Cardinal Factor And Nica-Elke Complete Transaction

Toronto, Ontario - Tuesday October 30, 2001

CARDINAL FACTOR CORPORATION (CIFCF OTC:BB) is pleased to announce the completion of its purchase agreement for Nica-Elke Corporation's Internet properties.

Today also marks the unveiling of the XGuru website (http://www.xguru.com). With this launch, Cardinal Factor consolidates the various educational websites from the acquisition under the XGuru brand and brings to market its XGuru consulting services business.

"XGuru is an education, training, and consulting business specializing in XML-based technologies," states Brian Sloan, Cardinal Factor's Chief Technology Officer. "We are convinced that next generation Internet technology development and deployment will be based upon the XML standards."

Scott Duffy, Vice President, Internet Technologies notes "XGuru will provide content management solutions and services to clients across a broad spectrum of industries. We believe that our focussed approach to education and consulting are opportunities to serve this marketplace."

Cardinal Factor Corporation identifies niche marketplaces to develop Internet application service technologies. Projects underway include ReallyFastFood.com Inc., an online service for the take-out and delivery marketplace, and GardenSupply.com Inc., a business-to-business (B2B) exchange for the wholesale and distribution segment of the gardening industry. Additionally, Cardinal Factor Corporation operates in the business management software marketplace through its wholly owned BWare Software Inc. subsidiary.

The current issued and outstanding capital of the Corporation consists of 18,480,859 common shares and 11,360,000 warrants exercisable at $0.10 per share for a period of two years ending July 28, 2002.

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