Envoy Communications Group Inc. - Clarification of Issued and Outstanding Warrants

    TORONTO, March 13 /CNW/ - In response to questions received from
shareholders and warrantholders, Envoy Communications Group Inc. (NASDAQ:  
ECGI/TSX: ECG) is issuing this press release to clarify certain terms and
conditions of its outstanding Warrants (TSX:ECG.WT) issued under a Warrant
Indenture dated February 20, 2004.
    There are currently 27,631,585 issued and outstanding Warrants. A
warrantholder is required to exercise five (5) whole Warrants in order to
purchase one Common Share for a price of CDN $9.00 per Common Share. The
Warrants expire on February 20, 2009. As provided in the Warrant Indenture,
fractional shares will not be issued upon the exercise of Warrants. Envoy has
set aside 5,526,317 Common Shares for possible future issuance relating to the
outstanding Warrants.

    About Envoy

    Envoy Communications Group (NASDAQ:   ECGI / TSX:ECG) businesses include
the Watt Group, an international consumer and retail branding group of
companies, and Envoy Capital Group, a merchant banking and financial services
company. For more information on Envoy Communications Group Inc., visit our
website at www.envoy.to

    Cautionary Statement

    Certain statements contained in this press release may constitute
"forward-looking statements" within the meaning of Section 21E (i) (1) of the
United States Securities Exchange Act of 1934. Such forward-looking statements
involve known and unknown risks, uncertainties and other factors that may
cause Envoy's actual results to be materially different from any future
results expressed or implied by these statements. Such factors include the
following: general economic and business conditions, changes in demand for
Envoy's services, changes in competition, the ability of Envoy to integrate
acquisitions or complete future acquisitions, interest rate fluctuations,
currency exchange rate fluctuations, dependence upon and availability of
qualified personnel and changes in government regulation. In light of these
and other uncertainties, the forward-looking statements included in this press
release should not be regarded as a representation by Envoy that Envoy's plans
and objectives will be achieved. These forward-looking statements speak only
as of the date of this press release, and we undertake no obligation to update
or revise the statements.

For further information:

For further information: Envoy Communications Group Inc., Contact:
Geoffrey Genovese, Tel: (416) 593-1212, Or contact our investor relations
department at: info@envoy.to

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