Tugboat Enterprises Completes Private Share Offering and Restructures: New CEO and Executive

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Share offering successful, Tugboat readies for continued sales success and growth.

Gordon F.D. Wilson, President of Tugboat Enterprises today announced the successful completion of the private sale of the initial 10 million shares. With the news of the closing of the share offer comes a formal restructuring of the company. Ms. Judi Tyabji Wilson is appointed Chief Executive Officer. Ms. Tyabji Wilson has been with the company since its creation in early 2004 and will formally take over as CEO on September 15, 2005. She has been a leading force in the business development of the company and has for the last two months been acting CEO.

"We are restructuring our company to deal with the rapid growth we are experiencing," said President Gordon F.D. Wilson who will take on the added responsibility of forming a Board of Directors which he will preside over as Chair. "The new members of the board will have a wide range of business experience in a variety of fields. The creation of this board will give our company the added benefit of years of experience and valuable networks through its members," he said.

"I look forward to the challenge of the position of CEO," said Ms. Tyabji Wilson. "There is no doubt that we have a winning product in Lifeboat. It’s the first of our four products to market, and we are excited about the response so far. We’re ambitious and focused."

"With the successful private share placement and this corporate restructuring, I am confident that we are now properly positioned to enter into the second phase of growth." Wilson said.

Of the four original company principals Jonathan Lyster will take over as the Chief Technology Officer while James Mogan will take on the role of Chief Software Architect. These appointments formally come into effect on September 15, 2005.

Lyster is looking forward to overseeing continued program development. "It has been rewarding to see the response to Lifeboat. We feel pretty excited about the other products and our team of developers will be focused on taking these to market in a ‘bug-free’ form as soon as possible."

Mogan is keen to apply lessons from working with customers and in the field. "I work with computer customers every day and I see the need for practical utilities like Lifeboat and the others that are under development. I’m keen to add to the product line and have several ideas for programs to put into the development system once the first four are launched."

Tugboat Enterprises will move forward with main store retail sales of Lifeboat this fall, and will broaden its foreign market share with the introduction of Lifeboat in French, German, Spanish, and Japanese. There are also four more software products in development slated for release in the next eight months.

You can find your Lifeboat at http://www.TugboatEnterprises.com

For more information, contact Tugboat Enterprises any time toll-free at 1-888-688-9199.

"We recently reviewed the Lifeboat data recovery software. It’s a terrific utility that everyone – and I do mean everyone – should have on a CD that sitting next to their Windows PC," said Howard Carson, Managing Editor, Kickstartnews http://www.kickstartnews.com.

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Judi Tyabji Wilson