Yonge Street Capital Corp. Corporate Update-Tamaka Holdings LOI Expiration

  Yonge Street Capital Corp. ("Yonge Street") (TSX VENTURE: YSC.P), a capital pool company, announces a corporate update.

Yonge Street announces that the trading of its shares will resume on August 14, 2008.

Trading in the shares of Yonge Street was halted at its request on November 26, 2007 pending the announcement of the LOI with Tamaka . The LOI was set to expire on February 19, 2008 and it was announced by way of press release on May 16, 2008 that the parties had agreed to an amicable termination.

Yonge Street must complete a Qualifying Transaction prior to August 18, 2008, which is 24 months after the day of listing. In the event such Qualifying Transaction is not completed before that date, the TSX Venture Exchange may suspend from trading or delist the listed shares of Yonge Street.

Yonge Street is requesting an extension of the 24 months period in order to complete a Qualifying Transaction or, alternatively, seek approval of the majority of its shareholders (exclusive of the votes of arm's length parties) for the transfer of Yonge Street to NEX.

Investors are cautioned that trading in the securities of a capital pool company should be considered highly speculative.

Further information concerning Yonge Street can be found in the prospectus of Yonge Street dated March 27, 2006 and at www.sedar.com.

The TSX Venture Exchange has not approved or disapproved the contents of this news release.

Contacts: Yonge Street Capital Corp. Gerald Ruth President, CEO and Director [phone]