The inevitable finally happens ....

Microforum files for protection under CCAA

 Microforum Inc 
                                          MCF
 Shares issued 43,584,611
                            Jan 28 2002 close $.400
 Tuesday Jan 29 2002 
                                   News Release
 Mr. Steven Schofield reports 
 MICROFORUM FILES FOR CCAA PROTECTION 
 Microforum has voluntarily sought and obtained protection
 under the Companies' Creditors Arrangement Act (CCAA)
 pursuant to an order from the Ontario Superior Court of
 Justice. The initial order, as is customary in these matters, is
 for a period of 30 days. 
 Ernst & Young Inc. has been appointed by the court as
 monitor under the CCAA proceedings. Microforum has also
 retained TD Securities Inc. to assist with identifying and
 evaluating strategic alternatives for the company, including
 the merger or sale of all or part of the company. 
 "We have taken this step in order to provide the company with
 the time and flexibility necessary to attempt to work towards
 restructuring the company's current debt obligations.
 Microforum's objective is to file a plan of arrangement for
 approval by the court with a view to beginning meetings with
 creditors and trade suppliers as soon as possible.
 Microforum's customers will remain unaffected by this
 announcement as the company has sufficient funds on hand
 to enable it to continue normal operations during the initial
 order. We are committed to maintaining high service levels to
 customers during this period," said Steven Schofield,
 president and chief executive officer. 
 (c) Copyright 2002 Canjex Publishing Ltd.
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