Tugboat Enterprises Heads To New Horizon with Expanded Board

May 24, 2006 - Gordon F.D. Wilson, President and Chairman of the Board of Tugboat Enterprises announced today that the company has moved toward an expanded pre-capitalization Board. The additions to the Board include people with a proven track record of business success, some from the software industry.

"We are about to enter our first major capitalization phase," Wilson said, "where the company will raise 1.755 million dollars to take us to full commercialization. We want to make sure we have solid business advice at the board table as we move into this next exciting stage of our company's growth."

Tugboat Enterprises completed the placement of ten million privately held shares in November of 2005 which raised one million in capital.

"The first round was designed to raise sufficient capital to complete the development and testing of our first four products and to take us to the early stage of marketing." Wilson said. "This round will see a greater return on our initial investment."

Tugboat Enterprises is releasing shares at an asking price of $0.65 per share. Information related to Tugboat Enterprises is available on the newly created Genesis exchange: www.GenesisExchange.com

"We are all pleased at the direction our President and Board are taking," CEO Judi Tyabji Wilson commented. "The input of these professionals is excellent in the pre-capitalization stage of Tugboat. Reviews of our products prove we have a winning line up. In the past year, with limited advertising, we have learned that when we advertise we sell, and when we sell, our customers are happy. With proper capitalization our company will grow exponentially."

The complete list of new Board members and Advisors is at:
www.tugboatenterprises.com/AboutUs.shtml

Tugboat Enterprises is a quickly expanding software development company. Other products include Nauticus Deep Data Storage, an automated off-site storage program, Coracle Data Transfer and The Hook Freeware.

Industry reviews of Tugboat products can be seen at
www.pcnet-online.com/index.html and
www.kickstartnews.com/reviews/utilities/nauticus_deep_data_storage_ksn.html