Megola Inc. Provides Corporate Update

CORUNNA, ON, Jan 15 (MARKET WIRE) --
Megola Inc. (PINKSHEETS: MGOA) is pleased to provide shareholders with the
following progress report in order to update financial filings, highlight the
achievements and milestones recorded in 2007 and provide management's
outlook for 2008.

FINANCIALS

With the recent filing of 2007's Q1, Megola looks to quickly furnish
financial
reports for the remaining outstanding quarters and begin the process of
reestablishing MGOA on the OTCBB.

"Since our initial late filing prompted us to change both our accounting and
auditing firms it has been a long and laborious road in getting all of our
financial data prepared and audited," states Daniel Gardner, Megola General
Manager. "It has been our goal all along to get back onto the OTCBB, and in
working closely with both Sloan and SLF to redo our entire financial records for
2007, we finally look poised to do so."

2007 IN REVIEW

A year ago, on January 16, 2007, Megola made the most significant
announcement in the
company's short history. After months of negotiation it was announced that
Megola
had acquired the exclusive North American manufacturing and Canadian
distribution
rights to some of the most technologically advanced and environmentally
friendly fire inhibitor and fire suppression products in the world. In
obtaining the Hartindo product line, Megola entered a whole new world of sales
and distribution possibilities and, as the remainder of the year would show,
began a
veryplanned and deliberate introduction of these revolutionary fire safety
products.

February saw the first product introductions as AF11E, a direct 1:1 halon
replacement, and AF21, a complete fire inhibitor were featured. In the
coming months AF31, a multi-purpose extinguishing agent, and Dectan, a
water-based rust inhibitor with heat resistant properties would also be
introduced.

Megola would begin to orchestrate the first product shipments in order to
initiate testing to North American standards.

In June, Megola would join forces with MSE Enviro-Tech Corp., the
exclusivedistribution agent in the US, to collaborate on product testing and
marketing
awareness.

In October, Megola announced that Pacific Channel Ltd. (PCL), the licenser
of
Hartindo Anti-Fire products, had issued Megola an interest-free loan to aid
in the research and development required to bring these products to the North
American market. In July, PCL assumed and extended a funding agreement Megola
had
previously established with FireStop USA, LLC.

Product Testing

In order to obtain the required certifications for the Hartindo product line
in
North America, a series of tests that complied with North American standards
commenced in the summer of 2007 at independent testing laboratories.

In August 2007, Hartindo AF21 Fire Inhibitor was awarded a Class A rating
following an ASTM E-84-07 Surface Burning Test. In September, AF21 passed the
requirements of the new U.S. National Flammability Standard for Mattresses
through additional independent testing.

In November, Hartindo AF31, a multi-purpose, water-based, non-toxic and
non-corrosive fire extinguishing and fire inhibiting agent also earned a
Class A rating in successful independent testing to the ASTM E-84-07 Standard.

November would also see the Hartindo Titan 21 Fire Blanket pass NFPA 701
testing at an independent laboratory, followed by passing NFPA 2112
testingin December.

Letters of Intent (LOI), Memorandums of Understanding and Intent (MOUI),
Definitive Agreements

On September 5, 2007, Megola, in collaboration with MSE Enviro-Tech Corp.,
announced that it had jointly signed a Letter of Intent "LOI" with WoodSmart
Solutions, Inc. to test the feasibility of incorporating the Hartindo AF21
Fire into WoodSmart's BluWood(R) treated wood products. Subsequent testing was
encouraging and the parties to the LOI continue to work towards final
testing of the BluWood (R) Hartindo 21 product and a definitive agreement.

In November, Megola, in collaboration with MSE Enviro-Tech Corp., signed a
joint Memorandum of Understanding and Intent "MOUI" with Logistik Unicorp Inc.
and CTT Group Inc. to establish distribution of Hartindo AF21 within the textile
industry in North America.

Also in November, Megola, in collaboration with MSE Enviro-Tech Corp.,
announced
the signing of a definitive marketing and distribution agreement with Janus
Products Corp. (Janus) for distribution and sales of the Titan 21 Fire Blanket
for the residential markets within Canada and the United States. In December,
Megola announced receipt of its initial purchase order from Janus for
deliveries of the Titan 21 Fire Blanket through the first quarter of 2008.

In Toronto, on November 12, Megola and MSE successfully demonstrated the
effectiveness of the Hartindo fire suppression products at the
state-of-the-art Fire and Emergency Services Training Institute (FESTI), which
is
part of the Greater Toronto Airports Authority.

Following the demonstrations, Megola entered into a Memorandum of
Understanding and Intent "MOUI" with Hazmat4U and Hazmat1 -- divisions of
6841309 Canada Inc. -- to establish a supply agreement that will provide
Hartindo
AF11E, AF21 and AF31 for use in the Hazardous Materials and Fire and Emergency
Services industries in Canada.

2008 AND BEYOND

While 2007 was highly focused on Hartindo, Megola continued with its water
and
air purification divisions. In the coming year, the Hartindo product line will
again be the main focus, but continuing to establish and service distributors of
ScaleGuard and AirGuardian systems will remain a priority.

Megola remains committed to growing the company with environmentally
friendly and
technically advanced products and solutions. The Company believes that long-term
growth and profitability will be accomplished both through potentially major
Agreements with distributors and end users such as WoodSmart Solutions, Inc.,
Logistik Unicorp Inc./CTT Group Inc., Hazmat4U/Hazmat1 and Janus Products
Corp., and through other distributors and agents across North America.

Joel Gardner, President & CEO of Megola, concludes, "Megola has been quietly
building a foundation for growth and success. While we never expected it to
happen overnight, the pace has quickened dramatically with the acquisition of
the Hartindo line of products. Management has done its best to stay the
course and to move along methodically in order to prepare these highly regarded
products for market, knowing that all legislative requirements have been met and
exceeded. Management has also begun to take measures to ensure that we will
be able to accommodate the anticipated demand volume. I would personally like
to
thank all shareholders for their continued patience and positive outlook and
look forward to leading this company to its most exciting and prosperous year
in 2008."

Shareholders and investors are strongly cautioned against placing undue
reliance on information set forth in these communications in making any
investment decisions concerning our securities.

The matters set forth in this press release are forward-looking statements
within
the meaning of the "safe harbor" provisions of the Private Securities Litigation
Reform Act of 1995. These forward-looking statements are subject to risks and
uncertainties that may cause actual results to differ materially. These
risks are detailed from time to time in the company's periodic reports filed
with the Securities and Exchange Commission including the company's Annual
Report,
Quarterly Reports and other periodic filings. These forward-looking
statements speak only as of the date hereof. The company disclaims any
intent or obligation to update these forward-looking statements.

Contact Information:

Megola Inc.
Daniel Gardner
1 888 558 6389
IRinfo@megola.com
http://www.megola.com

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