FSC / Press Release
 
OceanLake Commerce Inc. Announces Significant Corporate Developments
 
TORONTO, ONTARIO and SINGAPORE, SINGAPORE--(CCNMatthews - Aug. 18, 2004) - OceanLake Commerce Inc. ("OceanLake") (TSX-V:OLI) and the Board of Directors announced today that Steve Koskie has resigned his position as a Director and as Chairman & CEO of OceanLake effective immediately. The Board wishes to acknowledge the contributions made by Mr. Koskie over the past five-years. Mr. Koskie has been instrumental in directing OceanLake's leading technology solution and securing the investors and funding necessary to ride-out the wireless market challenges. "I have absolutely enjoyed the challenging build up of OceanLake, and now that we have tangible acceptance in the marketplace along with sustainable funding in the bank, I feel it makes sense to pass the reins to a new CEO." Mr. Koskie went on to say, "As a major shareholder of OceanLake stock, I look forward to watching the company grow and enhance returns to shareholders. Finally, I would like to thank the staff and the Board for their support during some very challenging years."
 
This announcement comes on the heels of OceanLake signing its first major contract in South East Asia with a major financial services company, the terms which will be disclosed is a subsequent news release. The immediate revenue to OceanLake is expected to exceed revenue recorded in each of the last three years. As there are further potential contracts in advanced stages of discussions, Mr. Koskie felt this was the logical time to step aside and allow a natural transition to the senior management team he brought in earlier this year, to take OceanLake to the next level.
 
Concurrent with this announcement, the Board of Directors appointed Steven Moya as CEO and to the Board of Directors of OceanLake. Over the last year Mr. Moya has worked closely with OceanLake's Asian investors to accelerate market penetration and sales opportunities in South East Asia. With extensive investment banking, financial and operating experience, the Board is confident Mr. Moya has the ability to manage the company and close deals in the near term. "I would like to thank Steve for his support and direction. I am very excited that we have a strong company foundation from which to build on" stated Mr. Moya. "Shareholders and investors are anxious to see improved results from OceanLake; therefore, I have tied my performance to the performance of the company."
 
Additionally on June 25, 2004, in an effort to increase corporate governance and Board oversight, Paul Cloutier, a well-known businessman and entrepreneur residing in Toronto, Ontario, was appointed to the Board of Directors of OceanLake as an independent Board member.
 
Also, the Board of Directors announced that the March 31, 2004 year-end Audited Annual Financial Statements and Management Discussion & Analysis will be available to shareholders via SEDAR on August 18, 2004. Furthermore, OceanLake's annual general meeting is scheduled to be held in early October, 2004, where shareholders will have the opportunity to meet Mr. Moya and learn of recent sales activities in South East Asia.
 
Finally, the Board of Directors announces that OceanLake secured US$2,000,000 financing under a loan arrangement with a significant shareholder. The loan carries interest at 5% per annum, payable quarterly, and is due on April 6, 2005. The loan is convertible to equity at any point during the term, subject to regulatory approval for the conversion, and is unsecured. The loan is disclosed in the Subsequent Events section of the Annual Audited Financial Statements of OceanLake released and filed on SEDAR on August 18, 2004.
 
FOR FURTHER INFORMATION PLEASE CONTACT:
OceanLake Commerce Inc.
Steven Moya
CEO
011-65-6416-3801