The Phoenician Fund Corporation I and The Phoenician Fund Corporation II



    /NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA/

    TORONTO, March 5 /CNW/ - Phoenician Fund Corporation I ("Phoenician I")
and Phoenician Fund Corporation II ("Phoenician II"), are pleased to announce
that on February 21, 2007, Phoenician I and Phoenician II each obtained a
receipt for a preliminary prospectus filed under the TSX Venture Exchange,
Capital Pool Company program. The preliminary prospectus filed by Phoenician I
is in respect to an offering of common shares for minimum gross proceeds of
$300,000 and a maximum of $1 million (the "Phoenician I Offering"). The
preliminary prospectus filed by Phoenician II is in respect to an offering of
common shares for minimum gross proceeds of $300,000 and a maximum of
$1.9 million (the "Phoenician II Offering").
    The Phoenician I Offering and the Phoenician II Offering are expected to
close in April, 2007. Pope & Company Limited has been engaged by Phoenician I
and Phoenician II as agent, on a "best efforts basis", in connection with the
Phoenician I Offering and the Phoenician II Offering.

    THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
    RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.





For further information:

For further information: contact Edwin S. Lee, CA, President and CEO of
Phoenician I and Phoenician II, at: Telephone: (416) 644-8726, Email:
info@phoenicianfunds.com, Website: www.phoenicianfunds.com

Organization Profile

PHOENICIAN FUND CORPORATION I

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PHOENICIAN FUND CORPORATION II

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