Fareport Capital Inc. Update.

TORONTO -- Fareport Capital Inc. ("Fareport" or the "Company") (TSX VENTURE:CAB) 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 relating primarily to the notes to the financial statements has not yet been finalized. Accordingly, the release of a complete audited financial statements package will be delayed until March 14, 2006 to allow for completion of the audit and subsequent review and approval by the Board of Directors. As previously stated, the delay is attributable 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 has prepared revised documentation relating to the previously announced agreement to settle the civil claim against Fareport's former management, advisors and certain investors. The amended agreement has been circulated for final approval and execution by the various parties and will be submitted for regulatory approval at a later date.

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)