OCEANLAKE SIGNS PURCHASE AGREEMENT TO ACQUIRE FACILITASIA PTE LTD. OF SINGAPORE

10:36 EST Tuesday, February 28, 2006

FSC / Press Release

OCEANLAKE SIGNS PURCHASE AGREEMENT TO ACQUIRE FACILITASIA PTE LTD. OF SINGAPORE

Singapore, Toronto, Ontario CANADA, February 28, 2006 /FSC/ - Oceanlake Commerce Inc. (OLI - TSX Venture), ("OceanLake") is pleased to announce that it has entered into a purchase agreement ("Purchase Agreement") with three (3) arm's length parties to acquire all the issued and outstanding shares of Facilitasia Pte Ltd. ("Facilitasia"), a privately held company in Singapore. Facilitasia, a company founded in 2002, provides a range of services focused on Business Support Systems (BSS) for the telecommunications industry in the AsiaPac region.

Pursuant to the Purchase Agreement, OceanLake will acquire Facilitasia for an aggregate purchase price of $CDN 250,000.00 to be satisfied by the allotment and issuance of one million (1,000,000) common shares in the capital of OceanLake from treasury at an attributed price of $0.25 per common share. The closing of the acquisition of Facilitasia remains subject to TSX Venture approval and to certain conditions as set out in OceanLake's previous press release dated January 30, 2006 announcing the entering into of the letter of intent in connection with the acquisition.

"We are extremely pleased to have Facilitasia join the OceanLake family," said William Car, CEO of OceanLake Commerce Inc. "The Facilitasia team brings a wealth of experience and historical success to OceanLake and we look forward to leveraging each other's strengths to grow our business together."

"The two companies have great synergy and are very complementary, we look forward to combining OceanLake's technology and our services into the AsiaPac telecommunications market," said Tony Poulos, MD of Facilitasia. Tony Poulos added, "Facilitasia has established a number of new accounts, and has a healthy pipeline that we expect will contribute to OceanLake's revenues.

Facilitasia will continue to operate independently as a wholly owned subsidiary, although some of Facilitasia's day to day operational requirements will be supported by OceanLake Commerce Inc. to eliminate any redundancies between the two operations.

More information about Facilitasia can be found at www.facilitasia.com
For more information about OceanLake, please go to www.oceanlake.com

Contact:
William Car
CEO, OceanLake
wcar@oceanlake.com
1-416-568-5267

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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