Shift Networks Inc.
TSX VENTURE : SHF

Shift Networks Inc.

March 13, 2007 18:23 ET

Shift Networks; Closing and Approval of Previously Announced Private Placement

CALGARY, ALBERTA--(CCNMatthews - March 13, 2007) - Shift Networks Inc. (the "Corporation") (TSX VENTURE:SHF) (www.shiftnetworks.com) announced today that the Corporation has received final approval and closed the private placement previously announced March 1, 2007. The Corporation raised $254,000.00 by way of a convertible debenture (the "Debenture"). The Debenture holder has the right upon notice to the Corporation, to convert any or all of the Debenture's principal, at any time and from time to time, until the maturity date of March 1, 2008 (the "Maturity Date"), into common shares of the Corporation at a price per share equal to $0.10 per share. Any common shares issued on conversion shall be subject to a four month hold period from the date of closing. The Corporation also issued 2,254,000 share purchase warrants to the Debenture holder, of which 2,000,000 warrants are exercisable into one common share at a price of $0.10 per share and the remaining 254,000 warrants are exercisable into one common share at a price of $0.15 per share. All warrants shall expire on the Maturity Date.

About Shift Networks

Shift Networks Inc. (TSX VENTURE: SHF - News) is reinventing the business phone company by combining premium hosted Voice over Internet Protocol (VoIP) communications services, an exclusive focus on business customers and unmatched customer service. Shift provides service in urban markets across Canada, including Toronto, Ottawa, Calgary, Edmonton, Vancouver and Victoria. Visit us at www.shiftnetworks.com.

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

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