Fareport Capital Inc.

Fareport Capital Inc.

September 18, 2007 11:39 ET

Fareport Capital Update

TORONTO, ONTARIO--(Marketwire - Sept. 18, 2007) - Fareport Capital Inc. (TSX VENTURE:CAB) wishes to provide an update with regards to its compliance with Ontario Securities Commission ("OSC") Policy 57-603.

Further to the Fareport news release dated August 29, 2007, the Company reports that there have been no new significant developments and that a special meeting of shareholders of the Corporation will be held on September 26, 2007 in Toronto, Ontario, for shareholders to consider and approve, among other items of special business, the proposed private placement transaction, the shares for debt transaction and the share consolidation transaction (collectively, the "Transactions") previously announced to shareholders. The Corporation further announced that a notice of meeting, management information circular and form of proxy in connection with the special meeting for approval of the Transactions has been mailed to shareholders and other intermediaries, which materials have also been filed and are available on www.sedar.com. The record date for shareholders entitled to receive notice of and vote at the meeting has been determined by the board of directors to be August 24, 2007. The Corporation previously received TSX Venture Exchange conditional approval for the proposed Transactions on August 16, 2007.

Following the meeting, and upon receipt of the requisite approval by shareholders of the Transactions, it is currently expected by the Corporation that the Transactions will be completed on or prior to September 28, 2007.

Following completion of the Transactions, it is also currently expected by the Corporation that the financial statements for the three months ended March 31, 2007 will be filed under applicable securities laws on or prior to December 31, 2007. The management and insider cease trade order previously imposed pursuant to OSC Policy 57-603 will continue to be in effect until the financial statements for such period are filed under applicable securities laws.

The temporary management and insider cease trade order (the "MCTO") imposed 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.

Fareport cannot guarantee that forward-looking statements contained in this news release will materialize. Nor is it possible for Fareport to commit itself to updating information about risks and other factors pertaining to its business that might appear in this or any other public disclosure documents.

Capitalization Report for Fareport Capital Inc
Shares Issued: 38056653
Shares Escrow: 0

TSX Venture closing price for Fareport Capital
Date: 2007/03/26
Closing Price: 0.015

Neither the TSX Venture Exchange, nor any other Regulatory Authority has approved or disapproved of the contents of this news release.

Contact Information

  • Fareport Capital Inc.
    Emlyn David
    President and Chief Executive Officer
    (416) 725-0299