Ascalade Announces Status Update on Default Announcement

    RICHMOND, BC, June 16 /CNW/ - Ascalade Communications Inc. ("Ascalade" or
"the Company") (TSX: ACG) is providing this update in accordance with Ontario
Securities Commission Policy 57-603 Defaults by Reporting Issuers in Complying
with Financial Statement Filing Requirements (the "OSC Policy"). In accordance
with the OSC Policy, the Company confirms that, except as disclosed in press
releases dated April 2, 2008, April 9, 2008, April 29, 2008, May 14, 2008 and
May 21, 2008 issued by the Company since its initial default announcement
dated March 31, 2008: (i) there is no material change to the information set
out in its initial default announcement filed pursuant to the OSC Policy, (ii)
there has been no failure by the Company to adhere to the "Alternative
Information Guidelines" set out in the OSC Policy with respect to the
financial statement filing default, and (iii) there is no other material
information concerning the affairs of the Company that has not been generally
    On April 29, 2008, the Company announced that the Monitor, on behalf of
Ascalade and Ascalade Technologies Inc. (together with Ascalade, the
"Companies") had filed a case under Chapter 15 of the U.S. Bankruptcy Code to
seek a stay of proceedings with respect to any actions which have or might be
brought against the Companies in the United States. With respect to this
filing, on June 10 2008, Judge Sonderby of the United State Bankruptcy Court
for the Northern District of Illinois, Eastern Division, pronounced an Order
of Recognition and an Order for Joint Administration with respect to filings
made by the Monitor on behalf of the Companies to have the U.S. Court
recognize the Companies' Creditors Arrangement Act proceedings (the "CCAA")
under Chapter 15 of the U.S. Bankruptcy Code.
    Any recovery in the CCAA for creditors and other stakeholders of the
Companies, including shareholders, is uncertain and is highly dependent upon a
number of factors, including the recovery from the sale of the factory,
equipment and inventory in the PRC and the outcome of the Scheme in Hong Kong.

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