Corunna, Ontario, Canada -- (ReleaseWire) -- 06/02/2006 --Megola Inc. (OTC BB: MGOA), confirmed today it anticipates timely filing of the company's audited financials for the period ending January 31, 2006. Furthermore, the company projected higher revenue guidance in its operations for its 2006 Q2 Report.

A leading environmental solution provider in physical water treatment, microbiological control, wastewater treatment and air purification, Megola forecasts revenue will be up by approximately 800% over revenue reported on the Company's 2005 Q2 Report. Megola's financial year runs from August 1 to July 31. In 2005 Megola's revenues increased 220.81% to $713,135 from $222,294 in 2004.

"We are quite pleased with our second quarter results," states Joel Gardner, Chief Executive Officer of Megola Inc. "We have been aggressive in targeting new distribution channels and product markets. Our product development and sales in Asia are continuing to strengthen. We expect this strong growth to continue abroad but also are positioning ourselves to increase our marketability in the residential sector in North America by developing 'whole house' water and air treatment packages."

For more information about Megola Inc. please visit the corporate website (http://www.megola.com)

The matters set forth in this press release are forward-looking statements within the meaning of the "safe harbor'' provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially. These risks are detailed from time to time in the company's periodic reports filed with the Securities and Exchange Commission including the company's Annual Report, Quarterly Reports, and other periodic filings. These forward-looking statements speak only as of the date hereof. The company disclaims any intent or obligation to update these forward-looking statements.