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VANCOUVER , July 2, 2007 Not for release, publication or distribution, in whole or in part, in or into Japan, Australia or any other jurisdiction where to do so would constitute a violation of the relevant laws of such jurisdiction. RECOMMENDED CASH OFFER by OFFER WHOLLY UNCONDITIONAL PhotoChannel Networks announces that by 1.00 p.m. (London time) on 29 June 2007, PhotoChannel Networks had received valid acceptances in respect of 19,198,299 Pixology Shares, representing 94.69 percent. of the entire issued share capital of Pixology. The Offer was declared unconditional as to acceptances on 19 June 2007, and all other conditions have now been satisfied or waived. As a result, the Offer is now declared as being wholly unconditional in all respects and will remain open for acceptance until further notice. Compulsory acquisition and de-listing PhotoChannel Networks hereby gives notice to all holders of Pixology Shares which have not yet assented to the Offer that it intends to exercise its rights in accordance with section 979 of the Companies Act 2006 to acquire compulsorily all such Pixology Shares on the same terms as the Offer. In addition, PhotoChannel Networks hereby gives notice that it intends to procure that Pixology applies to the London Stock Exchange for cancellation of trading of Pixology Shares on AIM. Accepting of the Offer Pixology Shareholders who have not yet accepted the Offer, and who wish to do so, should accept the Offer as soon as possible. The procedures for acceptance of the Offer are set out on pages 15 to 18 of the Offer Document and in the Form of Acceptance. Additional copies of the Offer Document and Form of Acceptance can be obtained from Capita Registrars (telephone 0870 162 3121, or +44 208 639 3399 if telephoning from outside the UK). Shareholders who are in any doubt about the Offer, and/or any action to take, are recommended to seek their own personal financial advice immediately from their stockbroker, bank manager, accountant, solicitor or other financial adviser duly authorized under the Financial Services and Markets Act 2000, who specializes in advising upon investment in shares and other securities if they are in the United Kingdom or, if not, from another appropriately authorized financial adviser in their own jurisdiction. Terms used in this announcement shall have the meaning given to them in the Offer Document posted to Pixology Shareholders on 21 May 2007. Settlement In respect of acceptances of the Offer which are complete in all respects and have already been received, settlement will be effected either by the dispatch of cheques or through the crediting of CREST accounts within 14 days of this announcement. In respect of acceptances of the Offer which are complete in all respects but are received after the date of this announcement and while it remains open for acceptance, settlement will be effected within 14 days of such receipt. Enquiries:
Nabarro Wells, which is authorized and regulated in the United Kingdom by the Financial Services Authority, is acting exclusively for PhotoChannel Networks and no one else in connection with the Offer and will not be responsible to any other person for providing the protections afforded to clients of Nabarro Wells or for providing advice in relation to the Offer or the contents of this announcement. This announcement does not constitute an offer or invitation to purchase any securities or the solicitation of an offer to buy any securities, pursuant to the Offer or otherwise. The Offer is being made solely pursuant to the Offer Document and the Form of Acceptance accompanying the Offer Document, containing the full terms and conditions of the Offer, including details of how the Offer may be accepted. The availability of the Offer to Pixology Shareholders who are not resident in United Kingdom may be affected by the laws of the relevant jurisdictions in which they are located or of which they are citizens. Such persons should inform themselves of, and observe, any applicable legal or regulatory requirements of their jurisdictions. Further details in relation to overseas shareholders are set out in the Offer Document. The Offer is not being made, directly or indirectly, in or into, or by use of the mails of, or by any means or instrumentality (including, without limitation, facsimile transmission, electronic mail, telex or telephone) of interstate or foreign commerce of, or any facilities of a national securities exchange of Australia, Japan or any jurisdiction where to do so would violate the laws in that jurisdiction and the Offer is not capable of acceptance by any such use, means, instrumentality or facility, directly or indirectly from or within Australia, Japan or any such jurisdiction. The Offer to Pixology Shareholders in the United States or who are otherwise US persons under US securities laws is being made on the basis that the Offer is exempt from certain provisions of the Exchange Act that regulate tender offers. Acceptance of the Offer by such Pixology Shareholders is conditional upon the Offer being exempt from these requirements of the Exchange Act. The Offer to Pixology Shareholders who are in Canada, if any, is being made pursuant to an exemption from the provisions of securities legislation in Canada governing takeover bids. No regulatory authority has approved or disapproved the content of this release. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. About PhotoChannel- Founded in 1995, PhotoChannel operates PNI Digital Media to provide services for major retailers, wireless carriers and content providers. The PNI Digital Media Platform connects consumer ordered digital content with retailers that have on demand manufacturing capabilities for the production of merchandise. Currently PNI Digital Media generates transactions for retailers and their thousands of locations across North America, including Wal-Mart Canada, CVS/pharmacy, Eckerd Drugs and Costco Canada. For more information please visit www.pnidigitalmedia.com. No regulatory authority has approved or disapproved the content of this release. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. Caveat The statements that are not historical facts contained in this release are forward-looking statements that involve risks and uncertainties. PhotoChannel’s actual results could differ materially for those expressed or implied by such forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, changes in technology, employee retention, inability to deliver on contracts, failure of customers to continue marketing the online solution, competition, general economic conditions, foreign exchange and other risks detailed in the Company’s annual report and other filings. Additional information related to the Company can be found on SEDAR at www.sedar.com.
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Copyright © 2006 PhotoChannel
Networks, Inc. All Rights
Reserved. 
