Fifty-Plus.Net International Inc.
TSX VENTURE : FPN

Fifty-Plus.Net International Inc.

November 14, 2005 17:24 ET

Fifty-Plus Announces Loan Financing and Management Changes

TORONTO, ONTARIO--(CCNMatthews - Nov. 14, 2005) - Fifty-Plus.Net International Inc. (the Company) (TSX VENTURE:FPN) announced today that it has obtained a line of credit of up to $400,000 from a private investor to re-capitalize the Company's business. The unsecured line of credit will bear an interest rate of two percent per annum. As a condition of the financing, all current and past directors and officers of the Company and its wholly-owned operating subsidiary Fifty-Plus.Net Inc. have agreed to forgo any accrued management and directors fees that are deferred liabilities owed by the Company once $200,000 of the line has been advanced. These fees amount to $226,198 at the present time.

In conjunction with the financing, the Company also announced that Gord Poland will step down as President. He will continue to act as Vice President, Finance and C.F.O. Eric Vengroff, the Company's former President, who resigned in 2001 to assume the responsibility of Vice-President, Marketing for CARP, will assume the position of President. Mr. Vengroff will be joined by David Cravit, former President and C.O.O. of the Sonar Group, a marketing communications firm based in Toronto, who has been appointed Vice President of Marketing. The Company also announced that Andrew Shaw, a seasoned web professional, will become Vice President, Information Systems. Both Cravit and Shaw bring an extensive amount of online marketing expertise to the Company's business. This new team will be tasked with the responsibility of building website revenues from new businesses and broadening both the reach and service offerings of 50Plus.com.

Fifty-Plus.Net International Inc. owns www.50plus.com , the leading Canadian website providing unique content, community and commerce for people over the age of 50. 50Plus.com, along with its affiliate website www.carp.ca is the on-line home of CARP, Canada's largest 50 Plus advocacy group with more than 400,000 members and 50Plus magazine, Canada's largest 50 Plus publication. Fifty-Plus.Net International Inc. trades under the symbol FPN on the TSX Venture Exchange.

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

Contact Information

  • Fifty-Plus.Net International Inc.
    Eric Vengroff
    President
    (416) 363-8748 Ext. 237
    ericv@50plus.com