FPI provides update on potential sale of certain assets

    TSX: FPL

    ST. JOHN'S, NL, March 14 /CNW/ - FPI Limited ("FPI" or "the Company")
today issued an update with respect to the potential sale of certain assets.
    The Government of Newfoundland and Labrador has advised FPI that it has
reviewed the proposal from Ocean Choice International ("OCI") and determined
that it, "may contain the necessary elements to satisfy the public interest."
FPI has subsequently entered into discussions with OCI to determine if
satisfactory terms for a business transaction may be reached.
    FPI is also reviewing offers from other parties for the possible sale of
Company assets.
    The Company will make no public disclosure of the details pertaining to
the substance of any offers unless it has entered into definitive commercial
    There is no certainty that current discussions will result in any
transaction. FPI maintains its policy of exploring all economically viable
options for its operations.

    For background, please refer to recent news releases from FPI Limited
which are available through the CNW Group at www.newswire.ca.

    About FPI: FPI Limited is a Newfoundland and Labrador-based seafood
company engaged in harvesting, processing, global sourcing, and marketing a
wide selection of high quality seafood products.
    FPI Limited trades on the Toronto Stock Exchange under the symbol FPL.

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; www.fpil.com

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