CriticalControl Solutions Corp.

CriticalControl Solutions Corp.

March 14, 2005 09:00 ET

CriticalControl to Acquire Oil & Gas Technology Services Company


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: CRITICALCONTROL SOLUTIONS CORP.

TSX VENTURE SYMBOL: CCZ

MARCH 14, 2005 - 09:00 ET

CriticalControl to Acquire Oil & Gas Technology
Services Company

CALGARY, ALBERTA--(CCNMatthews - March 14, 2005) - CriticalControl
Solutions Corp., ("CriticalControl" or the "Company") (TSX VENTURE:CCZ)
is pleased to announce it has executed a term sheet to acquire an
Alberta based private company ("Targetco") providing technology services
to oil and gas companies using proprietary software (the "Agreement").
The Agreement is subject to TSX Venture approval, due diligence, and
execution of final documentation. Further details on Targetco will be
announced upon waiver of certain conditions precedent. Upon Targetco
meeting due diligence conditions, CriticalControl intends to be in a
position to waive all remaining conditions precedent by March 27, 2005
and close the transaction in April 2005.

Pursuant to the Agreement, CriticalControl will pay the shareholders of
Targetco, $4,000,000 in cash and issue a total of 14,000,000 shares of
CriticalControl. In addition, the shareholders of Targetco will receive
2,000,000 warrants of CriticalControl to acquire shares at the greater
of the trading price on the day prior to closing of the transaction or
$0.30. The warrants shall expire 2 years from the date of closing.

Management of CriticalControl expects that this transaction will
increase the Company's earnings before interest, taxes, depreciation and
amortization ("EBITDA") by $2,000,000 per year on an annualized basis.

"This acquisition is the first step in the launch of the next phase of
our acquisition strategy, setting the foundation to consolidate
technologies critical to the energy sector and to enhance our
implementation capability," said George Watson, CEO of CriticalControl.

CriticalControl is further pleased to announce that it has executed a
term sheet with Wellington Financial Fund II ("Wellington") to finance
the cash portion of the purchase price of Targetco. The financing is
subject to due diligence on Targetco. The proposed financing is to be
completed by way of private placement of a secured debenture (the
"Debenture") in the principal amount of $4,250,000, maturing two years
from the date of closing. CriticalControl first partnered with
Wellington in 2004 to finance the acquisition of Valcura International.

About CriticalControl:

CriticalControl is a technology company that builds, implements and
manages critical business process solutions. Our proprietary products
are data management tools to operate the critical business operations of
our government and energy sector clients. In addition to our proprietary
products, we implement large scale document and records management
solutions using our strong domain expertise and in depth knowledge of
our customer base. Where critical processes require unconditional
continuity, our clients look to us to manage and perform certain
operational functions on a short term or long term, outsourced basis.
For more information, please visit www.criticalcontrol.com.

-30-

Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    CriticalControl Solutions Corp.
    Mr. George Watson
    Chief Executive Officer
    (403) 705-7500
    or
    CriticalControl Solutions Corp.
    Mr. Alykhan Mamdani
    President
    (403) 705-7500
    www.criticalcontrol.com
    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this press release.