(TSX-V; CAB)
TORONTO, Sept. 22 /CNW/ - Fareport Capital Inc. ("Fareport" or the
"Company") wishes to provide an update with regards to its compliance with
Ontario Securities Commission ("OSC") Policy 57-603.
Further to the press release of August 25, 2006, the Company is
up-to-date with respect to its financial statements and management reporting.
Management is currently in advanced stages of negotiating a refinancing
agreement that if successful, will provide Fareport with financial stability
and a means for future growth. As a result of this progress, the Company
expects to finalize the transaction, barring any unforeseen events, in the
next week at which time further details will be provided. The transaction will
require shareholder and regulatory approval.
Regarding the previously announced agreement to settle the civil claim
against Fareport's former management, advisors and certain investors, the
revised settlement agreement will be completed pending closing of a new
financing arrangement. Negotiations on both the proposed financing and civil
claim have been complex and involved numerous parties; however, gradually all
issues are being resolved.
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.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
