Freeport Capital Inc.
CNSX : FAS

April 29, 2010 12:42 ET

Freeport Announces Management Cease Trade Order

MONTREAL, QUEBEC--(Marketwire - April 29, 2010) - The present announcement is to advise that Freeport Capital Inc. (the "Company") (CNSX:FAS) anticipates that it will not be in a position to file its audited financial statements for fiscal year ended December 31, 2009, related management's discussion and analysis and CEO and CFO certificates by the deadline of April 30th 2010.

The Company is unable to meet the deadline due to the fact that the Company was subject of an "RTO" which took place one month before the December 31st 2009 year end and due to the voluminous documentation changing hands during the transition period and which was received belatedly. The Board of Directors has developed a work plan pursuant to which the Company's management and other professionals of the Company will work in order to assist the auditors in completing the financial statements. It is expected that the Company will be in a position to file the audited financial statements as soon as practicable or by no later than June 29th 2010 and that the Company will also file together with said financial statements the related management's discussion and analysis and CEO and CFO certificates.

The Company has applied to the Autorite des marches financiers (the "AMF"), Ontario Securities Commission (the "OSC"), British Columbia Securities Commission (the "BCSC") and the Alberta Securities Commission (the "ASC") for a temporary management cease trade order (a "MCTO") under National Policy 12-203 which, if granted, will prohibit trading in securities of the Company by certain insiders of the Company. An MCTO would not generally affect the ability of persons who have not been directors, officers or insiders of the Company to trade securities of the Company. The granting of a MCTO is at the discretion of the OSC and the AMF and there is no assurance that such an order will granted.

If the AMF, the ASC, the BCSC and the OSC decide not to grant a MCTO, the Canadian Securities Administrators may decide to issue a general cease trade order which would prohibit any person from trading in securities of the Company in Canada.

If the MCTO is granted, the Company intends to satisfy the provisions of the Alternate Information Guidelines as set out in the National Policy 12-203 for as long as the Company remains in default, including the issuance of bi-weekly default status reports, each of which will be issued in the form of a press release.

About Freeport Capital Inc. (CNSX:FAS)

Freeport Capital Inc. (CNSX:FAS) provides innovative Internet-based point-of-sale (POS) technology solutions for businesses and consumers worldwide. For more information, please visit (www.freeportcap.com / www.firstequitystrategy.com)

The Canadian National Stock Exchange (CNSX) has not reviewed this news release and does not accept responsibility for its adequacy or accuracy. This news release does not constitute a solicitation to buy or sell any securities in the United States.

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