SOURCE: Megola Inc.

Megola Inc.

June 15, 2010 14:30 ET

Megola Inc. Provides Shareholder Update

POINT EDWARD, ON--(Marketwire - June 15, 2010) -  Megola Inc. (OTCBB: MGON) provides shareholders with the following commentary subsequent to the filing of its financial statements for the 3rd Quarterly period ended April 30, 2010.

With the recent filing of the financial report for the first three quarters of the 2010 fiscal year, Megola remains fully compliant in all SEC requirements. As the North American Supplier of the Hartindo Anti-Fire™ line of products Megola maintains a significant investment in inventory essential to support all short term order requirements. Megola has also resumed making direct sales and customer contact to ensure that any prospect gaps that have not been addressed by our distribution groups are filled. Most recently, Megola has updated its website Media Center and created its own YouTube page with various videos displaying the unique attributes and properties of the Hartindo Anti-Fire™ products.

"Throughout the past year, we have focused our efforts on fully supporting all supply chain, technical requirements and certification processes in order to enable our distribution groups to penetrate a wide range of vertical markets for our Hartindo Anti Fire product line," commented Joel Gardner, CEO for Megola. "While sales to date are disappointing and are much less than originally forecasted by our distribution groups, many of these initial opportunities are close to fruition after experiencing delays due to product demonstrations, ongoing advanced testing and technical trials. Meanwhile, we continue to remain excited about the positive news coming from EcoBlu Products and other developments and fully expect to increase sales as hurdles continue to be cleared."

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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.

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