FPI signs non-binding letters of intent with respect to potential sale of assets



    TSX: FPL
    www.fpil.com

    ST. JOHN'S, NL, April 30 /CNW/ - Further to recent public disclosure
releases concerning discussions related to the potential sale of assets, FPI
Limited ("FPI" or "the Company") today confirms that a general agreement in
principle for a potential transaction has been reached with Ocean Choice
International with respect to the transfer of certain FPI assets located in
Atlantic Canada. A non-binding Letter of Intent to this effect was signed
between FPI and Ocean Choice on Sunday, April 29, 2007.
    FPI and Ocean Choice will continue discussions to determine if a final
and definitive agreement may be achieved. Discussions are also ongoing with
High Liner Foods in relation to the potential sale of certain FPI assets in
Canada and the United States. A similar non-binding Letter of Intent has been
signed by FPI Limited and High Liner, although, again, no final and definitive
agreement has been reached.
    The duration of these focused discussions will be determined by the rate
of progress on substantive issues. National Bank Financial will continue to
provide expertise and financial advice to FPI. The Company cautions that there
is no certainty that these discussions will result ultimately in the
completion of any business transactions. Any potential transactions would be
subject to shareholder acceptance and government approvals.
    Consistent with existing disclosure policy, FPI will not make public the
details of any potential sale of assets unless and until one or more final and
definitive agreements are reached.

    About FPI:

    FPI Limited is a Newfoundland and Labrador-based seafood company engaged
in harvesting, processing, global sourcing, and marketing a wide selection of
high quality seafood products.

    FPI Limited trades on the Toronto Stock Exchange under the symbol FPL.




For further information:

For further information: Investors: Bev Evans, Chief Financial Officer,
(709) 570-0351, bevans@fpil.com; Media: Russ Carrigan, Corporate
Communications,(709) 570-0130, rcarrigan@fpil.com

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FP RESOURCES LIMITED

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