Preliminary Prospectus Filed

Toronto, Ontario - March 5, 2007 - Phoenician Fund Corporation I ("Phoenician I") and Phoenician Fund Corporation II ("Phoenician II"), are pleased to announce that on February 21, 2007, Phoenician I and Phoenician II each obtained a receipt for a preliminary prospectus filed under the TSX Venture Exchange, Capital Pool Company program. The preliminary prospectus filed by Phoenician I is in respect to an offering of common shares for minimum gross proceeds of $300,000 and a maximum of $1 million (the "Phoenician I Offering"). The preliminary prospectus filed by Phoenician II is in respect to an offering of common shares for minimum gross proceeds of $300,000 and a maximum of $1.9 million (the "Phoenician II Offering").

The Phoenician I Offering and the Phoenician II Offering are expected to close in April, 2007. Pope & Company Limited has been engaged by Phoenician I and Phoenician II as agent, on a "best efforts basis", in connection with the Phoenician I Offering and the Phoenician II Offering.

THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

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