March 2, 2007
OceanLake recieves C$1,050,000 to launch direct to consumer mob ile mail service
Toronto, CANADA, March 2, 2007 - OceanLake Commerce Inc. (OLI - TSX Venture), is pleased to announce that it has secured an investment of C$1,050,000 for a 10.5% stake in OceanLake Commerce International, a wholly owned, Canadian subsidiary of OceanLake Commerce. The subsidiary will operate a new business unit that will provide a direct to consumer mobile email service to be launched mid April.
The mobile mail service is based on OceanLake‘s Mobile Mail technology and will be branded under a separate name and marketed throughout the US and Canada. The service will allow people to receive alerts any time an email is received and provide the ability to read, respond, forward and open attachments, all with their existing mobile phone or PDA and existing email accounts.
A consortium of investors, headed by Louis Sapi, provided the investment in OceanLake Commerce International. Louis Sapi is a Chartered Accountant and Office Managing Partner of HS + Partners, a Toronto based Chartered Accounting firm. Mr. Sapi is also a successful entrepreneur with years of experience in mergers and acquisitions and syndicated investments. His investment group consists of successful businessmen and investors who will effectively expand the depth and breadth of OceanLake’s management team by being available for informal assistance when required.
“It is an exciting time for us at OceanLake” said William Car, CEO of OceanLake. “We now have the resources to expand our business into the off-portal mobile world and the business experience that the consortium brings will be of tremendous value to the strategy going forward”, continued Mr. Car.
As quoted by Mr. Sapi, “We are very excited to invest in this space. Our research and due diligence of this market concluded that there is an absolutely huge, ground floor opportunity here. The North American market is now finally catching up to the rest of the wireless world in understanding where the future lies and what is now available. In particular, the key service offering of a low cost, fully functional mobile email service, available on any web-enabled cell phone device without the need to purchase specific devices and costly monthly service plans opens up the market to a new customer base not interested in higher cost alternatives, but would love this low cost program. We then had to find the company and product that was best positioned to take advantage of this market’s “rising tide”. OceanLake was clearly the best. Its superior product offering, well crafted business model, excellent experience in Asia and a keen understanding of the global market convinced us to place our investment with William Car and his team.”
OceanLake is in the process of creating an advisory board, which will include management of OceanLake and global mobile telecommunications experts. Mr. Sapi has been invited to join the advisory board and OceanLake will announce each new member as they become appointed.
In conjunction with this announcement, OceanLake exercised its right to terminate its agreement with Skynet Marketing, announced October 2, 2006, for Skynet Marketing’s breach of terms under the agreement.
For more information about OceanLake, please visit www.OceanLake.com
Contact:
William Car
CEO, OceanLake
wcar@oceanlake.com
1-416-637-3501
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