AUCKLAND, NEW ZEALAND "“ June 12, 2007 "“ "Demand side oil producer" Trip Convergence Ltd announced today that it is preparing to commence "drilling" in it's promising HOVERPORT field, and is seeking $5 million in equity funds to support the effort. Analysis of the field has indicated potential flows up to 10,000 barrels per day at the 100,000 park level and total flows of about 100,000 BPD from the total field. Interestingly, if this play is successful it will also mean less wasted time for commuters, lower emissions, better air quality, and reduced demand for parking at employment destinations.

CEO Paul Minett explained that a "demand side oil producer" is a company that facilitates reduction of oil consumption, thereby having the same impact as discovering new reserves. "Our main product, HOVERPORT.org, will "produce" oil at a much lower cost than searching and drilling for real new reserves, with the byproduct of reduced emissions," he said.

The company has developed an innovative commercial approach to carpooling called ‘flexible carpooling’. "The single biggest reason people give for not carpooling is that their schedules are too unpredictable" says Mr. Minett. "Our system deals with that. In fact we remove any need for pre-planning the shared ride. The only planning required for HOVER is a one-time membership application."

The system, branded HOVER (high occupancy vehicles in express routes), is best understood by viewing a short video on the website, www.hoverport.org. The company is keen to distinguish ‘flexible carpooling’ from ‘dynamic carpooling’. The latter involves a time consuming planning process that the former does not. "To use our system commuters won’t have to make phone calls and wait for matching information, or drive out of their way to pick people up or drop them off" says Mr. Minett.

The estimate of fuel ‘production’ is based on a 20 mile round-trip commute, fuel efficiency of 20 mpg, and an assumption that taking several thousand cars off the road will reduce the wastage by all other travelers. "The savings for everyone else are greater than the savings for the participants" he said. "Every parking space dedicated to ‘park and ride share’ has the potential to ‘produce’ 4.2 barrels of oil per year, plus the flow on savings for the rest of the fleet."

The company is actively marketing the system to cities around the world, and getting a good level of interest. "The challenge is that the transportation fraternity are full up with projects that have been in the pipeline for twenty years and more, and with recent funding breakthroughs they are so busy they have trouble taking a breath. However, I think once HOVER is proven the flood gates will open."

The company sees its role as being to provide a lot of the planning and possibly some of the funding for at least the first few beta sites, hence the need for additional equity. "What we are looking for is cities interested in participating in beta trials, and an ‘eco fund’, a wealthy individual, or a corporate seeking a unique ‘green opportunity’, who looks at what we are trying to do and says ‘that’s really worthwhile’. Of course they will also want to understand our business model and see that we can make a profit providing this service. They will see that with revenues in the order of $0.20 per gallon saved we expect to be able to save money for transportation authorities and commuters, reduce emissions, and make a decent profit."

In addition to ‘producing’ oil the company hopes to be able to offer carbon offsets and is seeking certification for this purpose. The company has recently listed with www.greenmaven.com, and www.zerofootprint.net, and is a featured opportunity on www.ecoinvestmentclub.com.

SPECIAL NOTE REGARDING FORWARD-LOOKING INFORMATION

Our disclosure and analysis in this press release contain some forward-looking statements. Forward-looking statements give our current expectations or forecasts of future events. You can identify these statements because they do not relate strictly to historical or current facts. They use words such as "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," and other words and terms of similar meaning. They also appear in any discussion of future operating or financial performance. In particular, these include statements relating to future actions, future performance of our products, expenses, the outcome of any legal proceedings, and financial results. Although we believe that we are basing our expectations and beliefs on reasonable assumptions within the bounds of what we currently know about our business and operations, there can be no assurance that our actual results will not differ materially from what we expect or believe. Some of the factors that could cause our actual results to differ from our expectations or beliefs include, without limitation: a decline in the performance of our products; a general downturn in the economy; changes in government policy or regulation; changes in our ability to attract or retain key employees; and unforeseen costs and other effects related to legal proceedings or investigations of governmental and self-regulatory organizations. We do not undertake to update publicly any forward-looking statements if we subsequently learn that we are unlikely to achieve our expectations or if we receive any additional information relating to the subject matters of our forward-looking statements.

About Trip Convergence Ltd

Founded in 2004, Trip Convergence's mission is simple: to help people spend less time and resources sitting in traffic. Initially focused on its HOVER system, the company has a pipeline of related products that will build on the success of HOVER. The company has sourced the hardware and software required to implement the system and is seeking beta sites. The HOVER system potentially reduces traffic, fuel consumption, emissions, and demand for parking. Potential customers include transportation authorities, air quality districts, congestion management agencies, large employers or groups of employers (including universities and airports), and residential areas that are not well served by public transport. The company is hoping for some concrete opportunities out of the Urban Partnership Agreements process that the FHWA is running at the present time. The company is based in Auckland, New Zealand, and has a business model that enables it to reach the world. For more information, visit Trip Convergence's website at www.hoverport.org.

Trip Convergence LTD

Trip Convergence LTD

Trip Convergence's mission is simple: to help people spend less time and resources sitting in traffic. The company has developed a commercial model for 'flexible carpooling' that has huge potential to reduce traffic congestion, fuel consumption, emisssions, and demand for parking at employment destinations. The company has sourced the hardware and software required to implement the system and is seeking beta sites. Potential customers include transportation authorities, air quality districts, congestion management agencies, large employers or groups of employers (including universities and airports), and residential areas that are not well served by public transport. The company is based in Auckland, New Zealand, and has a business model that enables it to reach the world. For more information, visit Trip Convergence’s website at www.hoverport.org.

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