Savers Plus International Inc.

Savers Plus International Inc.

December 01, 2006 17:03 ET

Savers Plus Announces Closing of First Tranche of $1.5 Million Debenture Unit Offering

TORONTO, ONTARIO--(CCNMatthews - Dec. 1, 2006) -

Attention Business Editors:

Savers Plus International Inc. ("Savers" or the "Company") (TSX VENTURE:SAV) announced today that the Company has, subject to TSX Venture Exchange final approval, completed the first tranche of a non-brokered private placement to accredited investors, of an aggregate of $405,000 of debenture units priced at $1,000 CDN per debenture unit ("Debenture Unit"). Each Debenture Unit will comprise $1,000 of principal amount of 10% debentures ("Debenture") and 3,333 warrants ("Warrants").

The convertible Debenture will mature on November 30, 2008, carry a ten percent (10%) interest rate, and have the ability to convert to common shares of the Company at $0.28 CDN each. In addition each Debenture Unit has attached 3,333 common share purchase warrants, valid for 24 months from the time of closing, with an exercise price of $0.40 CDN per common share. The common share purchase warrants do not require the investor to convert the principal of the convertible debenture to common shares. The Company may pay a cash finder's fee or commission to eligible participants.

The capital raised will be used for strategic growth opportunities, and for general corporate purposes.

About Savers Plus International Inc.

Savers Plus International Inc., and its divisions, provide proprietary programs for clients to build brand, loyalty and revenues. Working with industry leading firms in the financial sector, real estate, insurance, gaming, media, telecommunications, entertainment, travel, automotive and services sectors, Savers initiates proprietary business building solutions that increase customer activity and strengthen customer-vendor relationships.

Savers maintains a fully integrated creative, web, technology and graphics production facility to service its growing client base, and works with company owned and managed systems with vendors throughout North America and Europe. Savers have developed proprietary technologies for managing these programs and manufacturing its offerings.

Savers' division, Eye Rock Digital, is a leading edge provider of video on demand, digital content, distribution, advertising and production. Eye Rock Digital aggregates and creates digital content aimed at the young, hip and technologically savvy young adult market. Eye Rock Digital develops programming for simultaneous delivery over broadband and wireless platforms.

Savers Plus International Inc. is headquartered in Richmond Hill, Ontario, Canada. Its shares trade on the TSXV (symbol: SAV).

This news release may contain forward-looking statements. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of factors discussed in the management discussion and analysis section of our interim and most recent annual financial statements or other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulations. We do not undertake any duty to update any forward-looking statements.

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

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