FP Newspapers Inc. Announces Halt to Capital Production Project

Published March 10, 2023

WINNIPEG, MB / ACCESSWIRE / March 10, 2023 / FP NEWSPAPERS INC. (TSXV:FP) ("FPI") announces today thatFP Canadian Newspapers Limited Partnership ("FPLP") will not be proceeding with the installation of the KBA Commander CT Press System and the Ferag mailroom equipment (the "Capital Production Project") that FPLP acquired from Machinery Solutions Group Inc., as previously announced by FPI in its press release on August 2, 2022.

Management of FPLP believe that upon a further review of the compatibility of the press as well as changing market conditions, the business case for the installation is not sustainable as initially forecasted. Management anticipates that the business will continue to run, without issue, with existing press equipment and production infrastructure. Management of FPLP believe that the halt of the Capital Production Project does not change FPLP's positive view on the future performance of the business.

About FPI
FPI owns securities entitling it to 49% of the distributable cash flow of FPLP. FPLP owns and operates the Winnipeg Free Press, along with several other Manitoba based news and media publications that are available in both print and digital formats. The informative and engaging content we produce has an extensive reach throughout the province of Manitoba. The breadth of our reach provides compelling platforms for those looking to effectively reach a Manitoba audience. Further information can be found at www.fpnewspapers.com and in disclosure documents filed by FP Newspapers Inc. with the securities regulatory authorities, available at www.sedar.com.

For further information, please contact
Mike Power, President and CEO
Phone: 204-697-7547

Neither the TSX Venture Exchange nor its Regulation Services Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Certain statements contained in this press release are "forward-looking statements" that reflect the expectations of management regarding the halt of the Capital Production Project. Readers are cautioned not to place undue reliance on forward-looking information. All statements other than statements of historical fact contained herein are forward-looking statements. Forward­ looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe" and similar expressions. Such forward-looking statements reflect management's current beliefs and are based on information currently available to management. Forward­ looking statements involve significant risks and uncertainties. A number of factors that could cause actual results to differ materially from the results discussed in forward-looking statements are discussed in FPI's management discussion and analysis for the three and nine-month periods ended September 30, 2022 and September 30, 2021 available on SEDAR at www.sedar.com. Although the forward-looking statements contained herein are based upon what management believes to be reasonable assumptions, FPI cannot assure investors that actual results will be consistent with these forward-looking statements.

The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. Forward-looking statements are made as of the date hereof, or such other date specified in such statements, and neither FPI nor any other person assumes any obligation to update or revise such forward-looking statements to reflect new information, events or circumstances, except as expressly required by applicable securities law.

SOURCE: FP Newspapers Inc.

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