Transaction completed in sale of FPI's United Kingdom subsidiary

    TSX: FPL

    ST. JOHN'S, NL, Aug. 2 /CNW/ - FPI Limited ("FPI") announced last week an
agreement to sell its UK-based subsidiary, The Seafood Company Limited, to
Young's Seafood Limited. FPI today confirmed that the deal has closed
officially and the transaction has been completed as anticipated.
    For background, please refer to the FPI news release of July 26, 2007,
which is available online through the CNW Group at

    About FPI Limited: 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,; Media: Russ Carrigan, Corporate
Communications, (709) 570-0130,

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