SOURCE: Megola Inc.

Megola Inc.

November 25, 2009 16:00 ET

Megola Inc. Initiates Reverse Stock Split and Move to OTCBB

Reverse Split Request Approved by Financial Industry Regulatory Authority and Form 211 to Be Submitted by Glendale Securities, Inc.

POINT EDWARD, ON--(Marketwire - November 25, 2009) - Megola Inc. (PINKSHEETS: MGOA) announces it will have Glendale Securities, Inc. file Form 211 with the Financial Industry Regulatory Authority (FINRA) OTC Compliance Unit in accordance with its stated goal of regaining status on the OTCBB. Megola is currently awaiting final auditor review of its 2009 year end financials. Megola has also filed all requisite documentation with FINRA and has been approved to move forward with its plan to perform a Reverse Stock Split on all outstanding Common Shares at a 1:50 ratio. The effective date of the 1:50 Reverse Split is at market open, Friday, November 27, 2009. Megola Inc. will trade under the new symbol of (PINKSHEETS: MGON).

The Management and Board of Directors of Megola Inc. have reviewed the recent activity and events of the company and feel that the company's common stock is vastly undervalued. Megola has therefore initiated a comprehensive plan to increase the share value of the Common Stock.

The first step taken towards accomplishing this goal was the offer to all Common shareholders in April of 2009 to convert their Common Shares to a newly created class of Series A Preferred Shares. This had the effect of reducing our outstanding Common Shares significantly to the current level of 36,345,919. Concurrent with this offer was a similar offer to all of our Creditors to convert all outstanding debt on Megola's books as of April 30, 2009 to Series B Preferred Shares.

In the meantime, Megola has pushed to get all of our required filings, including all Financial Reporting, up to date in order for us to make an application with the filing for Form 211 to get positioned back on the OTCBB, a much more regulated market than the Pink Sheets, with the potential to attract private placement opportunities as well as institutional investors.

"At this time, Megola is well positioned to be fully compliant in all regards with our primary corporate goal to remain in compliance at all times going forward. While adherence to strict corporate governance requirements is an important achievement, valuation of the company's common shares will ultimately hinge upon sales and profits. Our activity over the past two years has been strictly focused on laying the foundation for sales growth of the Hartindo Anti-Fire product lines. Our sales forecast for the current fiscal year is expected to be in the $4M-$6M range with earnings before tax estimated to be between $1.5M and $3M," states Darryl Germain, COO -- Megola Inc.

Megola will reduce its current outstanding shares through a reverse split on a 1:50 basis (for every 50 Common Shares previously held Shareholder will now hold 1 Common Share, with any fractional shares being rounded up). This will result in a reduction in outstanding shares from 36,345,919 to 726,919 and increase our current share price value by a multiple of 50.

For more information on Hartindo products and Megola Inc. please visit www.megola.com.

Shareholders and investors are strongly cautioned against placing undue reliance on information set forth in these communications in making any investment decisions concerning our securities.

The matters set forth in this press release are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially. These risks are detailed from time to time in the company's periodic reports filed with the Securities and Exchange Commission including the company's Annual Report, Quarterly Reports and other periodic filings. These forward-looking statements speak only as of the date hereof. The company disclaims any intent or obligation to update these forward-looking statements.

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