Eloda Corporation closes a private placement of $402,000

    MONTREAL, May 2 /CNW Telbec/ - Eloda Corporation ("Eloda") (TSX-V: ELA)
is pleased to announce the closing of a non-brokered private placement of
8,040,000 units for gross proceeds of $402,000. Each unit is comprised of one
common share and one common share purchase warrant entitling the holder
thereof to purchase one additional common share of the Corporation, at a price
of $0.05 per common share, for a period of 12 months fol owing the closing
date and thereafter at the price of $0.10 per common share for an additional
period of 48 months.
    The securities issued in connection with the private placement are
subject to a four month and one day hold period which wil expire on September
1, 2009. The private placement is subject to the final approval of the TSX
Venture Exchange. The proceeds from the private placement wil be used by Eloda
to fund the on-going growth of its business and for working capital purposes.
    Eloda also announces that it has granted stock options to two of its
officers to al ow for the purchase of up to 450,000 common shares at a price
of $0.10 per common share for a period ending on March 31, 2014, the whole in
accordance with the terms and conditions of Eloda's stock option plan.

    About Eloda Corporation

    Eloda Corporation (TSX-V: ELA) is a third party providing a suite of
innovative, effective and user-friendly measurement and validation tools for
the advertising industry. The company is headquartered in Montréal, with an
office in New York City. For more information, visit www.eloda.com.

    The TSX Venture Exchange does not accept responsibility for the adequacy
    or accuracy of this release.

For further information:

For further information: L. Derek Lindsay, VP and CFO, Eloda
Corporation, (514) 842-1513, FAX: (514) 842-4588, dlindsay@eloda.com;
Christiane Allaire, Director, Communications and Marketing, Eloda Corporation,
(514) 842-1513, FAX: (514) 842-4588, invest@eloda.com

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