Shift Networks Inc.

Shift Networks Inc.

November 24, 2006 20:01 ET

Shift Networks Financing and Share Consolidation Update

CALGARY, ALBERTA--(CCNMatthews - Nov. 24, 2006) -


Shift Networks Inc. ("Shift") (TSX VENTURE:SHF) announced today that it has cancelled the previously announced financing engagement with Northern Securities Inc. ("Northern") pursuant to which Northern had agreed to purchase 7,692,308, units on a firm underwriting basis, subject to certain conditions, for aggregate gross proceeds to Shift of $10 million.

"Shift will not be proceeding with the financing Northern came to us with in October and as a result Shift has terminated the relationship which I believe to be in the best interests of our shareholders at this time," said Trent Johnsen, President and CEO, Shift Networks. "Shift has achieved tremendous performance this year by way of customer growth, market expansion and innovation, establishing a leadership position in a significant growth market. We are exploring a variety of equity and debt alternatives to continue to finance and accelerate Shift's growth."

The Company also said that it will not proceed with its previously announced share consolidation.

"The proposed share consolidation was part of this financing structure. We do not feel the consolidation is in the best interests of our shareholders at this time," added Mr. Johnsen.

About Shift Networks

Shift Networks Inc. (TSX VENTURE:SHF - News) is reinventing the business phone company by combining premium Voice over IP (VoIP) services, a strict focus on business customers, and unmatched customer service. Visit us at

Except for historical information, this press release contains forward-looking statements, which reflect the Company's current expectation regarding future events. These forward-looking statements involve risks and uncertainties, which may cause actual results to differ materially from those statements. Those risks and uncertainties include, but are not limited to, changing market conditions, and other risks detailed from time-to-time in the Company's ongoing filings. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. In light of these risks, uncertainties and assumptions, the forward-looking events in this press release might not occur.

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

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