News

This news release is not for distribution to United States newswire services or for dissemination in the United States.


Vancouver, BC --September 22, 2009 --(NEX Board: PTP.H) P2P Health Systems Inc. (the "Company") is pleased to announce that it has closed its previously announced (June 3, 2009 and September 1, 2009) non-brokered private placement (the "Private Placement") of 18,750,000 subscription receipts ("Subscription Receipts") for gross proceeds of CAN$1,500,000. All other terms of the Private Placement, as previously announced, remain the same.

Each Subscription Receipt will entitle the holder to acquire, for no additional consideration, upon deemed exercise of the Subscription Receipts, one unit (a "Unit"), each Unit consisting of one common share (a "Share") and one common share purchase warrant (a "Warrant") exercisable to purchase one additional common share at price of $0.16 per common share for a period of 36 months from the date of issuance of the Warrants. The Subscription Receipts will be deemed exercised into the underlying Shares and Warrants upon completion of the Company's change of business and reactivation (the "Change of Business") as described in the Company's June 3, 2009 news release.

The Subscription Receipts are governed by the terms of a subscription receipt agreement (the "Subscription Receipt Agreement") between the Company and Computershare Trust Company of Canada ("Computershare") as subscription receipt agent and escrow agent.

The gross proceeds from the Private Placement will be held in escrow by Computershare pursuant to the terms of the Subscription Receipt Agreement and will be released to the Company upon completion of the Change of Business. If the Change of Business does not occur on or before December 18, 2009, the proceeds from the Private Placement will be returned to purchasers and the Subscription Receipts will be cancelled.

All securities issued or issuable under the Private Placement are subject to a four month hold period expiring on January 22, 2010.

FOR FURTHER INFORMATION PLEASE CONTACT:
Todd Hilditch
President and CEO
Tel: (604) 443-3831

For contact information, current news releases and a SEDAR link please visit our interim website: www.ptpinfo.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release