PABRAI FUNDS PURCHASED SHARES OF FIBREK INC.

IRVINE, CA, April 18 /CNW/ - Mohnish Pabrai announces that on July 23, 2010, pursuant to the exercise of rights offered under an additional subscription privilege under Fibrek Inc.'s ("Fibrek") rights offering, certain investment funds (the "Funds") beneficially owned and controlled by Mr. Pabrai purchased an aggregate of 1,778,500 common shares ("Common Shares") of Fibrek at a price of $1.01 per Common Share.

The 1,778,500 Common Shares acquired under the additional subscription privilege represented approximately 1.37% of the outstanding shares of Fibrek (after giving effect to all of the shares issued under Fibrek's rights offering). As a result of the transaction, the Funds beneficially owned and controlled by Mr. Pabrai own an aggregate of 14,653,534 Common Shares, or approximately 11.20% of the issued and outstanding Common Shares as at July 23, 2010 (and currently).

The Common Shares were purchased for investment purposes. Mr. Pabrai continually reviews the investment alternatives of the Funds and may, through the Funds or related entities, purchase additional Common Shares or securities or sell Common Shares or securities of Fibrek from time to time in accordance with applicable laws.

SOURCE Pabrai Investment Funds

For further information:

Mohnish Pabrai
Pabrai Investment Funds
949-453-0609

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Pabrai Investment Funds

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