Cardinal Factor News Release

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Cardinal Factor Reports Annual Results

Toronto, Ontario - Wednesday June 25, 2003

CARDINAL FACTOR CORPORATION (the "Corporation") is pleased to announce the results for the twelve months ending Jan. 31, 2003.

"Cardinal Factor has managed to increase revenues and lower expenses in a difficult business climate. The development of the xguru, Inc. consulting business remains our central focus. xguru, Inc. has found success in its services offering, and through the exposure gained in email campaign services, has broadened brand exposure at nominal cost" states CEO Andrew Colebeck.

12 months ended January 31, 2003

  2003 2002
Revenue $ 64,635 $ 18,114
(Less) Expenses (142,991) (291,349)
Net Income (Loss) (82,276) (273,235)
Net Income (Loss) Per Share (0.004) (0.015)

Cardinal Factor identifies commercial opportunities where Internet-based service technologies and managed services support can be delivered. The corporation's xguru, Inc. consulting business provides corporate clients with managed services, xml expertise and web application development. The corporation owns Inc., an online service for the take-out and delivery marketplace segment, and, an online gardening resource. Cardinal Factor Corporation operates in the small and mid-sized business management software marketplace through its wholly owned BWare Software Inc. subsidiary.

The current issued and outstanding capital of the Corporation consists of 19,846,334 common shares.

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


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


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