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Flagship announces application to extend warrants expiry date

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^{Published in Business and Finance on Friday, May 22nd 2009 at 14:50 GMT, Last Modified on 2009-05-22 14:50:42 by Market Wire}  

 TRADING SYMBOL: TSX-V: FII VANCOUVER, May 22 /CNW/ - Flagship Industries Inc. (TSXV: FII) ("Flagship" or the "Company") announces that it has filed an application with the TSX Venture Exchange to extend the expiry date of its 30,075,000 outstanding warrants issued in connection with the non-brokered private placement of the Company completed on June 1, 2007. The Company has applied to extend the current expiry date of June 1, 2009 to that of September 1, 2009. Each whole warrant is exercisable to purchase one common share at an exercise price of $0.10 per share. No other terms of the warrants will be amended. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. 

For further information: Gordon Keep, President and Director, Suite 3123, 595 Burrard Street, Vancouver, BC, V7X 1J1, Tel: (604) 609-6110