Tentative agreement rejected by FPI plant employees in Newfoundland and Labrador

    TSX: FPL

    ST. JOHN'S, April 26 /CNW/ - In accordance with the public disclosure
requirements and guidelines of the Toronto Stock Exchange, FPI Limited ("FPI"
or "the Company") today confirmed media reports that unionized plant employees
in Newfoundland and Labrador voted Tuesday, April 24, 2007 to reject the
tentative agreement that had been reached between the Company and the
leadership of the Fish, Food and Allied Workers ("the Union").
    As stated previously, the Company had hoped through its recent
discussions with the Union to reach an agreement that would be acceptable to
plant employees while making essential improvements to FPI's competitive
position in the province.

    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

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