Direct IT Canada Inc.

Direct IT Canada Inc.

March 24, 2005 09:31 ET

Direct IT Provides Update


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: DIRECT IT CANADA INC.

TSX VENTURE SYMBOL: DCT

MARCH 24, 2005 - 09:31 ET

Direct IT Provides Update

TORONTO, ONTARIO--(CCNMatthews - March 24, 2005) - Direct IT Canada Inc.
(TSX VENTURE:DCT) announces that it has mutually agreed with Candax
Energy Inc. that the letter of intent with Candax Energy Inc.
("Candax"), a private Canadian company, whereby Direct IT Canada Inc.
("Direct IT") was to acquire all of the outstanding common shares of
Candax as previously announced on November 2, 2004 has been terminated.
All of Direct IT's expenses incurred with respect to this terminated
transaction have been paid by Candax and no loans or advances were
provided by Direct IT to Candax. Direct IT will continue its normal
business operations and may seek another proposed reverse takeover
transaction in the future.

Direct IT also announces that George Lykoudis, a director of Direct IT,
has been appointed as President and Chief Executive Officer of Direct IT
in the place of Ian Lucas. Direct IT received the resignation of Ian
Lucas as director of Direct IT on March 19, 2005. The current directors
and officers of Direct IT are:



George Lykoudis - Director, President, Chief Executive Officer and
Vice-President Technology and Customer Services

David W. Constable - Director and Chairman of the Board

Michael Collinson - Director

David Richmond - Director


Forward-Looking Statement

This news release contains forward-looking statements. These
forward-looking statements are subject to a variety of risks and
uncertainties beyond the Company's ability to control or predict which
could cause actual events or results to differ materially from those
anticipated in such forward-looking statements. Accordingly, readers
should not place undue reliance on forward-looking statements.

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Direct IT Canada Inc.
    George Lykoudis
    President and Chief Executive Officer
    (905) 530-2373
    george@directitcanada.com
    www.directitcanada.com
    The TSX Venture Exchange has not reviewed or approved the contents of
    this news release.