Flagship announces application to extend warrants expiry date


    VANCOUVER, May 22 /CNW/ - Flagship Industries Inc. (TSXV: FII)
("Flagship" or the "Company") announces that it has filed an application with
the TSX Venture Exchange to extend the expiry date of its 30,075,000
outstanding warrants issued in connection with the non-brokered private
placement of the Company completed on June 1, 2007. The Company has applied to
extend the current expiry date of June 1, 2009 to that of September 1, 2009.
Each whole warrant is exercisable to purchase one common share at an exercise
price of $0.10 per share. No other terms of the warrants will be amended.

    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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