Oceanlake Commerce Inc.

Oceanlake Commerce Inc.

March 11, 2005 16:48 ET

OceanLake Commerce Inc.: Press Release


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: OCEANLAKE COMMERCE INC.

TSX VENTURE SYMBOL: OLI

MARCH 11, 2005 - 16:48 ET

OceanLake Commerce Inc.: Press Release

BELEN, NEW MEXICO--(CCNMatthews - March 11, 2005) - OceanLake Commerce
Inc. ("OceanLake") (TSX VENTURE:OLI) announced that effective March 10,
2005, an aggregate of 503,527 incentive stock options (the "Options")
were granted to certain directors and employees of OceanLake in lieu of
wages as OceanLake's senior management agreed to accept a twenty percent
salary reduction in an effort to cut the company's burn rate and reduce
costs. The Options are exercisable on a one-for-one basis at $0.105 a
share, being the previous day's closing price of OceanLake shares on the
TSX Venture Exchange. The options are exercisable for a period of
five-years from the date of grant.

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    OceanLake Commerce Inc.
    Steven Moya
    CEO
    smoya@oceanlake.com
    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this release.