FSC / Press Release
 
OceanLake Commerce Inc., Corporate Update
 
OceanLake Commerce Inc. , Corporate Update
 
Toronto, Ontario CANADA, March 31, 2004 /FSC/ - Oceanlake Commerce Inc. (OLI - TSX Venture), ("OceanLake") Announces Balance Sheet Adjustment through Debt Conversion
 
Steve Koskie, Chairman and CEO, announced today that it has closed a previously announced conversion of secured debt of CAD$2,992,407, at CAD$0.25 a share, resulting in the issuance of 11,969,628 series A preferred shares (the "Preferred Shares"). The Preferred Shares were approved by the shareholders on March 10, 2004 and created by articles of amendment filed on March 24, 2004. The 11,969,628 Preferred Shares are convertible into 11,969,628 common shares of OceanLake for no additional consideration at the option of the holder. The Preferred Share certificate representing the converted secured debt will carry a legend restricting the re-sale of such securities until July 25, 2004.
 
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.