Megola and FireStop USA, LLC, Modify Note and Security Agreement

Assumption Agreement

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Megola and FireStop USA, LLC | Megola Inc | Megola, FireStop USA, LLC | Pacific Channel Ltd

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Title: Megola and FireStop USA, LLC, Modify Note and Security Agreement
Date: 8/13/2007

Megola and FireStop USA, LLC, Modify Note and Security Agreement

Pacific Channel Ltd. to Assume FireStop’s Position and Extend Due Date of Note

CORUNNA, ON--(MARKET WIRE)—July 25, 2007 -- Megola Inc. (Other OTC: MGOA.PK - News ) announced today that a s of July 25, 2007, Megola, FireStop USA, LLC, and Pacific Channel Ltd. (PCL) have agreed that the following Note and Security Agreement:

Megola has signed a note and security agreement with FireStop USA, LLC, to obtain $250,000 (USD).

Megola, upon receipt of the loan, will incur no interest should the loan be repaid after a six month period. Any amounts still owing after the six month period unless such date is extended by FireStop will be subject to a 15% rate of interest. As security for the loan, Megola has pledged to FireStop a first priority interest in the U.S. manufacturing rights for the Hartindo line of products.

is assigned from FireStop to PCL and modified as follows :

PCL shall reimburse FireStop the full amount due under the loan agreement with Megola prior to the aforementioned due date, thereby incurring no interest payments and voiding the security pledge of first priority interest for the Harti

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