EcoMax Energy Services Ltd.
TSX VENTURE : EES

EcoMax Energy Services Ltd.

March 14, 2007 08:57 ET

EcoMax Cancels Options

CALGARY, ALBERTA--(CCNMatthews - March 14, 2007) - EcoMax Energy Services Ltd. (TSX VENTURE:EES) ("EcoMax") (www.ecomax.ca) announces that as part of a shift in the compensation of directors, the Company and its directors have agreed to cancel 1.1 million share options which were granted in June 2006. The cancellation of these options will place the Company in a better position to attract personnel that will help it grow. The number of options held by directors is reduced from 2.45 million to 1.35 million and the total number of options currently outstanding would be reduced to approximately 2.9 million. This cancellation will result in a reduction of approximately $78,000 in stock-based compensation expense in each of 2007 and 2008.

The remaining 587,000 options granted in June 2006, of which 250,000 were granted to the Company's President and CEO and the remainder to employees of the Company, are outstanding. These options were granted at an exercise price of $0.22 per share and expire in June 2011.

About EcoMax Energy Services Ltd.

EcoMax Energy Services Ltd. is an oilfield services company whose product offering includes BOP and valve sales and service solutions to the oil and gas and other industries in Western Canada and the patented EcoMax Chemical Pump.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

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