TORONTO, ONTARIO--(Marketwire - March 20, 2012) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

Mr. Michael Labiak, the Chief Operating Officer of Essex Angel Capital Inc. ("Essex Angel" or the "Corporation") (TSX VENTURE:EXC) announced today that he has increased his shareholding in the Corporation through a non-brokered private placement of Units (as hereinafter defined) of the Corporation, which closed on March 19, 2012. Pursuant to the private placement, Mr. Labiak acquired 1,020,000 Units of the Corporation at a price per Unit of $0.05. Each Unit consists of one common share in the capital of the Corporation ("Common Share") and one Common Share purchase warrant (a "Warrant"). Each Warrant entitles Mr. Labiak to purchase one Common Share at an exercise price of $0.10 at any time prior to 5:00 p.m. (Toronto time) on the day that is 18 months from the closing date of the private placement. The Units were purchased pursuant to the accredited investor exemption from the prospectus and registration requirements of applicable securities legislation.

As a result of the private placement, Mr. Labiak holds 2,628,000 Common Shares, 1,060,290 incentive stock options of the Corporation ("Options") and 1,020,000 Warrants representing, assuming the exercise of all Options and Warrants, approximately 11% of the issued and outstanding common shares. The purchase by Mr. Labiak of the Units was made for investment purposes. Mr. Labiak may, from time to time and at any time, acquire additional common shares of the Corporation and/or other equity securities of the Corporation in the open market or otherwise and reserves the right to dispose of any and all of his securities in the open market or otherwise, at any time and from time to time, subject to applicable escrow requirements of the TSX Venture Exchange.

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