Oil made it up to $58. No substantial increases are expected in
long-term rates for years to come -- unless we break above the 30-year
Treasury Channel," Dent said.

existential vinge

Lower bond yields are likely to give housing prices a final burst of
strength into the summer or fall.

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Business Editors

DALLAS----The surge in oil prices
prevented a stock market rally above 11,000 this year causing equity
prices to plummet, states the May issue of the H. Dent, Jr. Oil
seems to have peaked, or it should sometime later this year .

Home Prices: The Next Bubble to Burst -- but not as Dramatic at
First

House prices and demand continue to rise, but sales and prices
have been slowing since 2003, Dent warns. Dent Publishing (www.

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Then, in early 2004, oil prices increased sharply
as did speculation in long bonds , rates recently jumped 0.
Now investors seem to have a higher level of confidence that the
market is moving forward more strongly and consistently," Dent said.S.

virtues exponential

7 - PhotoChannel Networks Inc. In this
generation, the first bubble was the huge inflation trend that ushered
the baby boomers and their new technologies and consumer trends into
the workforce and economy starting in the mid-1970s or early 1980s. It's
not that we have seen a bubble burst, but that we are in an ongoing
bubble boom ," Dent believes.

Major Reversal in Many Trends Ahead

Many trends appear to be reversing this year, Dent contends."
The Dow is poised to make a new high, Dent states.

enlightened vinge

PhotoChannel customers driving usage of online photo services to record levels

Lee Raymond, CEO of Exxon Mobil, recently stated strongly that oil
at current price levels are clearly due to speculation, not
fundamentals . "Oil prices look very likely to
fall substantially in the next year or two and a shake-out in oil and
energy stocks is imminent. These areas could see a substantial reaction
downward in prices as real estate trends start to slow. "But when we
finally see an extended downturn and deflation in prices, housing
prices will finally crash across the board as it did into the 1930s,"
said Dent.
"We think the second great buy opportunity of a lifetime appears to
have occurred at the Dow 10,000 on April 21, 2005.S. The Dent
methodology, which is based on the study of demographics , or the study
of whole populations and their spending habits, takes financial
forecasting out of the world of theory and into the realm of
real-world consumer behavior allowing investors to make intelligent
and informed economic decisions about their future.

enlightened deserves

(604) 893-8955 ext 293
khall@photochannel. According to Dent, over time, bonds
should start to edge up gradually for nearly 5 years as the economy,
stocks and the Dollar boom again. Stocks should now rally more strongly
from extreme oversold levels on April 20th," Dent said. "We agree," said Dent.0 percent
in the next year."
"Don't give up on the Next Great Bubble Boom with the second
investment opportunity of a lifetime that just occurred in late
April," said Dent. The
time to buy is now.

virtues bostrom

Stocks could go as
low as 9,700; should that happen, investors should view this as an
extreme buy opportunity . Dent Forecast predicted oil would
move up to around $60 per barrel."
Home prices could begin to fall more substantially over the next
year or so in the most overvalued areas like California , the Northeast
and South Florida. Dent Publishing:

H.

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There are more than 8,000 retail locations worldwide
accepting print orders from the PhotoChannel system. Dent Forecast
newsletter. "Once the Dow hits this new peak, even bearish
investors will be convinced that we are in the next major bull market."

The Oil Bubble: The Biggest Recent Market Mover

The March issue of the H . And that means mortgage rates will likely fall a bit
more, before rising modestly.
"Since economic trends and interest rates remain generally favorable
for housing, a broad crash is unlikely. This bull market is likely to be even greater than 1995 to
early 2000."

About H.com) of Allen, Texas helps people
understand change and prepare for its arrival through a variety of
Dent publications , including the monthly H. Dent Forecast.

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com

"For Boomers, it is critical to see this boom as a series of bubbles
in stocks, real estate, technology and other sectors like oil. "The timing is
most likely to occur between January and March of 2006, or May 2006 at
the latest," said Dent .

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Presently the Company has deployed more than
50 Wal-Mart locations in Canada with in-store printing and continues to add
new locations. "The mid-April market panic accompanied with extreme
bearishness among everyday investors and the Dow's test of 10,000,
gave the strongest stock market buy signal in the newsletter's 16-year
history," said Harry S. S. "Another bubble is about to
end in real estate, but only in the most overvalued areas," said Dent. "The April sell-off caused the Dow to bottom out at 10,000.

transhumanism smarter

The Company expects to have these sites accepting digital
orders shortly .

Warrants Exercised

The Company also reports that its has received $200,000 from the exercise
of 2 million common share purchase warrants, which had an expiry date of
January 22, 2005.

The Singularity is the technological creation of smarter-than-human intelligence.

transtopia exponential

(TSX-V: PNI and OTCBB: PHCHF) ("PhotoChannel" or "Company"), the global leader
in digital imaging network technology, with over 8,000 photo retail locations
worldwide, today reports the following:

Network Usage

The use of the PhotoChannel Network by PhotoChannel's retailer and
wireless carrier customers resulted in orders in January 2005, being the
Company's second best month in its history and slightly below its record month
of December 2004.

