/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES/
ST. JOHN'S, March 31 /CNW/ - FP Resources Limited (the "Company")
announced two transactions today, each of which will close early this week.
The Company has agreed to purchase a 46.9% interest in Caribbean Data Centers
(Barbados) Inc. ("CDC") for the amount of $4,000,000 USD. Additionally, a
wholly-owned subsidiary of the Company has agreed to sell to Sanford
Investments Ltd ("Sanford") 450,000 of the common shares ("HLF Common Shares")
it holds in the capital of High Liner Foods Inc. ("HLF") and 180,000 of the
series A preference shares ("HLF Series A Shares") that it holds in HLF.
CDC is a holding company which has a 100% interest in E-Commercepark,
N.V, which operates a data center in Curacao. The interest in CDC was acquired
from Clearwater Fine Foods Incorporated ("CFFI"), which after the transaction
will retain 46.9% of the issued and outstanding shares of CDC. The Company's
investment in CDC is a related party transaction; however, this investment
does not exceed 25% of the Company's market capitalization calculated as of
March 31, 2008 in accordance with applicable securities law requirements.
Directors who are also officers or directors of CDC or CFFI declared their
interest and abstained from voting in connection with the investment.
Sanford will pay the Company's subsidiary $9.00 per HLF Common Share and
$25.00 per HLF Series A Share for aggregate proceeds of $8,550,000 CDN. The
subsidiary will continue to hold 2,550,000 HLF Common Shares and 1,020,000 HLF
Series A Shares following completion of this transaction.
About FP Resources Limited: The Company is a Newfoundland and
Labrador-based investment holding company whose principal assets are cash and
the investments it holds in HLF and other entities.
Certain information regarding the Company contained herein may constitute
forward-looking statements within the meaning of applicable securities laws.
Forward-looking statements may include estimates, plans, expectations,
opinions, forecasts, projections, guidance or other statements that are not
statements of fact. Although the Company believes that the expectations
reflected in such forward-looking statements are reasonable, it can give no
assurance that such expectations will prove to have been correct. The Company
cautions that actual performance will be affected by a number of factors, many
of which are beyond the Company's control, and that future events and results
may vary substantially from what the Company currently foresees. Discussion of
the various factors that may affect future results is contained in the
management information circular filed in connection with the special meeting
of shareholders held on March 11, 2008 which is available at www.sedar.com.
The Company's forward-looking statements are expressly qualified in their
entirety by this cautionary statement.
For further information:
For further information: Beverley Evans, Chief Financial Officer, (709)