Flagship announces termination of proposed business combination and stock returning to trade



    TRADING SYMBOL: TSX-V: FII

    VANCOUVER, Aug. 12 /CNW/ - Flagship Industries Inc. (TSXV: FII)
("Flagship" or the "Company") announces that it has terminated its letter
agreement dated April 7, 2009 with respect to the proposed business
combination with Charonga Financial Corp. ("Charonga"), originally announced
April 8, 2009. The transaction has been cancelled through the mutual agreement
by the parties, and the stock which was previously halted will come back to
trade at market open on Friday August 14th, 2009.
    The Company will continue to pursue opportunities in the natural resource
sector.
    Further information concerning Flagship can be found on Flagship's SEDAR
profile at www.sedar.com.

    
    Neither TSX Venture Exchange nor its Regulation Services Provider (as
    that term is defined in the policies of the TSX Venture Exchange) accepts
    responsibility for the adequacy or accuracy of this release.
    





For further information:

For further information: Gordon Keep, President and Director, Suite
3123, 595 Burrard Street, Vancouver, BC, V7X 1J1, Tel: (604) 609-6110

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FLAGSHIP INDUSTRIES INC.

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