ZipLocal Inc.
TSX VENTURE : ZIP

ZipLocal Inc.

April 05, 2007 14:25 ET

ZipLocal Inc. Announces Correction to Previously Released Stock Option Information

TORONTO, ONTARIO--(CCNMatthews - April 5, 2007) -

NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE DISTRIBUTION SERVICES

ZipLocal Inc. ("ZipLocal") (TSX VENTURE:ZIP) wishes to correct inaccurate information relating to its employee stock option plan (the "Plan") and outstanding options granted under the Plan contained in the third paragraph of its news release issued on March 26, 2007. The correct information appears below:

At the annual and special meeting of shareholders held on January 30, 2007, ZipLocal received shareholder approval to increase to 52,092,332 the number of common shares reserved for issuance under the Plan. Shareholders also ratified the granting of 29,866,267 options, each exercisable at $0.10 per share, which options were previously granted subject to shareholder approval. Since January 30, 2007, ZipLocal has granted a total of 4,687,156 options, all exercisable at $0.10 per share and expiring on February 26, 2012. (All of the foregoing numbers and exercise prices are stated on a pre-consolidation basis.)

After giving effect to the consolidation of its common shares on March 26, 2007, a total of 10,418,466 common shares are reserved for issuance under the Plan and, as at April 1, 2007, 7,741,726 options are outstanding under the Plan. The exercise prices of all outstanding options granted under the Plan have been adjusted to reflect the share consolidation.

About ZipLocal Inc.

ZipLocal Inc. (www.ziplocal.com) (TSX VENTURE:ZIP) is a local business directory that connects buyers and sellers through an intuitive and user-defined interface. It collects and maintains a database of more than 1 million Canadian businesses and attracts on average more than 1 million visitors per month.

The TSX Venture Exchange has neither approved nor disapproved the contents of this press release.

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