July 31, 2007

OceanLake Commerce Reports Audited Annual Financial Results

Revenue and cash growth in fiscal 2007

Toronto, Canada and Singapore – July 31, 2007 – On July 27, 2007 OceanLake Commerce (OLI-TSX Venture)(OLIKF.PK), reported Canadian GAAP financial results for the year ended 31st March 2007.

For 2007 the company posted record revenue of $710,829 as compared with $14,000 for the year, 2006. The increase was primarily due to increased business in Singapore and new deals signed in Canada. Cash and cash equivalents also increased to $772,428 from $12,062 in the previous year.

Total operating expenses increased by $1,267,895, or 158 percent, from $801,418 in 2006 to $2,069,313 in 2007. OceanLake incurred a net loss of ($1,357,656) or ($0.02) per share in 2007, compared to a net loss of ($787,418) or ($0.01) per share. Although revenues grew by $696,829, in 2007 total costs and expenses increased by $1,267,895. The increase in operating costs and expenses was primarily due to increased salary, wages, general and administrative costs resulting from an increase in the average number of employees in the company.

"In fiscal 2007, OceanLake has transitioned from a company refining its products to launching them in the market place. 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 grow the company exponentially on a global basis, with a commitment to the continued management of costs and expenses in 2008."

For further information, detailed filings are at www.sedar.com.

Click here for the balance sheet in PDF.

About OceanLake Commerce
OceanLake provides mobile enabling products that meet the mobile connectivity requirements of service providers and telecommunication carriers, content owners and developers. OceanLake has also developed its own direct to consumer strategy in North America, providing a mobile email service that has been branded as "meemo". OceanLake’s meemo service is based on its proprietary product called OceanLake Mobile Mail. Mobile enabling is the process of delivering internet content in a fashion that is accessible to mobile users, worry-free for network managers and strategic for business. OceanLake’s mission is to offer a single source of mobile enabling technology and to service and support mobile internet requirements at all levels. OceanLake is focused on one of the largest and fastest growing segments of the global mobile telecommunications market: the delivery of mobile services. OceanLake’s unique and proprietary architecture allows e-mail, web pages, images, music, games, video, ring tones and wallpapers to be delivered to and experienced by users in a reliable and consistent manner on every model of internet-enabled phone and PDA in use globally.

OceanLake Commerce is a publicly traded company on the Toronto Venture Exchange under the symbol OLI. It currently has offices in Singapore and Toronto, Canada. For more information, please visit www.oceanlake.com.

Forward-looking Statements
Certain statements included in this document constitute forward-looking statements, including those identified by the expressions anticipate, believe, plan, estimate, expect, intend and similar expressions to the extent they relate to OceanLake or its management. These forward-looking statements are not facts, promises or guarantees; rather, they reflect current expectations regarding future results or events. These forward-looking statements are subject to a number of known and unknown risks and uncertainties that could cause actual results, activities, performance, or events to differ materially from current expectations. These risks include risks related to revenue growth, operating results, industry, products, and litigation, as well as the matters discussed in OceanLake’s Annual Information Form under Risk Factors. Readers should not place undue reliance on any such forward-looking statements, which speak only as of the date on which they were made. OceanLake disclaims any obligation to publicly update or to revise any such statements to reflect any change in the Company’s expectations or in events, conditions or circumstances on which any such statements may be based, or that may affect the likelihood that actual results will differ from those set forth in the forward-looking statements.

For media enquiries please contact:
Lorne Simon
Michael Communications
lorne@michaelcommunications.com
+1(416)785-5037

For investor enquiries please contact:
William Car
CEO, OceanLake Commerce
wcar@oceanlake.com
+1(416)637-3501