Fareport Capital Inc.

Fareport Capital Inc.

September 16, 2005 17:01 ET

Fareport Capital Inc.: OSC Issues Temporary Management and Insider Cease Trade Order

TORONTO, ONTARIO--(CCNMatthews - Sept. 16, 2005) - Fareport Capital Inc. (TSX VENTURE:CAB) -

In a news release issued on September 12, 2005, Fareport Capital Inc. ("Fareport"), among other things, indicated that there was a possibility that Fareport could become subject to a cease trade order pursuant to Ontario Securities Commission Policy 57-Fareport now announces that the Ontario Securities Commission on September 13, 2005, issued a temporary management and insider cease trade order prohibiting and certain past directors, officers and insiders of Fareport from trading securities of Fareport, including the following defendants in an ongoing lawsuit commenced by Fareport: Robert Donaldson, Nikolai Choumakevitch, Paul Pathak, Paul Vorvis and Stephen Katmarian.

The temporary cease trade order prohibits the individuals named therein from trading the securities of Fareport for a period of 15 days from the date of the Temporary Order pending a hearing to be held under section 127(1) of the Ontario Securities Commission Act on September 26, 2005.

Fareport further announces that it has requested and will consent to the imposition of any extensions to the cease trade order required pursuant to Policy 57-601.

Fareport will provide future updates as further material developments arise.

Contact Information

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