Zoolander Corporation
NEX BOARD : ZOO.H

September 25, 2009 17:51 ET

Zoolander Corporation Announces Cancellation of Options and Stock Option Grant

TORONTO, ONTARIO--(Marketwire - Sept. 25, 2009) - Further to its press release of September 22, 2009, Zoolander Corporation (NEX BOARD:ZOO.H) announced today that it has amended the terms of its earlier announced grant of options to Jason Lester, a director of the Corporation.

Zoolander has granted options to purchase up to 300,000 commons shares of the Corporation to Mr. Lester. The options are exercisable at $0.10 per share and expire on September 24, 2014. The grant of options is subject to regulatory approval.

In connection with such option grant, Michael Cooper, the President, chief Executive Officer, chief Financial Officer, Secretary and a director of Zoolander, has agreed to forego options to acquire an aggregate of 120,000 common shares of Zoolander. Such options are exercisable at $0.10 per share until March 11, 2011 and will be cancelled upon regulatory approval of the above-mentioned grant of options to Mr. Lester.

Following the proposed cancellation and grant of options, Mr. Lester will hold options to acquire an aggregate of up to 300,000 commons shares and Mr. Cooper will hold options to acquire an aggregate of up to 380,000 common shares of Zoolander. All such options, and the common shares issuable upon exercise thereof, remain subject to the terms and conditions of a CPC escrow agreement dated November 24, 2005.

Neither the 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 press release.

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