2007 Audited Financials

Toronto, Ontario - January 29, 2008 - The Phoenician Fund Corporation I (the "Corporation") is pleased to announce it audited financial results for the year ended September 30, 2007. The audited financial statements for the fourth quarter and year ending September 30, 2007 can be viewed at www.sedar.com.

The Corporation is the second Capital Pool Company ("CPC") formed by Phoenician Family of Funds ("Phoenician Family") in Canada. The Phoenician Family of Funds is engaged in the creation of publicly listed special purpose vehicles administered in Canada under the TSX Venture's Capital Pool Company program.

THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE. CERTAIN INFORMATION IN THIS PRESS RELEASE MAY CONTAIN FORWARD-LOOKING STATEMENTS. THIS INFORMATION IS BASED ON CURRENT EXPECTATIONS THAT ARE SUBJECT TO SIGNIFICANT RISKS AND UNCERTAINTIES THAT ARE DIFFICULT TO PREDICT. ACTUAL RESULTS MIGHT DIFFER MATERIALLY FROM RESULTS SUGGESTED IN ANY FORWARD-LOOKING STATEMENTS. THE CORPORATION ASSUMES NO OBLIGATION TO UPDATE THE FORWARD-LOOKING STATEMENTS, OR TO UPDATE THE REASONS WHY ACTUAL RESULTS COULD DIFFER FROM THOSE REFLECTED IN THE FORWARD LOOKING STATEMENTS UNLESS AND UNTIL REQUIRED BY SECURITIES LAWS APPLICABLE TO THE CORPORATION. ADDITIONAL INFORMATION IDENTIFYING RISKS AND UNCERTAINTIES IS CONTAINED IN THE CORPORATION'S FILINGS WITH THE CANADIAN SECURITIES REGULATORS, WHICH FILINGS ARE AVAILABLE AT WWW.SEDAR.COM.

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