Canglobe International Inc. Announces PET Recycling Plant.

EDMONTON, Alberta -- Canglobe International Inc. (OTCBB:CGLO), Chairman, Mr. Donald Getty is pleased to announce the Company has acquired the manufacturing and marketing rights to produce PET flake, pellets, and sheeting from post consumer PET bottles, from Mr. Grant Bennett and Mr. Donald Sampson, President and CEO of Canglobe International, Inc.

Using unique processing systems designed by Mr. Bennett and Mr. Sampson, the Company can proceed to acquire requisite equipment and commence operations within one month of delivery. The initial costs to produce a PET pellet producing facility from recycled PET is estimated at $2.0 million and the PET recycling facility would be in cash flow within three months of funding. Payback is estimated at 6-8 months from start up of operations. The cost to build a 40 million pound per year recycled PET production facility is approximately $10 million. Construction and startup is approximately six months and payback is estimated at 8-12 months after commencement of production.

Given that demand for PET pellets, flake and sheeting has been growing at an estimated 20% per year for the last five years, and that this growth is expected to continue as more and more products are being packaged using PET; there are acute shortages of PET pellets, flake and sheeting developing in the market. Mr. Grant Bennett has indicated that not only does he have standing orders for all production from the PET recycling facility; he has also secured a continuous supply of post consumer bottles to feed the facility from California and other western U.S. states. The PET recycling facility is to be operated in the Las Vegas area of Nevada. Under the terms of the acquisition, Mr. Bennett and Mr. Sampson have the right to earn 3.1 million restricted shares of Canglobe International stock, most of this being earned upon the completion of the $10 million PET recycling facility.

Financing for the acquisition is currently being raised by way of the private placement of convertible debentures to accredited investors. The convertible debentures have an annual interest rate of 8% and are convertible to common shares after 12 months at a base price of the greater of market or $0.50 per share.

Mr. Grant Bennett is joining Canglobe to lead this project. Mr. Bennett has over 30 years of experience encompassing all aspects of polymer raw material, plastic conversion methods. Mr. Bennett founded GranPac Plastics in Wetaskiwin, Alberta, the first multi-cavity plastic injection molding container facility in Western Canada, and Plimco Polymers Ltd. in Regina, Saskatchewan (now called Amcor Forming) the first solid phase pressure forming polypropylene (PP) food container facility in Canada. Mr. Bennett also assisted in the launch of five plastic converting manufacturing plants including Strathearn Containers (now Genpak) and Applied Recycled Polymers (the first recycled PET plant in Canada). Mr. Bennett is currently an independent consultant in the plastics industry. His clients have included Polysource Industries (UK) Limited, Nicon Plastics, Genesis Plastics, Repete Plastics, East Wing Distribution, Jacobsen Blow Molding and Tennessee Plastics and Engineering. Most recently he has assisted in the development of RPET high visibility packaging plants for MGB Plastics WY, Plasti-Shell LA, and Packright Plastics, BC.

Beiseker Update: In the June 2, 2005 news release issued by the Company, it stated the gasification unit will be installed in June 2006. Scheduled installation date is June 15, 2005. Scheduled completion of autoclave units is July 31, 2005.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS 

This press release contains statements that plan for or anticipate the future, called "forward-looking statements." In some cases, you can identify forward looking statements by terminology such as "may," "will," "should," "could," "expects," "plans," "intends," "anticipates," "believes," "estimates," "predicts," "potential" or "continue" or the negative of those terms and other comparable terminology.

These forward-looking statements include statements about:

--our market opportunity;

--revenue generation;

--our strategies;

--competition;

--expected activities and expenditures as we pursue our business plan; and

--the adequacy of our available cash resources.

These statements appear in a number of places in this press release and include statements regarding our intent, belief or current expectations, those of our directors or officers with respect to, among other things: (i) trends affecting our financial condition or results of operations, (ii) our business and growth strategies, (iii) the Internet and Internet commerce and (iv) our financing plans. Although we believe that the expectations reflected in the forward-looking statement are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. Investors are cautioned that all forward-looking statements involve risks and uncertainties, including but not limited to those discussed in the Company's Annual Report on Form 10-K for the year ended December 31, 2004. Although the Company believes the assumptions underlying the forward-looking statements contained herein are reasonable, there can be no assurance that the forward-looking statements included in this press release will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion herein should not be regarded as a representation by the Company or any other person that the objectives and plans of the Company will be achieved.