Clear Choice Financial Inc. CEO Updates Shareholders.

TEMPE, Ariz. -- Please replace the release with the following corrected version due to multiple revisions.

The corrected release reads:

CLEAR CHOICE FINANCIAL INC. CEO UPDATES SHAREHOLDERS

Clear Choice Financial, Inc. (OTCBB:CLRC), a financial services company specializing in mortgage refinancings and new home loans, announced today that it has made significant progress in its early development and is now pursuing additional acquisition and consolidation targets to fulfill its long-term growth strategy. Following the Company's acquisition of Bay Capital Corp., an established mortgage broker based out of Owings Mills, Maryland, and the subsequent consolidation of Irvine, California-based Allstate Home Loans into Bay Capital, Clear Choice Financial has just recently completed all of the necessary restructuring of its primary operating subsidiary, as well as addressed issues related to the previous board and its capital structure, enabling the Company to move forward with its updated business plan and growth objectives.

According to the Company's newly appointed Chief Executive Officer, Mr. Chad Mooney, "With all issues related to and resulting from decisions made by the previous management and board now addressed, we can move forward with our revised business plan and rather aggressive growth strategy, and develop this Company into an established, nationwide mortgage broker and mortgage bank that services the soon to be thriving refinancing sector of the mortgage industry." With Clear Choice's consolidation of Bay Capital and Allstate Home Loans, its operating subsidiary, which has assumed the Bay Capital name for the time being, Clear Choice now has locations on both coasts in what are essentially the key markets, and is now licensed to do business in 44 states.

Mr. Mooney continued, "With most of the Company's essential components now in place, and the fact that Clear Choice now operates on both coasts through Company-owned and Company-affiliated branch offices, all under the Bay Capital name, we felt that the timing was right to release this update on recent activities and highlight our ongoing growth strategy via the following Letter to Shareholders, and subsequent "bullet point" summary:

OCTOBER 6, 2006

Dear all Shareholders of Clear Choice Financial, Inc.,

The past few months at Clear Choice have been challenging but rewarding. Your new Board of Directors and Management, comprised of Andrew Formato and Larry Eiteljorg as Directors and myself as President, CEO and a Director, felt it was appropriate to apprise you of our recent accomplishments and explain where Clear Choice stands currently, and where we are headed.

The individuals involved in the day-to-day operations, as well as a core group of investors that have continued to support us throughout our restructuring, have expressed their continued support for the long-term and have pledged to commit their respective expertise and industry-specific experiences to assist the Company in executing successfully on its growth plan. In addition, these individuals have also committed the necessary funding to buttress our capital base, which in turn affords us an opportunity to undertake an aggressive acquisition and consolidation posture over the next 6 to 12 months.

Here is a bulleted list of what has transpired and what the Company has accomplished over approximately the previous 6 months:

As of October-2006, Clear Choice Financial now hasC*

* An exceptionally competent management team and board of directors in place, each bringing to the Company their respective expertise in Sales Management, Marketing, the Capital Markets, and Human Resources, in addition to extensive knowledge of the Financial Services Industry;

* Nearly 120 talented individuals that makeup the total resulting personnel of Clear Choice's wholly-owned operating subsidiary, known for the time being as Bay Capital;

* Built up a core support group comprised of a number of prominent investors who are supporting the Company through two key measures, which are:

[TABLE OMITTED]

* Completed its primary acquisitions of both Bay Capital and subsequently Allstate Home Loans, resulting in the establishment of an operating business strategically positioned nationwide with headquarters in key markets on both coasts;

* Restructured and re-aligned this primary operating business so it now offers wholesale and retail mortgage products and services through its growing number of company-owned as well as company-affiliated branch offices;

* Through these initial acquisitions has gained accreditation and is licensed to perform mortgage brokering activities in 44 of 48 states nationwide;

* Reported unofficially for September-2006 a loan volume of $25 million to $35 million.

In addition to what has been accomplished, Clear Choice Financial is currently implementing the following activities and expectations for the Company:

* Through the recent streamlining and restructuring of its operating business, Clear Choice has begun a new era for the Company and its talented mortgage brokers and support staff, one that will involve:

[TABLE OMITTED]

* Through the many changes and renovations implemented recently, Clear Choice has laid the foundation for this "upgrade in mindset", transforming the attitudes of all within the Company as well as those that comprise the retail and institutional investment audience following Clear Choice's growth and development, resulting in a much-enhanced, public image of Clear ChoiceCoboth the mortgage company and the publicly traded CLRC stock;

* Continue to execute on an aggressive acquisition plan over the next 6 to 12 months, a campaign that Clear Choice feels it can not afford to lose pace on due to the nature of the mortgage industry right now, and the estimated $3 trillion worth of loans that will be up for refinancing in the next 3 to 5 years. Clear Choice is currently looking at acquisition targets that areCoas a wholeCoresponsible for nearly a billion dollars worth in loan volume every month;

* Remain open-minded in the area of expansion down the road, especially into synergistic activities that may present themselves by the way of Clear Choice's involvement and presence in the greater financial services space.

In conclusion, I would like to personally thank all of those individuals that have participated positively in the restructuring process here at Clear Choice, as well as those investors that have stuck with the Company through its transition, and welcome aboard all those new investors now holding shares in and supporting the emerging Clear Choice Financial.

Sincerely,

Mr. Chad Mooney, President and C.E.O.

About Clear Choice Financial

Clear Choice Financial, Inc. is a financial services company that is licensed to offer wholesale and retail mortgage loan products and services in 44 states, nationwide. Clear Choice operates through its wholly owned subsidiary, currently known as Bay Capital, Inc., which is comprised of a growing number of company-owned and company-affiliated branch offices. Clear Choice has an established presence in and around what are effectively the key real estate markets on both coasts. Clear Choice's strategy for growth includes growth organically, via increased marketing and sales efforts designed to increase the Company's number of owned and affiliated branch offices and generate a steadily increasing monthly volume of consumer loans, as well as growth through an aggressive acquisition campaign targeting select established, service-oriented mortgage firms in the U.S. Thanks to the recent housing boom in certain regional markets, and the subsequent pull back, there exists currently many mortgage brokers and firms suitable for consolidation into the Clear Choice family.

Forward-Looking Disclaimer

This press release may include statements that constitute "forward-looking statements," which are often characterized by the terms "may," "believes," "projects," "expects," or "anticipates," and do not reflect historical facts. Forward-looking statements involve risks, uncertainties and other factors that may cause actual results, performance or achievements of Clear Choice Financial and its subsidiary to be materially different from those expressed or implied by such forward-looking statements. Specific forward-looking statements contained in this press release include, but are not limited to the Company's (i) expectation that it will move forward with a retooled business plan and aggressive growth strategy; (ii) plan to develop the Company into an established, nationwide mortgage broker and mortgage bank that services the refinancing sector of the mortgage industry; and (iii) plan to undertake and pursue an aggressive acquisition and consolidation posture over the next 6 to 12 months.

Factors that may affect forward-looking statements and the Company's business generally include but are not limited to (i) the risk factors and cautionary statements made in the Company's SEC filings; and (ii) other factors that Clear Choice Financial is currently unable to identify or quantify, but may exist in the future.

Forward-looking statements speak only as of the date the statement was made. Clear Choice Financial does not undertake and specifically declines any obligation to update any forward-looking statements.