Management Changes At Cardinal Factor

Toronto, Ontario - Monday September 24, 2001

The Board of Directors of CARDINAL FACTOR CORPORATION are pleased to announce the following management changes:

TOM REBER: Executive Vice President

Tom Reber has accepted the role of Executive Vice President in addition to his duties as Director of Cardinal Factor. This change will help the Company obtain maximum benefit from Tom's management expertise and active daily participation, as it evolves its operations.

BRYAN KNEBEL: Chief Financial Officer

Bryan Knebel replaces Greg Pappas as Chief Financial Officer, and retains his role as Director. Bryan's varied expertise with compliance issues for public companies will further benefit the Company in its future endeavours.

The Cardinal Factor Board expresses its appreciation to Greg for his participation in the Company's first year of operations.

For more information, please visit www.CardinalFactor.com or contact Mr. Andrew Colebeck, President & CEO at (416) 537-5645.

CARDINAL FACTOR CORPORATION

489 King Street West
Suite 100,
Toronto, Ontario, Canada.
M5V 1K4