Foccini International Inc.
TSX VENTURE : FOI

April 11, 2007 15:58 ET

Foccini International Inc.: Corporate Update-Change of Business Proposal not Approved by TSX Venture Exchange

TORONTO, ONTARIO--(CCNMatthews - April 11, 2007) - Foccini International Inc. (TSX VENTURE:FOI) (the "Company") announces the TSX Venture Exchange ("TSXV") has not approved the proposed Change of Business Transaction announced by the Company on October 31, 2006 (the "Transaction").

The Company's issuance of 5 million common shares at $0.20/ share to raise $1 million and the sale of the Austrian operating company back to its founder have also been cancelled due to the TSXV's decision.

Management of the Company has requested to have its shares reinstated for trading on the TSX Venture Exchange. Trading will begin at the open of April 13, 2007. Management of the Company plans to manage the Company to the benefit of its shareholders, with no changes in management or otherwise since the Company requested a trading halt on October 25, 2006. Management continues to seek new opportunities to increase shareholder value, whether these opportunities are within the existing framework of the Company, or if they require a new business entity.

At the moment, the Company does not have another transaction under consideration and will continue operating its fully owned merchandising subsidiary, Foccini Trade GmbH ("FT") in Europe. FT continues to operate wholly in Austria via its usual arrangements and as disclosed in the Company's financial statements and Management Discussion and Analysis.

Additionally, management has secured a loan from Richard Muruve, a director of the Company, in the amount of $50,000 for general working capital purposes. The Company will pay the Canadian Prime Lending Rate on these funds and the loan will have a three year term. These funds will be used to settle remaining payables left over from the proposed Transaction. The funds which remain will be used to pay for the Company's 2006 financial audit and ongoing expenses of operating a public company. If these funds are exhausted before new cash flows are generated from its operations or a new business is proposed for the Company, management will explore the option of doing a private placement at that time.

Management of the Company expects to file on SEDAR audited consolidated financial statements and Management Discussion and Analysis for the year ending December 31, 2006 on or before April 30, 2007.

Please note the Company has a new address located at 174 Spadina, Suite 502A, Toronto, Ontario, M5T 2C2. The Company's new phone number is 647 428 7031. Fax 647 428 7032.

Additional information regarding the Company, can be accessed at www.sedar.com

Foccini International has 27,321,179 common shares issued and outstanding.

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

Contact Information

  • Foccini International Inc.
    Richard Muruve
    Director
    (647) 428 7031
    (647) 428 7032 (FAX)