McAllister Acquires Extenway Convertible Debentures

NOTRE-DAME-DE-L'ILE-PERROT, QUEBEC--(Marketwire - Dec. 3, 2012) - On November 30, 2012, John McAllister acquired (through John McAllister Holdings Inc. ("JMH"), a company owned by Mr. McAllister), ownership of $500,000 principal amount of convertible debentures (the "Convertible Debentures") of Extenway Solutions Inc. ("Extenway") for a purchase price of $500,000 through a private placement of $3.0 million principal amount of such debentures by Extenway. The Convertible Debentures are unsecured, will mature on August 31, 2017 and will bear an annual compounded interest rate of 12%.

The Convertible Debentures acquired by Mr. McAllister are convertible at a conversion price of $0.13 per share if converted prior to 5:00 pm on April 29, 2016 ($0.17 per share thereafter) into up to 3,846,153 common shares of Extenway ("Common Shares"), which represents approximately 2.8% of the outstanding Common Shares (calculated on a partially diluted basis, assuming full conversion of the Convertible Debentures held by Mr. McAllister and based on there being 133,631,794 Common Shares outstanding as of November 30, 2012).

Prior to acquiring such Convertible Debentures, Mr. McAllister owned, through his RRIF and through JMH, 31,988,535 Common Shares or approximately 23.94% of Extenway's outstanding Common Shares. Following the acquisition of the Convertible Debentures, Mr. McAllister's holdings represent approximately 26.07% of the outstanding Common Shares (calculated on a partially diluted basis, assuming full conversion of the Convertible Debentures held by Mr. McAllister and based on there being 133,631,794 Common Shares outstanding as of November 30, 2012).

The Convertible Debentures were acquired for investment purposes. Mr. McAllister's investment in securities of Extenway will be reviewed on a continuing basis and his holdings may be increased or decreased in the future. Any future acquisitions or dispositions of securities of Extenway will depend upon market conditions, compliance with applicable regulatory requirements and other factors.

FOR FURTHER INFORMATION PLEASE CONTACT:
John McAllister
514-694-4866