SOURCE: Megola Inc.

Megola Inc.

March 24, 2010 18:07 ET

Megola Inc. Files Form 211 Through Glendale Securities to Regain Status on OTCBB

POINT EDWARD, ON--(Marketwire - March 24, 2010) - Megola Inc. (PINKSHEETS: MGON) would like to announce to shareholders that, although the company remains fully compliant in all SEC reporting requirements, they have temporarily returned to PinkSheet status as a result of not having a sponsoring Market Maker. OTCBB issues must maintain at least one registered Market Maker to remain on the OTCBB. When the last Market Maker in a security withdraws from the stock, the issue is removed from the OTCBB after 4 days pursuant to Rule 15c2-11.

Glendale Securities has advised Megola they will be filing the Form 211 with FINRA on March 24, 2010 and that subsequent to approval, Megola will return to the OTCBB.

Megola acknowledges that trading activity has been light subsequent to the announcement of a 50 to 1 reverse split that took place in November of 2009 when trading common shares were reduced to 636,793. "We are hopeful that the trading volumes will begin to increase with the approaching conversion dates for our Preferred Share offerings, the continued sales activity of our distributors and our ongoing efforts to attract new investors," stated Megola CEO, Joel Gardner.

About Megola:

Megola Inc. is a Nevada Corporation based in Point Edward, Ontario, Canada, and traded under the symbol MGON.

Common Stock
Authorized: 200,000,000
Outstanding: 704,080
Float: 636,793

Megola Inc. is committed to providing environmental solutions through advanced technology that, in the long term, will have a positive impact on company budgets and the environment.

Megola Inc. is the exclusive North American supplier, exclusive Canadian distributor and co-exclusive U.S. distributor of the Hartindo Anti-Fire™ product line and the exclusive world-wide distributor of the ScaleGuard series of physical water treatment equipment.

For more information on Megola Inc. please visit www.megola.com.

Shareholders and investors are strongly cautioned against placing undue reliance on information set forth in these communications in making any investment decisions concerning our securities.

The matters set forth in this press release are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially. These risks are detailed from time to time in the company's periodic reports filed with the Securities and Exchange Commission including the company's Annual Report, Quarterly Reports and other periodic filings. These forward-looking statements speak only as of the date hereof. The company disclaims any intent or obligation to update these forward-looking statements.

Contact Information