FSC / Press Release
 
OceanLake Announces 2003 Stock Repurchase Program
 
Santa Clara, CA and Toronto, ON – July 7, 2003 - OceanLake Commerce Inc. (the "Company" or "OceanLake") (TSX-V:OLI) announces its intention to purchase, in open market transactions, up to 1,460,000 shares of its own common stock representing approximately 5% of the issued and outstanding shares at today's date.
 
Any purchases made on the open market will be made in Canada on the TSX Venture Exchange, and will be subject to price, trading volume and other market considerations. The Company may find opportunities to purchase additional shares in privately negotiated transactions with shareholders in the United States. The Company's 2003 Stock Repurchase Program is to provide a mechanism whereby it can buy on any given trading day, in open market transactions, up to 25% of the average daily trading volume in the Company's common stock. Shares repurchased may be used for appropriate corporate purposes.
 
Steve Koskie, Chairman and Chief Executive Officer of the Company, stated, "We believe that our stock is undervalued. We believe that this program is in the best interest of the company and its stockholders and demonstrates an emphasis on delivering shareholder value."
 
The Company has engaged the services of National Bank Financial to carry out the 2003 Stock Repurchase Program. The 2003 Stock Repurchase Program will be effective from July 14, 2003 to July 14, 2004 and notice of the same has been delivered to the TSX Venture Exchange and the Securities Commissions of Ontario, Alberta and British Columbia.
 
More information about OceanLake and its products can be found at www.oceanlake.com.
 
About OceanLake Commerce Inc.
OceanLake provides mobile Internet-enabling software for corporate enterprises, financial institutions, service providers, and telecommunications carriers. OceanLake's flagship product, mScope, immediately enables any existing Internet infrastructure to be accessed from any Internet-enabled wireless device in real-time, including the dynamic content of enterprise-wide applications such as sales force automation and customer relationship management. The only device- and platform-agnostic "drop-in" product of its kind, mScope seamlessly integrates into any Web-based application for fast, easy and cost-effective deployment with no need for additional application development. Future OceanLake products will include voice navigation, voice authentication, location-based services and streaming. OceanLake is dedicated to helping businesses access critical resources through mobile devices, allowing people to "take the world with them." The company is headquartered in San Jose, California with offices in Toronto. OceanLake is a publicly traded company on the TSX Venture Exchange and currently has an approximate market capitalization of $11 Million.