June 14, 2007 14:11 ET

Okalla Corp. Settles Debt

CALGARY, ALBERTA--(Marketwire - June 14, 2007) - Okalla Corp. (TSX VENTURE:AOK) ("Okalla"), listed on the TSX Venture Exchange Inc. under the trading symbol "AOK", is pleased to announce that it is proposing to settle $40,500 of debt by the issuance of 810,000 common shares at a price of $0.05 per common share, subject to the approval of the TSX Venture Exchange. The Corporation's debt arises pursuant to the accrued but unpaid management fees of two former senior officers of one of its 100% owned subsidiaries. Assuming completion of the transaction, Okalla will have approximately 90,924,085 common shares issued and outstanding. All of the shares issued pursuant to this issuance of shares for debt will be subject to a four month hold period.

About Okalla

Okalla is a publicly traded online technology company listed on the TSX Venture Exchange under the trading symbol AOK.

All statements other than statements of historical fact, in this news release are forward-looking statements that involve various risks and uncertainties, including, without limitation, statements regarding the future plans and objectives of Okalla Corp. There can be no assurance that such statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. These and all subsequent written and oral forward-looking statements are based on the estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. The Company assumes no obligation to update forward-looking statements should circumstances or management's estimates or opinions change.

The TSX Venture has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.

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