February 28, 2008 OceanLake Executes South African meemo License Agreement; Equity Stake Licensee Consortium Created for “meemo” meemo Global Footprint Expands to a Fourth Continent Toronto and South Africa – February 28, 2008 – OceanLake Commerce Inc. (OLI-TSX-V, OLIKF.PK) is pleased to announce that it has executed a formal licensing agreement, (“Agreement”) with a consortium of investors, granting the license to offer OceanLake’s meemo service direct-to-consumers in South Africa. A new company has been created by the consortium, which will undertake the marketing and promotion of the meemo service. The meemo service will be hosted and operated by OceanLake. meemo is an affordable, real-time, push e-mail service. It allows users with any Internet-enabled mobile phone or PDA to send and receive e-mail from their existing e-mail accounts at a fraction of the cost of other solutions in the market place. The meemo service is based on OceanLake’s MobileMail product and was recently launched by OceanLake in North America and is available in numerous other countries globally. “We are excited to be expanding the availability of meemo to South Africans and the positive response we have seen as we roll meemo out globally through licensees. Today, less than 10% of mobile users access email from their phones,” stated William Car, President and CEO of OceanLake. “meemo is the first affordable solution that allows the average consumer to use the phone they already have to access the full richness of email including attachments such as images, Microsoft Office documents and PDF.” Under the terms of the Agreement, OceanLake is to receive a portion of the overall license fee with the remainder to be paid out according to defined milestones. OceanLake will also receive a royalty payment on the gross revenue generated through the marketing and use of OceanLake’s MobileMail platform and license for the brand “meemo”. OceanLake will also have a minority equity interest in the newly formed company. “With meemo there are no new, expensive devices to buy and setup is easily done through the web,” said Garry Hodgson, President of the consortium to develop and lead the new company to market and promote meemo. “With about 40 million mobile users in South Africa and an 86% penetration rate, we see tremendous opportunity to bring mobile email to the mass consumer market.” his announcement continues OceanLake’s growth strategy to take its platforms and services global through strategic partnerships. By leveraging the relationships of partners in various regions, OceanLake is accelerating its ability to move into new markets quickly. About meemo South Africa meemo South Africa is a new business entity created to expand the sales and reach of OceanLake’s popular MobileMail service. The new company will promote meemo to mobile users in South Africa through local marketing and distribution channels. About OceanLake Commerce OceanLake Commerce (TSX: OLI) 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, providing a mobile email service that has been branded as “meemo”. OceanLake’s meemo service is based on its proprietary product called OceanLake MobileMail. 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. 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. For media enquiries please contact: Leo Tignini Horn Group ltignini@horngroup.com +1(646) 202-9760 For investor enquiries please contact: Will Car CEO, OceanLake Commerce wcar@oceanlake.com +1(416)637-3501