August 28, 2007 OceanLake Commerce Reports Interim Quarterly Financial Results for the period ended June 30, 2007 and appoints new CFO Toronto, Canada and Singapore – August 28, 2007 – On August 23, 2007 OceanLake Commerce (OLI-TSX Venture)(OLIKF.PK) reported Interim Canadian GAAP financial results for the three months ended June 30, 2007. The company also announced that Rajeev Agarwal has been appointed to the Chief Financial Officer positions, after joining the company in June, 2007 as Vice President Finance. For the three months ended June 30, 2007 (Q1-2008) the Company posted revenue of $146,829 as compared with $70,323 for the three months ended June 30, 2006 (Q1-2007). The increase was primarily due to increased business in Singapore and new deals signed in Canada. The operating expenses increased by $395,803, or 250 percent, from $262,726 in Q1-2007 to $658,529 in Q1-2008. Of the total increase in operating expenses, $250,850 was due to increased headcount; $178,201 was attributable to increased general and administrative expenses; $49,772 was attributable to interest and other financing costs; $37,331 was due to amortization of stock based compensation; $22,018 was attributable to amortization of fixed assets and $44,635 was attributable to increased sales and marketing expenses. These increases were partially offset by a net foreign exchange gain of $187,004 in Q1-2008 over Q1-2007. The Company also reported cash and short-term investments of $699,374, and the working capital of ($821,821) for the three months ended June 30, 2007. Accounts receivable, net of an allowance for doubtful accounts, at the end of Q1-2008 totaled $331,088 and other current assets, composed primarily of prepaid items, totaled $43,919. As part of building the infrastructure for “meemo” the Company purchased fixed assets amounting to $122,289. The Company also reported accounts payable of $432,900, Loans from related parties $1,245,302 and a deferred revenue of $218,000. The deferred revenue is the first partial billing of the contract with Jabios H.K Limited, for licensing OceanLake’s “meemo” service direct to consumers in Taiwan. Once the essential services under the contract are delivered the amount will be recognized as revenue provided all the remaining criteria for revenue recognition has been met. "In fiscal 2008, OceanLake continues its transition into its growth phase. With several key customer wins in the fiscal year, we are well positioned to further accelerate our growth plans." said William Car, CEO OceanLake Commerce. "Our objective is to continue to grow the company on a global basis, with a commitment to providing quality mobile products to our customers and to the continued management of expenses in 2008." Rajeev Agarwal had joined the company on June 4, 2007 as Vice President of Finance and has now assumed the role of Chief Financial Officer. He reports to William Car, CEO of OceanLake Commerce. "I am very pleased to welcome Rajeev to his expanded role as Chief Financial Officer.", said William Car, CEO of OceanLake Commerce. "Rajeev has proven to be an extremely strong asset in his tenure so far dealing with financial and regulatory aspects for OceanLake. I look forward to his expanded contributions in his CFO positions as we continue to execute our global growth strategy." In this expanded role, Mr. Agarwal is responsible for all strategic financing activities, quarterly reporting, business planning, forecasting and analysis, risk management, corporate governance, implementation of internal controls, policies and procedures of OceanLake Commerce. “I am very appreciative of the confidence that the board and Will have shown in my contributions to the financial management of the company”, said Rajeev Agarwal, CFO of OceanLake Commerce. “This is an exciting time for OceanLake and I am pleased to be able to work with such a strong management team as we move forward.” For further information, detailed filings are at www.sedar.com Click here for the interim financials in PDF. About OceanLake Commerce OceanLake Commerce (TSX:OLI) was founded in 1999 as a developer of intelligent mobile technology to deliver richer and more engaging user experiences for the mobile consumer. The desire to bring the engaging world of the Internet to the mobile device has led OceanLake Commerce to develop a number of world-class products and services. Its mobile service delivery platform, imercion, enables the creation of retail storefronts optimized for the mobile device. imercion includes OceanLake MobileGateway, a product that delivers mobile optimized browsing experiences transparently to the user enabling them to visit any Internet site through their mobile phone and have a far superior experience. Recently OceanLake has also developed a real-time mobile e-mail product, OceanLake MobileMail, that enables every consumer with a mobile phone to cost effectively use email on their mobile device. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. For more information about OceanLake, please visit www.oceanlake.com. For media enquiries please contact: Lorne Simon Michael Communications lorne@michaelcommunications.com +1(416)785-5037 For investor enquiries please contact: Will Car CEO, OceanLake Commerce wcar@oceanlake.com +1(416)637-3501