Ribbon Capital Corp.
TSX VENTURE : RBN

December 29, 2006 15:00 ET

Ribbon Capital Corp.: Debt Conversions

TECUMSEH, ONTARIO--(CCNMatthews - Dec. 29, 2006) - Ribbon Capital Corp. (the "Corporation") (TSX VENTURE:RBN) announces that it has negotiated a share for debt settlement with various creditors of the Corporation.

1511412 Ontario Inc., 1514007 Ontario Inc. and 1514006 Ontario Inc., private Ontario companies owned respectively by Howard Fialkov, Gerry Fialkov and Janet Abramson, have agreed to accept an aggregate of 119,048 units for the cancellation of an aggregate of $50,000 in debt owing to such companies. The units are being issued at a deemed price of $0.42 per unit and are comprised of one (1) common share and one (1) non-transferable common share purchase warrant. Each common share purchase warrant will entitle the holder thereof to acquire one (1) common share at an exercise price of $0.20 per common share for a period of 24 months from the date of issuance.

In addition, the Corporation has also agreed to issue an aggregate of 235,309 units to two (2) arm's length parties in exchange for the cancellation of $35,296 in debt owing to such individuals. The units are being issued at a deemed price of $0.20 per unit and are comprised of one (1) common share and one half of one non-transferable common share purchase warrant. Each whole common share purchase warrant will entitle the holder thereof to acquire one (1) common share at an exercise price of $0.20 per common share for a period of 24 months from the date of issuance.

The various debt settlements are subject to approval of the TSX Venture Exchange.

In addition, the Corporation would like to announce that further to its press release dated November 13, 2006, the Corporation has issued an aggregate of 269,606 common shares and 134,803 common share purchase warrant. Each common share purchase warrant entitles the holder thereof to acquire one (1) common share at an exercise price of $0.20 per common share at any time prior to December 8, 2008. The common shares are subject to resale restrictions which expire on April 9, 2007.

About the Corporation:

Ribbon Capital Corp. completed its qualifying transaction on September 25, 2006 and now operates under the trade name of 'SELECTCORE'. The official name change will be voted on at the upcoming special shareholder's meeting schedule for January 12, 2007.

The Corporation is in the business of providing highly-valued telecom products and services to the ever-growing credit-challenged / sub-prime consumer market. Focused on launching new offerings in high-growth areas such as wireless and IP, the long-term objective is to aggregate a large community of ultra-loyal users. SelectCore markets its products and services through its extensive, nation-wide retail distribution channel. In addition to having long-term relationships with Canada's top carriers, the Corporation maintains its own telecom network and fulfillment infrastructures. SelectCore was ranked Canada's 6th fastest-growing company in 2006 by Profit 100.

This news release contains projections and other forward-looking statements regarding future events. Such statements are predictions, which may involve known and unknown risks, uncertainties and other factors, which could cause the actual events or results and objections to differ materially from those expressed.

The TSX Venture Exchange has neither approved nor disapproved the contents of this news release. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

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