Fareport Capital Inc.

Fareport Capital Inc.

October 25, 2005 09:16 ET

Fareport Capital Inc. Update

TORONTO, ONTARIO--(CCNMatthews - Oct. 25, 2005) - Fareport Capital Inc. (TSX VENTURE:CAB) Further to previous news releases and in compliance with its obligations pursuant to Ontario Securities Commission ("OSC") Policy 57-603, Fareport Capital Inc. ("Fareport" or the "Company") wishes to update its shareholders and other stakeholders.

Fareport reached an agreement late Friday evening to settle the Civil Claim (as well as other related litigation matters) against its former management, advisors and certain investors. Aspects of the final settlement documents are subject to regulatory approval, and will thus be formally entered and released in due course.

The Company also confirms that there have been no changes to the process and timelines announced in our previous news releases relating to the re-statement of financial results for the fiscal years ended July 31, 2004 and July 31, 2005. Management continues to project that the results of the restatement of its historical financial statements and related audit will be publicly available in mid-November 2005.

In addition, the previously announced imposition of a temporary management and insider cease trade order(the "MCTO") 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.

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

Contact Information

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