Zoolander Corporation Announces Cancellation of Options and Stock Option Grant

Further to its press release of September 22, 2009, Zoolander Corporation (NEX
BOARD:ZOO.H) announced today that it has amended the terms of its earlier
announced grant of options to Jason Lester, a director of the Corporation. 


Zoolander has granted options to purchase up to 300,000 commons shares of the
Corporation to Mr. Lester. The options are exercisable at $0.10 per share and
expire on September 24, 2014. The grant of options is subject to regulatory
approval.


In connection with such option grant, Michael Cooper, the President, chief
Executive Officer, chief Financial Officer, Secretary and a director of
Zoolander, has agreed to forego options to acquire an aggregate of 120,000
common shares of Zoolander. Such options are exercisable at $0.10 per share
until March 11, 2011 and will be cancelled upon regulatory approval of the
above-mentioned grant of options to Mr. Lester.


Following the proposed cancellation and grant of options, Mr. Lester will hold
options to acquire an aggregate of up to 300,000 commons shares and Mr. Cooper
will hold options to acquire an aggregate of up to 380,000 common shares of
Zoolander. All such options, and the common shares issuable upon exercise
thereof, remain subject to the terms and conditions of a CPC escrow agreement
dated November 24, 2005.