OceanLake Records 147 per cent Increase in Revenues.

SINGAPORE & MODESTO, Calif. -- Company's intense focus on South East Asia mobile operators and enterprise customers results in record quarterly revenues

OceanLake Commerce Inc. (TSX VENTURE:OLI) (www.oceanlake.com), a provider of mobile Internet-enabling software for corporate enterprises, financial institutions, solution providers and mobile operators, announced record revenues for its third quarter ending December 31, 2004. These revenues exceed the total revenues recorded by the company for the two previous financial years.

"We are very excited by the revenue results posted this quarter. We were able to accomplish this growth with the support of our Strategic Investor/Partner in South East Asia and a more robust product offering of our mScope technology," says OceanLake CEO Steven Moya. "We plan to roll out some new products in calendar Q1 that we know our current and potential customers would like to implement in their respective mobile strategies. Our new products combined with the numerous opportunities identified by our partners, will help accelerate future revenues."

Revenue for the quarter ended December 31, 2004 amounted to $320,088 compared to $129,601 for the quarter ended December 31, 2003, an increase of 147%. Total revenues for the nine months ended December 31, 2004 amounted to $420,003 compared to $220,927 for the comparative period for the prior year, representing an increase of 90%.

The company recorded a net loss of $522,437 or one cent per share for the quarter ended December 31, 2004 a reduction of $88,987 as compared to the net loss of $611,424 or two cents per share for the quarter ended December 31, 2003. The December 31, 2004 net loss includes a one time expense of $92,374 related to the Company's Sarbanes Oxley certification. Additionally, the Company incurred approximately $20,000 related to onetime legal expenses. The weakness of the US dollar relative to the Canadian dollar resulted in a loss of $60,181 for the quarter ended December 31, 2004.

The reduction in the net loss for the three months ended December 31, 2004 is mainly due to the company's increased revenues and a reduction in general and administrative expenses. The company currently has 22 employees, of which 15 are employed in research and development and customer support.

"We are enhancing our products and developing new applications while maintaining tighter control over our expenses," adds Moya. "We feel confident moving forward that with our strong partnerships and leading-edge products, we will expand our position in the rapidly growing mobile markets."

About OceanLake Inc. (www.oceanlake.com)

OceanLake (TSXV:OLI) provides mobile Internet-enabling software for corporate enterprises, financial institutions, solution providers, and telecommunications carriers. OceanLake's products, including its mScope platform, immediately enable connectivity to any existing Internet infrastructure from any Internet-enabled mobile device in real-time. OceanLake enables mobile services providers to deliver new services and content to subscribers regardless of device. In addition, mobile service providers can simplify management of content partners by using mScope, thus improving the end-user experience and cutting support and operations costs. Corporate enterprises can leverage the company's technology to extend internal applications such as sales force automation and customer relationship management to employees in the field. OceanLake's products are both device- and platform-agnostic, and can be integrated into any Web-based application for fast, easy and cost-effective deployment with no need for additional application development. OceanLake is publicly traded and has offices in Singapore, Modesto, California, and Toronto, Canada.

Forward-looking (safe harbour) statement

Statements made in this news release that relate to future plans, events or performances are forward-looking statements. Any statement containing words such as "believes", "plans", "expects" or "intends" and other statements which are not historical facts contained in this release are forward-looking, and these statements involve risks and uncertainties and are based on current expectations. Consequently, actual results could differ materially from the expectations expressed in these forward-looking statements.

OceanLake Commerce Inc. (TSX VENTURE:OLI)