Brainhunter Inc.
TSX : BH

Brainhunter Inc.

March 05, 2008 16:45 ET

Brainhunter Receives Initial Payment of $7,500,000 for Careersite Transaction

TORONTO, ONTARIO--(Marketwire - March 5, 2008) -

THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION TO CANADIAN INVESTORS ONLY.

On January 22, 2008 Brainhunter Inc. ("Brainhunter") (TSX:BH) signed an Agreement (the "Agreement") with Workopolis, Canada's largest Job Board, whereby Workopolis would acquire Brainhunter's Canadian and U.S. Job Board business. Brainhunter is pleased to announce this transaction closed February 6, 2008 and the first payment of $7,500,000, paid into trust, has been released to Brainhunter.

Pursuant to the Agreement, Brainhunter will receive approximately $10,000,000 cash over a 12-month period as transition milestones are reached. Brainhunter achieved the milestone for the release of the first $7,500,000 as of February 29, 2008. It is expected the conditions for the payment of an additional $2,000,000 will be met in early April, 2008 with the remaining payments occurring over the period ending February 7, 2009.

BUSINESS OVERVIEW

About Brainhunter

Brainhunter Inc. is publicly traded on the TSX and is a leading global provider of end-to-end HCM Software, Solutions and Services (the "Offerings"). Utilizing ISO 9001/2000 technology, Best Practices and processes, Brainhunter has created Offerings that streamline the recruitment and management of permanent, contract and project based people requirements and provides real time analysis of HR metrics that improves operational decision-making and reduces cost. Brainhunter has over 250 employees and over 1,800 contract personnel with offices across Canada, a presence in select U.S. jurisdictions and offices in India, China and the U.K., servicing over 2,000 clients.

The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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