eSportbike.com Announces Change in Direction

    VANCOUVER, British Columbia--March 15, 2002-- eSportbike.com (ESPB) announced today that the Board of Directors and the majority shareholders have elected to restructure the public company. There will be a share consolidation resulting in one new share being issued for every eight old shares. In accordance with rules regulating the restructuring of public companies necessary filings will be enacted immediately and the effective date of the restructuring announced as soon as possible.
    The company has previously announced a change of control agreement (Dec 18, 2001) between its majority shareholders and an investor group together with an announcement related to signing an MOU with Don Valley Energy Corporation. By mutual consent it has been decided not to proceed with any aspects of these agreements.
    The company is currently seeking new business opportunities in the oil and gas industry and presently has begun due diligence on related projects in the famous San Joaquin Valley of Southern California.
    The company has also decided to cease all operation of the eSportbike website.

    These statements have not been approved nor disapproved by any stock exchange, and may contain forward thinking information that may affect the timeliness and execution of the corporation's business operations and affairs in the future. The statements in this press release are made so within the meaning of section 27A of the securities act of 1933 and section 21E of the Exchange Act of 1934 and are subject to the safe harbour created by these sections. For further information, please see the company's Form 8-K regarding the change in control to be filed with the SEC within 15 days of closing of the definitive agreements.