Orbit E-Commerce Inc. Releases 2004 and Q1 2005 Financial Statements

Orbit E-Commerce Inc. Releases 2004 and Q1 2005 Financial Statements

TORONTO, Dec. 22 /PRNewswire-FirstCall/ -- Orbit E-Commerce Inc. (BULLETIN BOARD: OECI) , an IPTV (Internet Protocol Television) development Company, today announced the release of its audited financial statements for the year ending July 31, 2004 and its unaudited financial statements for the three month period ending October 31, 2004.

OECI has completed its debt reduction balance sheet improvement program that began in fiscal 2003. For the quarter ended October 31, 2004 the Company's total liabilities were approximately $297,000 compared with approximately $1.3 million as at October 31, 2003.

Douglas C. Lloyd, President & CEO stated the Company has achieved its major objective -- a significantly stronger balance sheet. As the shareholders of OECI are aware, the Company has gone through some extreme times over the last few years, but we are now at a point where I believe that the Company is on the threshold of the next level of technology, that is IPTV. With our intended relationship with Purenet.TV Canada and their equipment suppliers, I feel that with what the Company has completed the future looks promising for the New Year.

About OECI

Orbit E-Commerce Inc. was established in 2000 for the purpose of capitalizing on management's vision and expertise in the field of Internet- based telecommunications systems, products, and services. OECI intends to become involved in the development and provisioning of Internet-based TV ("IPTV") services. IPTV enables a wide range of television programming, low-cost video-conferencing, video-on-demand, and other services all in digital broadcast quality levels.

Contact Information

Contact Mr. Michael Magee, Executive Assistant, Orbit E-Commerce Inc., 416-850-7134 or via e-mail at: mmagee@orbitecommerce.com for information regarding this press release. For more information about OECI, see the Company's web site: www.orbitecommerce.com.

Forward Looking Statements contained in this press release that are not based upon current or historical fact are forward-looking in nature. Such forward-looking statements reflect the current views of management with respect to future events and are subject to certain risks, uncertainties and assumptions included potential issues relating to interoperability, inability to introduce new products, changes in market conditions, government regulations, technological changes and other factors. Should one or more of these risks or uncertainties materialize or should underlying assumptions prove incorrect, actual results may vary materially from those described herein.

This press release was issued through GroupWeb EmailWire.Com. For more information on press release distribution, go to http://www.emailwire.com/.


Source: Orbit E-Commerce Inc.

CONTACT: Michael Magee, Executive Assistant of Orbit E-Commerce Inc.,
+1-416-850-7134, mmagee@orbitecommerce.com

Web site: http://www.emailwire.com/

Web site: http://www.orbitecommerce.com/


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