree not to sell or
otherwise dispose of such securities for a period generally in excess of
one (1) year. The hold period(s) for the Common shares issued since
January 1, 2005 range from three (3) to five (5) years.

The proceeds from the issuance of these Common shares will be used to
acquire First Preferred Shares in Forest & Marine Financial Corporation
the proceeds of which will be used to acquire additional Class B Units
in the Partnership. These proceeds will be used by the Partnership to
fund the loan portfolio of the Partnership with respect to its financing
business.

In addition, Forest & Marine Investments Ltd. announces that Gilbert
(Gil) Schmunk and Montague (Monty) Hussey have resigned from the board
of directors and as members of the Company's Audit Committee for
personal reasons. Mr. Schmunk also resigned as a member of the Company's
Corporate Governance Committee. Mr. Schmunk's and Mr. Hussey's
involvement in other ventures impeded the amount of time they could
devote to their duties with the Company.

John Hitchcock, CEO of the Company, stated that "we wish to extend our
gratitude to Gil and Monty for their involvement with the Company and
wish them all the best with their future endeavours."

Through the Partnership, the Forest & Marine Group is engaged primarily
in the financing of heavy mobile equipment, helicopters, tugs and barges
utilized in the forest products and marine industries, as well as other
non-forestry related businesses such as supermarkets and food
distribution, feeder airlines, commercial fishing and processing and
wholesale glass distributors. All business is conducted by the
Partnership.

The Forest and Marine Group have extensive knowledge of the forestry and
marine industries; its primary focus is to provide funding to
independent logging contractors and marine operators. The Forest and
Marine Group's geographic target markets are communities on Vancouver
Island, the Queen Charlottes and throughout coastal British Columbia.
Its customers employ in excess of 3,000 people. The Forest and Marine
Group has provided specialized credit facilities for this niche market
since 1983.

ON BEHALF OF:

FOREST & MARINE FINANCIAL LIMITED PARTNERSHIP (the "Partnership")

by its General Partner, Forest & Marine Financial Corporation

Nigel Burridge, Director

FOREST & MARINE INVESTMENTS LTD. (the "Company")

Nigel Burridge, Director

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Forest & Marine Investments Ltd.
    Nigel Burridge
    (250) 753-0141
    (250) 753-0173 (FAX)
    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of the contents of this news
    release.