OCEANLAKE REGAINS 100% CONTROL OF OCEANLAKE ASIA PRIVATE LIMITED

08:22 EDT Monday, April 10, 2006

FSC / Press Release

OCEANLAKE REGAINS 100% CONTROL OF OCEANLAKE ASIA PRIVATE LIMITED

Singapore, Toronto, Ontario CANADA, April 10, 2006 /FSC/ - Oceanlake Commerce Inc. (OLI - TSX Venture), ("OLI" or the "Company") is pleased to announce that it has entered into a binding agreement (the "Agreement") with Branksome Associates Limited, BVI (the "Vendor") to reacquire the 60% interest in OceanLake Asia Private Limited ("OceanLake Asia") that was sold to the Vendor as a part of a restructuring that the Company completed in April 2005. As a result of this transaction, the Company will regain 100% control of OceanLake Asia.

Under the Agreement, the Company will pay the Vendor USD $2.48 M (subject to adjustments) in cash and issue to the Vendor 15,000,000 common shares of the Company ("Shares") at closing. The entire transaction is subject to shareholder and regulatory approval and also conditional on the Company completing the private placement announced on February 7, 2006. The Company expects the transaction to close immediately following the receipt of all required approvals and closing of the private placement.

"Regaining 100% control of our Asian subsidiary greatly streamlines our corporate structure and gives us additional certainty in the roll-out of our growth strategy to provide e-mail and other value-added wireless services for the international mobile wireless market", said William Car, President and CEO of OceanLake Commerce.

In connection with the transaction, the Company has agreed that its OceanLake Asia subsidiary will retain an executive of the Vendor, as a consultant for a period of 60 months. A term of this retainer will include payment to him of a 10% finder's fee for any introductions that result in successful business relationships for the Company or OceanLake Asia. The Company has also agreed to nominate a nominee of the Vendor as a director at each annual shareholders meeting of the Company for a period of two (2) years from the closing date.

Regulatory Matters

Following the issuance to the Vendor of the 15,000,000 Shares required under the Agreement, the Vendor will control approximately 20% of the issued and outstanding Shares. This in turn will result in the Vendor becoming a "control person" and, accordingly, the Company is required to seek approval of this transaction from the TSX Venture Exchange as well as disinterested shareholder approval at the Company's upcoming annual and special shareholders' meeting.

For more information about OceanLake, please go to www.oceanlake.com

OceanLake Contact Information
William Car CEO
wcar@oceanlake.com
+1416 568 5267

Maximum News Dissemination by Filing Services Canada Inc.
Ph: (403) 717-3898 Fx: (403) 717-3896 www.usetdas.com