March 16, 2006 - CrossOff Incorporated Announces Year End and Fourth Quarter Results

(Halifax, Canada) CrossOff Incorporated (TSX:OFF) today reported the financial results for the twelve months ended December 31, 2005 as well as the fourth quarter 2005.

"Through acquisitions completed in 2005 the Company has transformed into an industry leader in the corporate training market. The acquisition of CDI Education in November and the subsequent integration of these two market leaders have allowed the Company to expand its traditional focus on technical and desktop application training to include customized eLearning and business skills curriculum including product management, business analyst, leadership and business skills training and learning services." said Stuart Bentley, Interim President and CEO. He added, "We now move forward into capitalizing on the synergies and economies of scale now available to the Company. Further, the wealth of talent from both companies has allowed the Company to access a broad depth of knowledge and experience available throughout our team. We are committed to our growth strategy, the successful integration of our acquisitions and maximizing returns for our shareholders."

• Revenues increased by 41% to $36,936,713 as compared to $26,262,045 in 2004.
• Gross Margin decreased to 58% in 2005 as compared to 61% in 2004.
• EBITDA* decreased to $2,367,035 in 2005 as compared to $2,719,891 in 2004.
• Net loss before income taxes in 2005 increased to ($2,346,648) as compared to ($30,649) in 2004.
• Net loss was ($1,951,580) in 2005 as compared to net earnings of $2,772,792 in 2004.

• Effective November 1, 2005 CrossOff completed the acquisition of substantially all of the assets of CDI Education, the corporate training division of Corinthian College. CDI had revenues of approximately $37 million for the fiscal year ending June 30, 2005. The acquisition provides additional sources of revenue as well as opportunities to realize the benefit of combined synergies available as a result of this acquisition.
• The acquisition of CDI was financed through a term debt financing arrangement for gross proceeds of $20 million. The financing was secured through an investment group led by Wellington Financial LP which includes existing CrossOff investor VenGrowth Traditional Industries Fund Inc. and other VenGrowth managed funds, and certain Wellington Financial Fund II limited partners completed in November 2005.
• Contemporaneous with the closing of the CDI acquisition, CrossOff also welcomed three new members to its Board of Directors: Peter Carrescia, Graham McBride and Kenneth B. Rotman.

• Effective March 31, 2005 CrossOff completed the acquisition of the assets of ACERRA Learning, a division of Algonquin College of Applied Arts & Technology of Ottawa, Ontario. The purchase price of $2 million was satisfied by assumption of liabilities and a cash payment of approximately $602,000. ACERRA provides corporate training services in Ottawa and had revenues of approximately $7 million in 2004. The combined synergies have allowed Polar Bear Corporate Education Solutions, CrossOff’s IT training division, to benefit from both the enhanced market position in the Ottawa market as well as the access to additional courseware and delivery methodologies that have expanded Polar Bear’s product offerings, particularly e-learning and business skills curriculum.

• Effective February 4, 2006 CrossOff completed an Intellectual Property Asset Purchase Agreement with ESI International, a Virginia corporation, whereby ESI acquired from CrossOff the ownership of various Business Analysis programs and materials in exchange for a cash payment of US$2.5 million (approximately Cdn $2.9 million). CrossOff retains a perpetual, royalty-free license to these programs and materials in Canada.
• The Company’s Annual General and Special Meeting has been scheduled for Wednesday May 10, 2006 at 4 p.m. at the MaRS Centre, 101 College Street, Toronto, Ontario. At the conclusion of the meeting, there will be presentations by our senior management team, followed by a brief reception.