Waterloo Granted Extension of Deadline for Completion of Qualifying Transaction

  Waterloo Resources Ltd. (TSX VENTURE: WAT.P) ("Waterloo"), a Vancouver based Capital Pool Company listed on the TSX Venture Exchange (the "Exchange"), is pleased to announce that, in accordance with the extended temporary relief measures announced by the TSX Venture Exchange on March 6, 2009, Waterloo has applied for and received a six-month extension for the completion of its Qualifying Transaction. The new deadline for the completion of Waterloo's Qualifying Transaction is February 12, 2010.

Please refer to Waterloo's news releases dated September 24, 2008 and July 23, 2009 for further details of the proposed Qualifying Transaction and concurrent private placement. Trading in Waterloo's common shares on the Exchange will remain halted pending completion of the Qualifying Transaction or further updates as to the status of the Qualifying Transaction.

The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.

ON BEHALF OF WATERLOO RESOURCES LTD.

Sam Wong, Chief Financial Officer

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contacts: Waterloo Resources Ltd. Sam Wong [phone] [phone] (FAX)