True North Corporation
TSX VENTURE : TN

True North Corporation

November 30, 2006 15:38 ET

True North Corporation Announcement-Third Quarter Results

MISSISSAUGA, ONTARIO--(CCNMatthews - Nov. 30, 2006) -

Attention Business and General Assignment Reporters/Editors

True North Corporation - The Return On Ideas Company ("TNC" or "True North" or "the Company") (TSX VENTURE:TN), today announced its financial results period ended September 30, 2006.

Third Quarter Review: "Third Quarter was challenging for True North for a number of reasons", commented Mark Anthony, President of True North, "The Company experienced a decline in revenue due to government legislation impacting the generic pharmaceutical industry as well as ongoing challenges in the automotive industry. These events, coupled with our acquisition activities put considerable pressure on our operating businesses."

"While the financial results during the quarter don't speak to the positive changes underway at True North, it's important to share the steps being taken to turn the business around", Mr. Anthony continued, "Paramount to the Company's future success is utilizing and leveraging technology to enable our team to deliver better and more successful marketing programs for our clients. With the C3 Online acquisition now completed and the merger of the two businesses well underway, True North is better positioned to be a leader in this dynamic emerging market. In addition to that, Rick Camilleri, who joined us as CEO in the quarter and Terry Ham, who became COO with the completion of our merger with C3, are aggressively focused on recapitalizing and restructuring the business".

The Company has filed its quarterly report, which includes Management's Discussion and Analysis, on www.sedar.com.



Financial Snapshot
For the Period ended September 30

Three Months Nine Months
Revenue 1,797,292 8,046,530
Direct Costs 738,190 4,252,680
Gross Profit 1,059,102 3,793,850
S, G & A 1,469,447 4,828,804
EBITDA (410,345) (1,034,954)
Amortization, Capital Assets 49,058 113,527
Amortization, Intangible Assets 13,062 39,186
Non-recurring one-time charges 521,017 1,081,371
Interest and financing costs 93,633 294,037
Stock Based Compensation 23,204 23,204
Write down of Goodwill - 457,625

Net Income (Loss) (1,110,319) (3,043,904)
EPS (basic) (0.05) (0.14)
EPS (fully diluted) (0.03) (0.09)


True North Corporation - The Return On Ideas Company™ - is one of the fastest growing vertically integrated marketing services organizations in Canada. TNC delivers services through two focus areas: Marketing Services & Sales Channel Support. Service competencies include: Marketing Communications, Event & Experiential Marketing, Sales Channel Marketing and Merchandising, Distribution & Fulfillment. TNC is listed on the TSX Venture Exchange (TSX VENTURE:TN). www.truenorthcorp.ca.

About C3 Online Marketing - C3 Online Marketing provides online solutions for marketers designed to attract and retain online relationships. C3's online marketing infrastructure uniquely integrates programs and applications into our clients' business processes, or operates as outsourced service. Utilizing C3 technology, promotions, contests, surveys, email deployments etc. are easily migrated to customizable follow-on customer-attraction campaigns such as Customer Acquisition and Lead Management Programs, Loyalty, Reward and Incentive Programs, Media and Campaign Management, Online Training and Channel Programs. C3 Online Marketing, formerly a privately held company, was acquired by True North Corporation in November of 2006. The acquisition is subject to final approval from TSX-V. www.c3onlinemarketing.com.

This news release may contain certain forward-looking statements that are subject to known and unknown risks and uncertainties. TNC makes no assurance that these forward-looking statements, denoted by words such as "expect", "should" and other similar qualifiers, will prove to be accurate and cautions readers to review the risks and uncertainties sections of its recent filings with securities administrators.

(1)EBITDA is not a recognized performance measure under Canadian Generally Accepted Accounting Principles (GAAP). The Company defines EBITDA as earnings before interest, depreciation, amortization, non-recurring charges and other non-cash charges such as stock option expenses. Management believes that in addition to net earnings, this measure is useful supplemental information to provide investors with an indication of income available prior to debt service, non-cash expenses and income taxes. Investors should be cautioned, however, that this measure should not be construed as an alternative to net earnings determined in accordance with GAAP.

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

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