TORONTO, ONTARIO--(Marketwire - Oct. 24, 2012) - The Phoenician Fund Corporation I ("Phoenician" or the "Company") (TSX VENTURE:PO.H), a capital pool company, today announced the termination of its proposed qualifying transaction (the "Transaction") with Digital Payment Solutions Inc. ("DPSI"). The Transaction has been terminated at the request of DPSI.

Pursuant to the previously announced letter of intent signed with Phoenician, DPSI is responsible for all the costs incurred in the normal course of business and related to the now terminated transaction.

The Company is continuing to pursue and evaluate other transaction alternatives with a view to completing a qualifying transaction and will make further announcements with respect to these efforts as soon as specific details are available. The Company cannot offer any assurances that a qualifying transaction will be completed.

The Company held its annual and special shareholders meeting on October 4, 2012. The financial statements for the year ended September 30, 2011 with the accompanying auditors report from Collins Barrow LLP were presented to shareholders. The same can be found on the SEDAR reporting system. In addition all directors of the Company were re-elected and the Company's Stock Option Plan was re-approved. Collins Barrow LLP were re-appointed as the Company's auditor. Lastly, shareholders approved the Company's new Bylaw 1A which relates generally to how the Company conducts its business affairs.

As stated above, the Company is continuing its efforts in pursuing other transactions and will make further announcements when details are available.

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