March 23, 2007 16:55 ET

Flagship Reviewing Strategic Options to Enhance Shareholder Value

MARKHAM, ONTARIO--(CCNMatthews - March 23, 2007) - Flagship Industries Inc. ("Flagship" or the "Company") (TSX VENTURE:FII) has announced that it has initiated a strategic review process to identify and consider strategic alternatives available to the Company to enhance shareholder value. These options include, but are not limited to, looking for a possible acquirer or partners with a view to a merger or acquisition of the Company. The initiation of this process is not in response to any specific proposed transaction. There can be no assurance that the review will result in any specific strategic or financial transactions and no timetable has been set for completion of a transaction. The Company intends to make further announcements or comment only as the circumstances so warrant.

Forward-Looking Information

This press release may contain forward-looking statements reflecting the Company's objectives, estimates and expectations. Such statements may be marked by the use of verbs such as "believe," "anticipate," "estimate" and "expect" as well as the use of the future or conditional tense. By their very nature, such statements involve risks and uncertainty. Consequently, results could differ materially from the Company's projections or expectations.

About Flagship

Flagship is a holding company based in Markham, Ontario, having various investments in Canada. The Company currently has issued and outstanding 6,113,275 common shares. The directors of the Company are Joseph A. Devine, Cynthia J. Devine, G. Michael Devine and Sarah Langdon.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Flagship Industries Inc.
    Suzanne Blythe
    (905) 477-7689
    (905) 479-9870 (FAX)