FPI shareholders approve sale of assets

    TSX: FPL

    ST. JOHN'S, NL, Oct. 22 /CNW/ - At the Annual and Special Meeting (the
"Meeting") of FPI Limited ("FPI" or the "Company") held today in St. John's,
shareholders approved the sale of assets (the "Sale Transactions") to
Ocean Choice International L.P. and High Liner Foods Incorporated
("High Liner") (TSX: HLF).
    Represented at the meeting were 9,606,525 shares constituting 71.22 per
cent of the 13,488,685 shares outstanding as of the Date of Record. The vote
to approve the Sale Transactions was unanimous.
    Upon the closing of the Sale Transactions, substantially all of the
current assets and liabilities of FPI will have been sold and the Company's
remaining assets will include principally cash and shares of High Liner.
    As discussed in the Management Proxy Circular and in a subsequent public
disclosure statement, 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 Company will
operate under the name FP Resources Limited. 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 to maximize
value to shareholders.
    All seven Directors of the Board were re-elected at the Meeting. The
Board is comprised of Mr. Rex C. Anthony (Chair); Mr. Eric F. Barratt;
Mr. Frank J. Coleman; Rev. Desmond T. McGrath; Mr. John C. Risley;
Mr. Graham Roome; and Mr. Peter Woodward.

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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