Suite101.com Down To One Employee

Posted on March 1, 2002

Suite101.com, Inc., an online publishing community, is down to just one employee. At the end of 2001, the struggling publisher informed its Contributing Editors that it would stop paying them. Suite 101 stated that it had over 1,300 contributing editors in a February, 2001 press release.

The company also announced new Board members after several of its Board of Directors resigned. Peter Bradshaw, the CEO of the company, also resigned. Efforts are also ongoing to sell the website assets owned and operated by the Company's wholly owned subsidiary, i5ive Communications Inc.

Suite101.com, Inc. announced that Douglas Loblaw, John Campbell and Brent Peters have been elected to its Board of Directors. Loblaw, Campbell and Peters join Mr. Mitchell G. Blumberg who has served on the Board since February 1999 and replace Mr. Peter Bradshaw and Ms. Julia Bradshaw and Mr. Alfred J. Puchala, Jr., who have resigned. Mr. Bradshaw also resigned as the Chairman of the Board and Chief Executive Officer of the Company. Mr. Blumberg was elected President of the Company.

The changes in management are a part of the Company's on-going efforts to redirect its operations. Since mid-December, 2001, in an effort to conserve its available cash, the Company has reduced its staff and currently has only one employee. The company stopped paying its Contributing Editors last year to eliminate its monthly payment.

In January, Suite 101 entered into a Management and Operating Services Agreement with Creative Marketeam Canada, Ltd., a corporation wholly-owned by Mr. Loblaw. Marketeam provides continuing management and operating services, at its expense, over the day-to-day operations of the Suite101 website. Marketeam is restricted from entering into any material transactions on behalf of the Company and remains responsible to the Company's Board of Directors. The Company pays to Marketeam a fee of US$26,000 per month, plus an amount equal to the Company's receipts from its current revenue contracts.

The Company's Board of Directors intends to continue the present efforts to seek to redirect the Company's efforts into other business activities. It is expected that these activities will be unrelated to the operation of a Web-based community or website.