FPI Limited becomes FP Resources Limited and announces changes to board of directors


    ST. JOHN'S, Jan. 7 /CNW/ - FP Resources Limited, formerly known as FPI
Limited, ("the Company") has received final regulatory approval for its name
change, as announced on December, 20 2007, from FPI Limited to FP Resources
Limited. The effective date of the corporate name change was December, 21,
2007 and the Company's common shares will begin trading under the new name "FP
Resources Limited" on Tuesday, January 8, 2008. The trading symbol on the
Toronto Stock Exchange (TSX) will continue to be "FPL", and the new CUSIP is
302587 10 0. Background on the corporate name change is contained in the FPI
news release of December 20, 2007, available online at:

    The Company is pleased to announce that Mr. Stan Spavold has been
appointed as a director of the board and will fill the seat vacated by Rev.
Desmond T. McGrath, who has retired as a director of the Company.
Mr. Spavold's appointment and Rev. McGrath's retirement were effective
December 27, 2007.
    Mr. Spavold is the Executive Vice President of Clearwater Fine Foods
Incorporated and has broad experience and expertise in corporate development,
financial reporting and control, international and domestic taxation, long and
short-term treasury management, and financial structuring. He has public
company experience, having served previously as Chairman of the Trustee's of
the Halterm Income Fund and General Donlee Income Fund and as the Chairman of
the Audit Committee of Royal Host Real Estate Income Trust. Mr. Spavold began
his career at KPMG, receiving his Chartered Accountant designation in 1983
after graduating from Dalhousie University with his Bachelor of Commerce
degree in 1981.
    In addition to Mr. Spavold, the board is now comprised of Mr. Rex C.
Anthony (Chair), Mr. Eric F. Barratt, Mr. Frank J. Coleman, Mr. John C.
Risley, Mr. Graham Roome and Mr. Peter Woodward.
    On behalf of his colleagues, Mr. Anthony welcomed Mr. Spavold to the
board. "Stan is an ideal addition to the board of directors as we turn the
corner from our previous operations in the seafood industry to broad-based
investment and holding pursuits," said Mr. Anthony. "His experience enhances
our ability to maximize value for shareholders."
    Mr. Anthony also thanked Rev. McGrath for his years of service on the
board and direction to the Company. "Father Des has been an institution in the
Newfoundland and Labrador fishery for decades," he said. "He has earned the
respect and thanks of all our employees for his dedication and wise counsel in
helping guide the Company, especially through a period of exceptional
industry-wide challenges. We wish him the very best."

For further information:

For further information: Investors: Beverley Evans, Chief Financial
Officer, (709) 570-0351, bevans@fpresources.ca; Media: Russ Carrigan,
Director, Corporate Communications and Government Relations, (709) 570-0130,

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