July 28, 2006 at 17:00 PM EDT
Fareport Capital Inc. Update

Fareport Capital Inc. ("Fareport" or the "Company")(TSX VENTURE: CAB) wishes to provide an update with regards to its compliance with Ontario Securities Commission ("OSC") Policy 57-603.

Further to the press release of July 14, 2006, the Company is now completely up-to-date with respect to all of its financial statements and management reporting. Management is currently assessing new financing alternatives that if successful, will provide stability and a means for future growth in cash flow and profitability.

Regarding the previously announced agreement to settle the civil claim against Fareport's former management, advisors and certain investors, progress has been made. Discussions between the parties and others continue and the revised settlement agreement will be completed pending attainment of a new financing agreement.

The temporary management and insider cease trade order (the "MCTO") imposed 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.

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 adequacy or accuracy of this release.


Contacts:
Fareport Capital Inc.
Mr. Lou Elmaleh
Chairman and Chief Executive Officer
(416)750-1167 Ext. 400

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