Oceanlake Commerce Inc.
TSX VENTURE : OLI

Oceanlake Commerce Inc.

June 14, 2005 12:34 ET

OceanLake Corporate Update

TORONTO, ONTARIO--(CCNMatthews - June 14, 2005) - OceanLake Commerce Inc. ("OceanLake")(TSX VENTURE:OLI) is pleased to provide an update further to a press release dated May12, 2005. The initial release described the approval of a restructuring initiative and obligations of OceanLake and Branksome to complete the agreement. Listed below are the obligations that have been fulfilled by both parties in respect to the original restructuring agreement.



Restructuring Update

Since May 12, 2005, Branksome has:

- Cancelled the promissory note of USD$2,051,506.85
- Transferred its 10.4 million shares back to OceanLake Commerce Inc.
- Provided USD$150,000 to OceanLake Commerce Inc.
- Assumed on going management and operating expenses for OceanLake
Asia Private

Since May 12, 2005, OceanLake Commerce Inc. has:

- Transferred 60% ownership of OceanLake Asia Private Limited
- Transferred all Intellectual Property rights to OceanLake Asia
Private Limited
- Completed an independent company valuation of OceanLake
Commerce Inc.
- Assigned a director to the Board of OceanLake Asia Private Limited
- Raised USD$150,000


Additional Items

Although all intellectual property of OceanLake Commerce Inc. has been transferred to OceanLake Asia Private Limited as part of the restructuring agreement, OceanLake Commerce Inc, has been re-assigned the rights to market and sell all existing OceanLake products including mScope, Mobile Gateway and 3MS in North America. OceanLake will use a channel relationship model by partnering with complimentary companies to promote the products in North America.

OceanLake Commerce Inc. is also actively seeking to partner with or acquire a technology company that can compliment current offerings of OceanLake as well as take advantage of OceanLake's tax losses to benefit both companies.

OceanLake Commerce Inc. will continue to provide corporate updates with regards to both OceanLake Commerce Inc. and OceanLake Asia Private Limited.

For more information about OceanLake, please go to www.oceanlake.com

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

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