Fareport Capital Inc.

Fareport Capital Inc.

January 31, 2006 17:00 ET

Fareport Capital Inc. Update

TORONTO, ONTARIO--(CCNMatthews - Jan. 31, 2006) - Fareport Capital Inc. (TSX VENTURE:CAB)

Fareport Capital Inc. ("Fareport" or the "Company") wishes to update its shareholders and other stakeholders in compliance with its obligations pursuant to Ontario Securities Commission ("OSC") Policy 57-603.

The Company reports that the restatement and audit of its financial results for the fiscal years ended July 31, 2004 and July 31, 2005 is still in progress and that the results will be released in mid-February as previously announced.

Furthermore, the 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.

With respect to the previously announced agreement to settle the civil claim against Fareport's former management, advisors and certain investors, there are no further developments to report at this time. The agreement is subject to regulatory approval.

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