FP Resources Limited announces investment in CFFI Venture (Barbados) Inc.

    TSX: FPL

    ST. JOHN'S, Feb. 7 /CNW/ - FP Resources Limited (the "Company") announced
that the board of directors of the Company has approved increasing its
investment in CFFI Venture (Barbados) Inc. ("CVBI") to $56.74 million. CBVI
will use the proceeds of this investment to increase its investment in
Columbus Communications Ltd. ("Columbus"), a private telecommunications
company that provides retail cable, internet and voice communication services
to Jamaica, the Bahamas, Trinidad and Grenada, and broadband connectivity to
Caribbean countries, and for general working capital purposes.
    The Company previously loaned $45 million to CVBI through three previous
loans made in October and December 2007. These loans were consolidated on
January 31, 2008 and the interest accrued to date capitalized. The
consolidated loan in the principal amount of $45.90 million bears interest at
12% and is secured by a promissory note which is due to mature on March 31,
    CVBI is wholly-owned by Clearwater Fine Foods Incorporated ("CFFI"),
which owns approximately 15% of the issued and outstanding shares of the
Company. The Company's investment in CVBI is a related party transaction;
however, this investment does not exceed 25% of the Company's market
capitalization calculated as of January 31, 2008 in accordance with applicable
securities law requirements. Directors of the Company who are officers or
directors of CFFI and CVBI abstained from voting in connection with the

    About FP Resources Limited: FPR is a Newfoundland and Labrador-based
investment holding company whose principal assets are cash and the shares
which it holds in High Liner Foods Incorporated (TSX: HLF).

    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 annual and
special meeting of shareholders held on October 22, 2007 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: Bev Evans, Chief Financial Officer, (709)
570-0351, bevans@fpresources.ca

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