FPI discusses future business plans in management proxy circular for upcoming annual and special meeting of shareholders

    TSX: FPL

    ST. JOHN'S, NL, Oct. 5 /CNW/ - FPI Limited ("FPI" or the "Company") filed
an amended and restated management proxy circular (the "Circular") with
securities commissions and mailed it to its registered shareholders on
October 1, 2007 in connection with the annual and special meeting of
shareholders (the "Meeting") to be held in St. John's, Newfoundland and
Labrador on October 22, 2007. On the agenda at the Meeting will be the
approval by FPI shareholders of the sale by FPI of its assets (the "Sale
Transactions") to Ocean Choice International L.P. and High Liner Foods
Incorporated ("High Liner") (TSX: HLF).
    Should the Sale Transactions be approved by FPI's shareholders at the
Meeting, substantially all of the current assets and liabilities of FPI will
have been sold upon the closing of the Sale Transactions. FPI's remaining
assets would include principally cash and the shares of High Liner which FPI
would receive as part of the consideration for the sale of certain assets to
High Liner.
    As discussed in the Circular, FPI intends to transition from an operating
company engaged in the harvesting, processing, global sourcing and marketing
of seafood products to an investment and holding company. The proceeds from
the Sale Transactions, and the proceeds from the sale of The Seafood Company
which closed on August 3, 2007, will be used to pay off debt. FPI intends to
invest the remaining net proceeds in investments to be determined following
the closing of the Sale Transactions. The Board of Directors will meet shortly
after the closing of the Sale Transactions to determine how best to reinvest
the net proceeds and to manage the remaining asset base of FPI to maximize
value to shareholders.
    FPI is subject to regulations of the Toronto Stock Exchange ("TSX")
governing TSX listed issuers. According to section 717 of the TSX Company
Manual: "Where a listed issuer substantially discontinues its business (for
example, through the sale of all or substantially all of its assets in one or
more transactions), or materially changes the nature of its business (for
example, through the acquisition of an interest in another business which
represents the majority of the market value of the listed issuer's assets or
which becomes the principal operating enterprise of the listed issuer), TSX
will normally require that the listed issuer meet original listing
requirements. Failure of the listed issuer to meet these requirements may
result in the delisting of its securities."
    FPI has no current intention to wind up following the anticipated
completion of the Sale Transactions or to de-list its common shares from the
TSX. Should the TSX determine that FPI is no longer eligible to meet its
listing requirements post-closing of the Sale Transactions, and FPI
determines, in consultation with the TSX, either that it cannot organize its
affairs in a manner which will permit it to maintain its listing or that or it
is not in FPI's best interests to do so, FPI's common shares may be de-listed.
Should such TSX de-listing of the common shares occur, FPI anticipates that it
would seek a listing on another Canadian exchange.
    A copy of the Circular may be obtained from SEDAR at www.sedar.com. For
additional background information on the Sale Transactions, please refer to
FPI news releases of January 11, 12 and 15, 2007, February 1 and 23, 2007,
March 14, 2007, April 4 and 30, 2007 and August 24, 2007. These news releases
are available online through the CNW Group at www.newswire.ca.

    About FPI Limited: FPI is a Newfoundland and Labrador -based seafood
company engaged in harvesting, processing, global sourcing and marketing a
wide selection of high quality seafood products.

    Certain information regarding FPI 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 FPI 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. FPI cautions that actual
performance will be affected by a number of factors, many of which are beyond
FPI's control, and that future events and results may vary substantially from
what FPI currently foresees. Discussion of the various factors that may affect
future results is contained in FPI's 2006 Annual Information Form and the
Circular which are available at www.sedar.com. FPI's forward-looking
statements are expressly qualified in their entirety by this cautionary

For further information:

For further information: Investors: Bev Evans, Chief Financial Officer,
(709) 570-0351, bevans@fpil.com; Media: Russ Carrigan, Corporate
Communications, (709) 570-0130, rcarrigan@fpil.com

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