Flagship Industries Inc. announces option grant and re pricing

    VANCOUVER, Jan. 7 /CNW/ - Flagship Industries Inc. (TSXV:FII) reports
that pursuant to the Company's Stock Option Plan, a total of 3,250,000 stock
options have been re priced at C$0.11 per share. All original terms pertaining
to the option agreements will remain in effect except for the price change.
    The Company has also granted options to directors and officers of the
Company to purchase up to 850,000 shares at a price of C$0.11 per share
exercisable for a period of ten years, subject to regulatory approval.

    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of the content of this news

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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