Private Placement Completed

Toronto, Ontario - July 30, 2008 - The Phoenician Fund Corporation I (the "Corporation") is pleased to announce the successful completion of a brokered private placement offering (the "Private Placement") of 4,285,333 common shares at $0.105 per common share for gross proceeds of $449,960. The brokers who participated in the transaction are Pope & Company Limited, Magna Partners Limited and C&W Consulting LLP. The finders fee that is payable to them totals $44,996. The common shares are subject to a four month hold period expiring on November 30, 2008. The proceeds from the private placement will be used to identify and evaluate assets or businesses for purposes of completing a Qualifying Transaction.

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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