June 7, 2007

OceanLake Commerce Inc. Completes $2,823,049 Private Placement with Kingsdale Capital Markets Inc.

Toronto, Canada – OceanLake Commerce Inc. (the "Company") (TSX-V:OLI) is pleased to announce that it has completed a brokered private placement with Kingsdale Capital Markets Inc. (the "Agent") of a total of 6,273,443 units in the capital of the Company (each a "Unit") at a purchase price of $0.45 per Unit for gross proceeds of $2,823,049 (the "Offering"). Each Unit is comprised of one (1) common share (each a "Share") and one-half (1/2) purchase warrant (each a "Warrant"), where each whole Warrant is exercisable until June 1, 2009 to purchase one (1) additional common share of the Corporation at a purchase price of $0.55 per share. The securities underlying the Units, including the Shares and Warrants issued under the Offering and the common shares of the Company issuable upon due exercise, if any, of the Warrants, will all be subject to a 4-month statutory hold expiring on October 2, 2007.

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 $0.45 per Unit for two years from closing were paid to the Agent in connection with the completion of the Offering.

OceanLake Commerce Inc. plans to use the proceeds from the Offering as payment to re-acquire the remaining 49.9% interest in OceanLake Asia, and to provide working capital for the Company. The Company, after paying US$1,898,615.51 from the Offering, must pay an additional amount of US$134,360 of accrued interest and issue 12,476,161 common shares of the Company to Branksome Associates Limited, BVI to complete the reacquisition, and hold 100% of OceanLake Asia.

The securities issued under the Offering 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.

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

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.

This document may contain forward-looking statements, relating to OceanLake's operations or to the environment in which it operates, which are based on OceanLake's operations, estimates, forecasts and projections. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict, and/or are beyond OceanLake's control. A number of important factors could cause actual outcomes and results to differ materially from those expressed in these forward-looking statements. Consequently, readers should not place any undue reliance on such forward-looking statements. OceanLake disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

For more information about OceanLake, please visit www.OceanLake.com

Contact:
William Car
CEO, OceanLake
wcar@oceanlake.com
+1(416)637-3501