OceanLake to buy Facilitasia with one million shares

2006-01-30 10:26 ET - News Release

Mr. William Car reports

OCEANLAKE SIGNS LETTER OF INTENT TO ACQUIRE FACILITASIA PTE LTD. OF SINGAPORE

OceanLake Commerce Inc. has signed a letter of intent with the shareholders of Facilitasia Pte Ltd. to acquire all of the shares of Facilitasia. OceanLake has agreed to issue one million shares from treasury to acquire Facilitasia. The transaction is subject to the TSX Venture Exchange approval and to certain conditions including:


completion of due diligence by OLI to its satisfaction by Feb. 10, 2006;
completion of a purchase agreement by Feb. 17, 2006, and closing by Feb. 24, 2006;
consulting agreements for an initial term of two years with each of the three principals of Facilitasia;
approval by the respective boards of directors; and
approval of any applicable regulatory authorities.

Facilitasia provides a range of services focused on business support systems (BSS) for the telecommunications industry. Specifically, Facilitasia provides professional consulting services on billing, mobile content and enterprise mobility, mediation, revenue assurance and fraud. Facilitasia also provides representation for companies wishing to enter the Asian market.

OceanLake is actively working to expand its marketing efforts on a global basis and the addition of Facilitasia to the OceanLake family will solidify OceanLake's marketing presence in Asia.

The Facilitasia management team brings a wealth of telecommunications experience to OceanLake that will expand its existing products and services offering.

Principals of Facilitasia

Tony Poulos

Mr. Poulos has been involved with software development and systems integration in travel and telecommunications for over 20 years. He was involved in the development of convergent billing system in the early 1990s in Australia. From there, he worked in a business development role with Unisys's telecommunications practice in Europe. He was co-founder of Copernicus Global Billing Services, a London-based, Web-enabled, managed service provider for outsourced billing and payments collection. He then acted as vice-president, business development, of telecommunications solutions with Logica Asia. Mr. Poulos was general manager, Asia Pacific, for leading revenue assurance solution provider, Azure Solutions, after its acquisition of Connexn Technologies Inc., which he established in AsiaPac three years earlier. Mr. Poulos operates his own company, Facilitasia, based in Singapore, which consults on BSS solutions and content business in Asia. He is a regular contributor for trade publications. He also acts in a voluntary role as the head of Asia Pacific for the Global Billing Association. He has just completed a strategy paper on content delivery for triple play operators, billing for content and enterprise mobility solutions for a leading systems integrator in Asia.

Mr. Poulos has become an international authority on telecoms BSS, with strong knowledge in billing, revenue assurance, managed services, adjunct and consolidated billing, payments and mobile content delivery. He is a renowned speaker and chairman of international telecoms conferences and has presented papers on a wide range of billing subjects, including telephony (fixed and mobile), outsourced billing, IP and ISP billing, including usage based billing, IDC and co-hosting, IP mediation, utilities billing, convergent billing, content billing, adjunct billing, revenue management, revenue assurance, risk management, business continuity management, gaming and 3G content. His ability to communicate both the technical and business challenges facing this growing industry is in high demand. He is also a contributing analyst for leading research firm, IDC Asia Pacific.

Peter Williams

Mr. Williams has over 25 years of experience in leadership positions within the information technology industry. His focus has been on technology consulting, which links business success to the appropriate usage of technology.

He has successfully driven the growth of a number of IT enterprises in the Asian region over the past 10 years. As vice-president for consulting for Computer Associates, he successfully established a profitable professional services and consulting practice for the region. Later as director of IT consulting for HLB Consulting, he built a successful consulting practice focused on the needs of developing nations for ICT technology and infrastructure.

His previous position was with Datacraft Asia, where he, as director of solutions development, was able to drive the solutions business through two years of phenomenal growth, with growth of over 100 per cent each year.

Mr. Williams is a contributor to World Bank activities in design of IT solutions, architectures and the regulatory environments that support them.

Wilds Ross

Mr. Ross is currently responsible for business development. Prior to joining Facilitasia, Mr. Ross worked with Azure Solutions (Asia Pacific). He managed partner and customer relationships from a technical and product implementation perspective for companies such as Vodafone, Optus, Telstra, Indosat, Bharti, Starhub, Celcom and AIS.

Before that, Mr. Ross spent three years with Denver-based Connexn Technologies Inc., designing customer specific applications for provisioning, revenue assurance, system migration and process automation for companies such as Qwest, AT&T, KPN, BT and Comcast.

Mr. Ross holds degrees in mathematics, physics and optics. He spent three years at Montana State University in the United States, developing optical computing systems and teaching physics and astronomy. Mr. Ross is fluent in Mandarin Chinese and spent one year teaching English in the People's Republic of China.

Mr. Ross has spoken at conferences around the world on revenue assurance and optical computing. He currently resides in Singapore.

Initially, Facilitasia will continue to operate independently, although some of Facilitasia's day-to-day operational requirements will be supported by OceanLake to eliminate any redundancies between the two operations.

More information about Facilitasia can be found at its website.

For more information about OceanLake, please go to the company's website.