Commercial Consolidators Reports Record Third Quarter and Nine Month Earnings.

Business Editors

TORONTO--(BUSINESS WIRE)--Jan. 29, 2002

Commercial Consolidators Corp. (AMEX:ZCC)(CDNX:CCZ), a diversified international distributor of business technologies and consumer electronics to North, South and Central America announced here today its revenues and results of operations for the quarter and nine months ended November 30, 2001.

Sales revenue increased 26% to $33.2 million for the three months ended November 30, 2001 from$26.4 million for the three months ended November 30, 2000. Net income for the three months ended November 30, 2001 increased 274% to $2.02 million, or $0.11 per share, from $0.54 million, or $0.04 per share, for the same period last year.

The Company's financial results for the three months ended November 30 and nine months ended November 30 are summarized in the following tables:

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(in $ thousands)            Nine months ended    Three months ended
                                  November 30           November 30
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                              2001       2000        2001      2000
Sales                      $98,532    $70,486     $33,217   $26,413
Cost of sales               78,099     56,036      26,181    21,503
Gross profit                20,433     14,450       7,036     4,910
Gross margin                  20.7%      20.5%       21.2%     18.6%
Expenses                    13,977     11,652       4,500     4,057
Income before foreign
 exchange, income tax and
 amortization                6,456      2,798       2,536       853
Income margin                  6.6%       4.0%        7.6%      3.2%
Net income                 $ 5,266    $ 1,759     $ 2,016   $   544
Net earnings per share
 (basic)                   $  0.30    $  0.11     $  0.11   $  0.04
Net earnings per share
 (fully-diluted            $  0.25    $  0.10     $  0.10   $  0.04
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Despite challenging economic times and the tragic events of September 11, the Company achieved record profitability during the three months ended November 30, 2001.

The Company's common shares commenced trading on the American Stock Exchange in December 2001. As a result, during its third quarter ended November 30, 2001, the Company determined to change its accounting practice for start-up costs. Consequently, the results for the nine months ended November 30, 2000 have been re-stated retroactively in accordance with Canadian Generally Accepted Accounting Principles (GAAP). This re-statement will remove a difference between U.S. and Canadian GAAP. Comparative results for the nine months ended November 30, 2000 reflect the re-statement.

For the nine month period ended November 30, 2001, sales revenue increased 26% to $98.5 million, up from $70.5 million for the nine months ended November 30, 2000. Net income for the nine months increased 199% to $5.27 million, or $0.30 per share, from $1.76 million, or $0.11 per share, for the same period last year.

The increase in sales for the nine months ended November 30, 2001 was driven by the nine-month contribution from the acquired operations of its computer products division, which was acquired as of December 1, 2000 and consequently did not contribute to the nine-month results last year.

The Company's commitment to cost management resulted in a reduction in operating expenses (sales & marketing, general & administrative and interest charges) as a percentage of sales from 16.2 for the three months ended November 30, 2000 to 13.5% for the three months ended November 30, 2001. Overall the Company's operating expenses (sales & marketing, general & administrative and interest charges) as a percentage of sales decreased from 16.5% for the nine months ended November 30, 2000 to 14.2% for the nine months ended November 30, 2001.

Profit margins remained strong throughout the first nine months of fiscal 2002 as the Company continues to realize the benefits of its diverse product lines in higher margin value-added products. Income before foreign exchange, income taxes and amortization increased 132% from $2.8 million for the nine months ended November 30, 2000 to $6.5 million for the nine months ended November 30, 2001.

"Our overall performance during the first nine months has been excellent, particularly given the current economic climate" states Commercial Consolidators Corp.'s Chief Executive Officer, Mr. Guy Jarvis. "We remain committed to growth as well as to stringent cost management and bottom-line profits."

ABOUT COMMERCIAL CONSOLIDATORS CORP.

Commercial Consolidators Corp. is a diversified distributor of business technologies (cellular phones and accessories, and computer hardware and software) and consumer electronics to the Americas (North, South and Central). The Company's head office is located in Toronto, Ontario.

ON BEHALF OF THE BOARD OF DIRECTORS, Guy Jarvis

The Canadian Venture Exchange has neither approved nor disapproved the information contained herein.