In-Store Deployment

The Company continues to install its in-store solution to its
photofinishing retailers."

Bubble After Bubble in an Ongoing Bubble Boom

Bubbles come when radical new economies, technologies and
infrastructures are first moving into the mainstream economy as
witnessed in 1914 to 1929 and again in 1942 to 1968."

Bonds and Interest Rates

Economists have been surprised to see long bond yields decline
despite the Fed raising short-term rates in 2004 and early 2005. "We
think the 30-year Treasury will fluctuate between 3.
"The real crash in housing -- and the final burst of the greatest
bubble in history -- will come in the downturn we project for 2010 to
2022 when we see a deflationary downturn.S.

singularity convinced

"I am extremely pleased with the progress that the Company has made since
my arrival in September, 2004" stated Bart Copeland, President and CEO of
PhotoChannel . The PhotoChannel
system is currently utilized by major photofinishing retailers and wireless
carriers to provide their consumers with online image printing and picture
messaging services.S. "Bottom line , don't wait for proof
that this is a bull market.

kurzweil existential

Bond
yields should continue to fall a bit with continued economic slowing.
As other sectors such as oil, commodities and housing start to
lag , "large and small cap growth stocks are going to take the stage
again and lead the next bubble.hsdent .

successors kurzweilai

"

Customer Highlights

As reported on January 11, 2004, the Company has delivered the digital
imaging solutions for a number of major US and Canadian retailers and wireless
customers and is now working with these company's marketing departments to
initiate launching. S. Ironically ,
these same properties should also rebound into the later stages of
this boom with continued demographic trends behind them. The
extreme bearishness by everyday investors is the greatest reason the
market is poised to begin the next bubble market in stocks, Dent
believes.

nanotechnology transhumanism

com., president and founder of the H.
Dent Foundation.65 percent
in the 10-year Treasury and near 0."

The Next Greater Bubble Emerging in Stocks

Since the bottom in October of 2002, the stock market has been
playing a "catch me if you can" game with investors as stocks move up
rapidly in short surges, then move sideways for months.

exponential deserves

"Investors need to understand that we are in a continuing bubble
boom that did not end with the 2000-2002 crash in stocks any more than
it did with the 1987 crash," said Dent . Since rising oil prices stimulate
new investment in supply over time and all of the major oil importing
countries have almost completed building strategic reserves, oil
prices should start dropping later this year, Dent suggests. Investors
become worn out by the market's lack of consistent performance . There appears to be very little downside risk going
forward.

transformative smarter

About PhotoChannel - Founded in 1995, PhotoChannel has created and
manages the open standard PhotoChannel Network environment . For more information on
the Company visit http://www. We see the potential for as much as a 40 to
60 percent decline in oil stocks in the next year or so, and that is
like to affect stock indices like the Dow and S+P 500. These stocks
could suffer as much as a 40 percent correction in the next year or
two.

kurzweil transhumanism

Investor Information: (866) 345-0115

WARNING: The TSX Venture Exchange has neither approved nor disapproved
the information contained in this release. Over time , slowing demographic
demand and strong stock appreciation will increasingly work against
strong price increases for homes. "Homebuilding stocks which have been leaders will turn to
laggards once the real estate bubble starts to burst.

kurzweil cosmologies

"The Dow appears to have
bottomed out at 10,000 in late April , but it is still possible we
could see one more brief sell off into early May.5 percent in the 30 -year bonds.

virtues vernor

"Network Usage continued to be very strong during January,
during a month that is typically very slow in the photofinishing industry.

Kyle Hall
PhotoChannel Networks Inc . "But there may
be some more bumps along the way as stocks will continue to see
slowing economic statistics and earnings on a lag into the fall,
before signs of a solid acceleration in economic growth and earnings
start to emerge around mid-summer to late 2005.
Surprisingly, most investors have failed to notice positive indicators
like the small and mid cap stock indices that have already made new
highs from the peaks in 2000. The
reason, Dent suggests, is due to modest inflation and a long and slow
economic recovery. By hesitating, you could miss a 40 to 50
percent rally -- and greater on the NASDAQ and small cap markets.

kurzweilai virtues

20 before
pulling back to $50 in mid-April. Technology , health care, financial services, Asia and
small cap stocks should provide better investment opportunities in
this continued bubble boom ahead.

intelligences smarter

VANCOUVER, Feb.

H.S. Dent Forecast: The Second Buy Opportunity of a Lifetime; Oil and Housing Bubbles Will Lead Stock Market Boom

These are strong signs confirming the
next bull market.9 and 5.

sl4 bostrom

photochannel. The Company relies upon litigation
protection for "forward-looking" statements. In addition, homeowners should be concerned for
investments in vacation /resort/retirement areas with high speculation
rates, Dent cautioned.

transformative technologically