Collections Institute of Canada Ltd. and Metropolitan Collection Services Sign Letter of Intent to Complete a Business Combination

Collections Institute of Canada Ltd. announced today that it has signed a Letter of Intent to complete a Business Combination with Metropolitan Collection Services of Woodbridge, Ontario effective January 1, 2003. Metropolitan Collection Services provides Accounts Receivable Management Services to Commercial Accounts and Third Party Collection Services to the financial sector. In addition Metropolitan Collection Services provides a Legal Department for enforcement of accounts.

Georg Leber, President of Collections Institute of Canada Ltd., stated, “The proposed business combination will allow Collections Institute of Canada Ltd. to offer a greater array of services to new and existing clients and will provide immediate business synergies and cost savings. Metropolitan Collection Services has an excellent long standing reputation providing Legal Services to the financial community at a reasonable cost. The two companies together are stronger than the sum of their parts.”

Christopher Walker, President of Metropolitan Collection Services, added, “We are very pleased at the opportunities that present themselves as a result of the business combination. The combined 45 years experience of the principals of the two Companies is testimonial to the reputations both Companies have within the Industry.”

Collections Institute of Canada Ltd. is a Reputable leader in the Collection Services Industry providing Collection Services to many of the Financial Institutions and Credit Grantors. This union is consistent with the controlled steady growth strategy of the company.