RepeatSeat Negotiates Management Agreement for Key Operating Divisions, Makes Assignment Pursuant to the Bankruptcy and Insolven

RepeatSeat Ltd. ("RepeatSeat") (TSX VENTURE:RPS), wishes to announce that the
Company, its subsidiaries RepeatSeat Inc., Comptrol Systems, Inc., and its
officers and directors have been served a statement of claim alleging negligent
misrepresentation, breach of contract, negligence and breach of fiduciary duties
by its lenders Roynat Capital Inc., RPS Capital LP, by its general partner
Knightsbridge Capital Partners inc., and Knights Bridge LP by its general
partner Knight's Bridge Capital Partners Inc. This action relates to the June
2007 loan made by the lenders to RepeatSeat. The company is in the process of
preparing its response to this action.


The claim by the lenders was not anticipated by the Company as it was operating
under the terms of a forbearance agreement with the lenders dated April 16, 2009
that provided an option for the Company to convert all outstanding debt owed to
the lenders by a combination of a payment of $630,000.00 no later than September
30, 2009 and the subsequent conversion of remaining debt to RepeatSeat equity.


Due to the above noted action, RepeatSeat is unable to proceed with its plan to
convert or purchase the lenders' secured loan position with the Company.
Consequently, the Company is unable to operate, as further access to the
necessary capital is not available at this time. In response to this situation
RepeatSeat has effective September 22, 2009, reached an agreement with an arms
length independent corporation that will assume the day to day operations of the
company's key operating divisions notably the online and mobile movie ticketing
platform. That agreement is for ninety days with provisions for earlier
termination. RepeatSeat is financially insolvent and the board has determined
that it must make an assignment pursuant to the Bankruptcy and Insolvency Act
and has retained David Bromwich of Bromwich and Smith, Inc. to serve as trustee
in this regard. 


All directors of RepeatSeat have submitted their resignations. The company also
announces the previous resignations of George Watson, board chairman and Dan
Gerritsen, the company's Vice President Finance and Chief Financial Officer.