Collaborative Financial Network Group Inc.: Notice of Debt Conversion

Century City, California, UNITED STATES


CENTURY CITY, Calif., Jan. 28, 2002 (PRIMEZONE) -- Collaborative Financial Network Group Inc. ("CFN" or the "Company") (OTCBB:CFNF) (FRANKFURT:EFD), a financial portal providing services through both an ASP (Application Service Provider) and a `white label' model to customers, was notified that it is in default of its Convertible Debenture held by the Canadian Advantage Limited Partnership (CALP), in the amount of approximately $5.5 million.

President and Director, Jeff Michel announced, "The Board has been noticed of the Default of our Convertible Debenture held by CALP and in satisfaction of the debt, CALP has agreed to the transfer of TradeFast and further consideration as settlement of the debenture."

Mr. Michel further commented, "We are working closely with CALP, in an amicable fashion, towards full resolution of this debt, and the future of CFN. As a result of the general market malaise and restrictive nature of the capital markets, CFN is aggressively exploring all possible avenues available to enhance shareholder value."

Forward-looking statements and comments in this news release are made pursuant to safe harbor provisions of the Securities Exchange Act of 1934. Such statements relating to, among other things, the prospects for the Company to complete the transaction and enhance operating results, are necessarily subject to risks and uncertainties, some of which are significant in scope and nature. These risks may be further discussed in periodic reports and registration statements to be filed by the Company from time to time with the Securities and Exchange Commission in the future.



        

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