AFL Announces Financial Results For Equity Transfer Services.

TORONTO -- AFL Capital Ventures Inc. ("AFL") (TSX VENTURE:AFL) is pleased to announce financial results for its wholly owned subsidiary, Equity Transfer Services Inc. ("ETS"), for the nine-month period ending October 31, 2004. This release is meant to supplement the information contained in the filing statement AFL filed on November 23, 2004 (the "Filing Statement"), as part of its qualifying transaction, which was completed on December 3, 2004. The Filing Statement may be found on SEDAR at www.sedar.com.

For the nine-month period ending October 31, 2004, ETS generated normalized EBITDA of $1.8 million on revenue of $3.5 million. For the same period last year, ETS generated normalized EBITDA of $928 thousand on revenue of $2.2 million. The number of active customer accounts was 437 at October 31, 2004, an increase of 13 percent or 49 over the previous nine months.

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Equity Transfer            Nine Months Ended       Trailing 12 Months
 Services Inc.        October 31 (unaudited)              (unaudited)
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                          2003          2004
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Revenue             $2,186,829    $3,519,752               $4,703,566
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Normalized EBITDA     $927,531    $1,839,799               $2,376,086
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The derivation of normalized EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) for ETS is consistent with the method used to present such figures in the Filing Statement, which involves adding back to EBITDA consulting fees paid to companies owned by the then shareholders of ETS. These fees were $705,602 for the nine-month period ending October 31, 2003, and $1,994,426 for the nine-month period ending October 31, 2004. Readers should also note the figures presented here are unaudited and are for ETS only, and do not include the operating results of AFL. The Filing Statement provides information on the capital structure under which AFL will operate on a consolidated basis after the completion of its qualifying transaction. Prior to the qualifying transaction, the fiscal year-end for ETS was January 31. Upon completion of the transaction, the year-end for ETS was changed to align with that of AFL. AFL's fiscal year-end is June 30.

About AFL Capital Ventures Inc.

Through its wholly owned subsidiary Equity Transfer Services Inc., AFL Capital Ventures Inc. provides transfer services to mid-market issuers in the North American capital markets. The total number of AFL common shares issued and outstanding is 2,999,994.

Certain information included in this press release is forward-looking and may involve risks and uncertainties. The results or events predicted in these statements may differ materially from actual results or events. Factors that might cause a difference include, but are not limited to, competitive developments, risks associated with AFL's growth, the state of the financial markets, regulatory risks and other factors. Unless otherwise required by applicable securities laws, AFL disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. More detailed information about potential factors that could affect AFL's financial and business results is included in public documents AFL files from time to time with Canadian securities regulatory authorities.

The TSX Venture Exchange has neither approved nor disapproved the contents of this press release.

AFL Capital Ventures Inc. (TSX VENTURE:AFL)