Oceanlake Commerce Inc.: Oceanlake Commerce Inc. announces revised private placement with Kingsdale Capital Markets Inc.

Toronto, Ontario CANADA, Jun 07, 2006 (M2 PRESSWIRE via COMTEX News Network) --
Oceanlake Commerce Inc. (OLI - TSX Venture), (the "Company") announces that it has engaged Kingsdale Capital Markets Inc. (the "Agent") of Toronto, Ontario, to act as agent to sell, by way of private placement, a minimum of 13,333,333 and a maximum of 36,666,666 units at $0.15 per unit for gross proceeds of approximately $2,000,000 to $5,500,000 to the Company.

Each unit is comprised of one common share and one half of one share purchase warrant, with each whole share purchase warrant exercisable for an additional share at an exercise price of $0.22 for two years from closing. Subject to and pending all required regulatory approvals, a commission of 7% in cash and broker warrants to acquire units equal to up to 7.5% of the units placed at a price of $0.15 per unit for two years from closing will be payable to the Agent on the proposed placement. This proposed placement is subject to TSX Venture Exchange approval.

The Company had previously announced a financing with the Agent on February 7, 2006, but due to market conditions, the financing did not proceed under those terms.

The securities have not been and will not be registered under the United States Securities Act of 1933, as amended, (the "U.S. Securities Act"), and may not be offered or sold within the United States or to, or for the account or benefit of U.S. persons except in certain transactions exempt from the registration requirements of the U.S. Securities Act.

OceanLake Commerce Inc, through its 40% interest stake in OceanLake Asia Private Limited ("OceanLake Asia"), and its recent acquisition of Facilitasia Private Ltd. of Singapore, provides mobile internet products and services to mobile operators throughout Asia and the rest of the world.

OceanLake Commerce Inc. plans to use the proceeds from the proposed financing to re-acquire the remaining 60% interest in OceanLake Asia to hold 100%, and to provide working capital for the Company.

Kingsdale Capital is a leading global financial services organization and more information about Kingsdale can be found at www.kingsdalecapital.com

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

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

CONTACT: William Car CEO, OceanLake Tel: +1 416 568 5267 e-mail: wcar@oceanlake.com Maximum News Dissemination by Filing Services Canada Inc. Tel: +1 403 717 3898 Fax: +1 403 717 3896 WWW: http://www.usetdas.com

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