Fareport Capital Inc. Update.

TOROTNO, Ontario -- Fareport Capital Inc. (TSX VENTURE:CAB) ("Fareport" or the "Company") wishes to update its shareholders and other stakeholders in compliance with its obligations pursuant to Ontario Securities Commission ("OSC") Policy 57-603.

The Company reports that the restatement of its financial results for the fiscal years ended July 31, 2004 and July 31, 2005 has been substantially completed however, the external audit process will not be finalized until the end of next week. Accordingly, the Company will release audited financial information by February 28, 2006 at the latest. As previously stated, the delay is due to the large volume and complexity of the transactions being reviewed as part of the restatement and audit process.

Furthermore, the imposition of a temporary management and insider cease trade order (the "MCTO") pursuant to OSC Policy 57-603 continues to be in effect. The MCTO prohibits present and certain past directors, officers and insiders of Fareport from trading in securities of Fareport.

In addition, the Company's legal counsel is currently finalizing details relating to the previously announced agreement to settle the civil claim against Fareport's former management, advisors and certain investors. The agreement should be finalized by February 28, 2006 and will be submitted for regulatory approval at that time.

Fareport will continue to provide updates on these and related matters in accordance with OSC Policy 57-603.

The TSX Venture Exchange does not accept responsibility for the ad equacy or accuracy of this release.

Fareport Capital Inc. (TSX VENTURE:CAB)