The Phoenician Fund Corporation I Completes $400,000 Initial Public Offering



    TSX Venture Exchange Symbol: PO.P

    TORONTO, Sept. 21 /CNW/ - The Phoenician Family of Funds ("Phoenician")
is pleased to announce the completion of the initial public offering ("IPO")
of its second capital pool company, The Phoenician Fund Corporation I (the
"Corporation"). The Corporation issued 2,500,000 common shares at a price of
$0.16 per share, for gross proceeds to the Corporation of $400,000. As a
result of this issuance, the Corporation has 3,750,000 common shares issued
and outstanding.
    The common shares of the Corporation are scheduled to commence trading on
the TSX Venture Exchange (the "TSXV") on or around October 1, 2007 under the
trading symbol of "PO.P".
    In addition to granting stock options at $0.16 per share to its agent,
Pope & Company Limited, and to its directors and officers, the Corporation has
granted 37,500 charitable options to the Live to Give Relief Organization,
commonly known as Dress Your Best.
    The net proceeds of the IPO will be used by the Corporation to identify
and evaluate assets of businesses for acquisition with a view to completing a
"Qualifying Transaction" under the Capital Pool Company program of the TSXV as
disclosed in the Corporation's prospectus dated August 30, 2007.

    The Corporation is the second capital pool company ("CPC") formed by
Phoenician. Phoenician is engaged in the creation of publicly listed special
purpose vehicles administered in Canada under the TSXV's Capital Pool Company
program. Members of the board and management of Phoenician I are experienced
members of the Canadian and international financial community. The board and
management team also bring a wide array of industry and geographic experience
and will be exploring opportunities across these sectors and regions. More
information can be found on SEDAR by reviewing the final prospectus, on
www.phoenicianfunds.com or by contacting Edwin Lee, President and CEO of the
Corporation.

    The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release. Certain information in this press release may
contain forward-looking statements. This information is based on current
expectations that are subject to significant risks and uncertainties that are
difficult to predict. Actual results might differ materially from results
suggested in any forward-looking statements. The Corporation assumes no
obligation to update the forward-looking statements, or to update the reasons
why actual results could differ from those reflected in the forward looking
statements unless and until required by securities laws applicable to the
Corporation. Additional information identifying risks and uncertainties is
contained in the Corporation's filings with the Canadian securities
regulators, which filings are available at www.sedar.com.





For further information:

For further information: Edwin S. Lee, CA - President and Chief
Executive Officer, T: (416) 358-8181, info@phoenicianfunds.com,
www.phoenicianfunds.com

Organization Profile

PHOENICIAN FUND CORPORATION I

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