* Revenue increased to $17.6 million, an improvement of
    $7.9 million or an 81% increase.
  * Net earnings of $3.0 million, an improvement of $881,000 or
    41% over last year.
  * Net earnings of $.23 per fully diluted share, an improvement
    of $.13 per share or 130% over the last year.
  * Both the Branding and the Merchant Banking Segments contributed
    to profitability.
  * As at September 30, 2007 there were 9.6 million shares
    outstanding compared with 19.4 million shares outstanding at
    September 30, 2006.
  * As at September 30, 2007 the net book value per share was
    $4.69, compared with $3.86 per share as at September 30, 2006,
    an increase of 22% year over year.

Envoy recorded net earnings for the year ended September 30, 2007 of $3.0 million or $.23 per fully diluted share, compared with $2.1 million or $.10 per fully diluted share for the previous year.

"The improvement in our net earnings and our earnings per share over last year is a result of new business wins in our Branding business segment, improved returns on the Merchant Banking assets, overall expense reductions compared to last year and the reduction of issued and outstanding shares by way of our share buy back programs" said Geoff Genovese, President and CEO of Envoy.

Watt International, Envoy's Branding business, grew its revenue by 28% this year compared to last year. "Watt is one of the world's leading retail brand strategy and design agencies" said Mr. Genovese. "On the strength and reputation of the Watt brand in the marketplace, we have been able to grow and expand the business domestically and internationally. Watt opened a branch office in Dubai earlier this year and just recently announced that it opened an office in Shanghai."

Revenue from Envoy's Merchant Banking business totaled $5.4 million. Based on a capital base of approximately $33 million, this represents an annual return of approximately 16% on the Merchant Banking assets. "When we launched the Merchant Banking business we felt that an opportunity existed to provide capital to small cap public and soon to be public companies. We are happy with the results of our first full year of Merchant Banking operations" said Mr. Genovese. "The equity markets have been quite volatile in recent months, but I believe that we have invested our assets prudently". Envoy does not have any investments in asset backed securities.

During the year, Envoy repurchased 9,815,849 of its common shares pursuant to a Normal Course Issuer Bid and a Substantial Issuer Bid. As a result of these buy back programs, the total number of issued and outstanding common shares as at September 30, 2007 was 9.64 million. This results in a net book value of $4.69 per common share at that date, compared with a net book value of $3.86 per share the previous year. This represents a year over year per share increase of 22%.

Management's discussion and analysis, containing a full analysis of financial results, is available on EDGAR (www.sec.gov/edgar.shtml) and on SEDAR (www.sedar.com).

About Envoy Capital Group Inc.

Envoy Capital Group Inc. (Nasdaq:ECGI) (TSX:ECG) is a merchant banking organization that focuses on providing financial services as well as equity and debt capital, to small and mid-cap companies. For more information on Envoy Capital Group Inc., visit our website at www.envoy.to

The Envoy Capital Group Inc. logo is available at http://www.primenewswire.com/newsroom/prs/?pkgid=3738

Cautionary Statement

Certain statements contained in this press release may constitute "forward-looking statements" within the meaning of Section 21E (i) (1) of the United States Securities Exchange Act of 1934. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Envoy Capital Group's actual results to be materially different from any future results expressed or implied by these statements. Such factors include the following: general economic and business conditions, changes in demand for Envoy Capital Group's services, changes in competition, the ability of Envoy Capital Group to integrate acquisitions or complete future acquisitions, interest rate fluctuations, currency exchange rate fluctuations, dependence upon and availability of qualified personnel and changes in government regulation. In light of these and other uncertainties, the forward-looking statements included in this press release should not be regarded as a representation by Envoy Capital Group that Envoy Capital Group's plans and objectives will be achieved. These forward-looking statements speak only as of the date of this press release, and we undertake no obligation to update or revise the statements.

 =====================================================================
 Envoy Capital Group Inc.
 Consolidated Balance Sheet Highlights
 (Expressed In Canadian dollars)
 As at:                               September 30        September 30
                                          2007                2006
 ---------------------------------------------------------------------
 Current assets                       $ 38,832,204        $ 68,701,144
 Long-term assets                       11,960,110          12,572,510
                                      --------------------------------
                                        50,792,314          81,273,654
                                      --------------------------------
 Current liabilities                     5,565,714           6,059,892
 Long-term liabilities                      69,599             167,173
                                      --------------------------------
                                         5,635,313           6,227,065
 Shareholders' equity                   45,157,001          75,046,589
                                      --------------------------------
                                      $ 50,792,314        $ 81,273,654
                                      --------------------------------
 
 =====================================================================
 Financial Highlights
 Envoy Capital Group Inc.
 Consolidated Statements of Operations
 (Expressed In Canadian dollars)
 ---------------------------------------------------------------------
 For the years ended:                     September 30    September 30
                                              2007            2006
                                          ----------------------------
 Net revenue from consumer branding
  business                                $ 12,402,688    $  9,671,504
 Net investment gains                        4,061,467              --
 Interest and dividend income                1,086,970              --
                                          ----------------------------
                                            17,551,125       9,671,504
                                          ----------------------------
 Operating expenses:
   Salaries and benefits                    11,319,127      10,674,384
   General and administrative                2,635,005       3,029,595
   Occupancy costs                             540,762       1,029,385
                                          ----------------------------
                                            14,494,894      14,733,364
 Depreciation                                  748,335         799,961
 Investment earnings                          (386,404)     (1,016,632)
 Interest expense and financing costs           96,868          24,333
                                          ----------------------------
                                            14,953,693      14,541,026
                                          ----------------------------
 Earnings (loss) before restructuring
  expense, income taxes and discontinued
  operations                                 2,597,432      (4,869,522)
 Restructuring expense                              --         642,897
                                          ----------------------------
 Earnings (loss) before income taxes
  and discontinued operations                2,597,432      (5,512,419)
 Income tax recovery                           (43,773)       (120,393)
                                          ----------------------------
 Earnings (loss) from continuing
  operations                                 2,641,205      (5,392,026)
 Gain on disposal of discontinued
  operations, net of income taxes              375,514       5,721,229
 Earnings from discontinued operations,
  net of income taxes                               --       1,806,983
                                          ----------------------------
 Net earnings                                3,016,719       2,136,186
 ---------------------------------------------------------------------
 Earnings per share
   Basic                                  $       0.23    $       0.10
   Diluted                                $       0.23    $       0.10
 ---------------------------------------------------------------------
 Weighted average number of common
  shares outstanding - basic                13,147,793      20,450,230
 Weighted average number of common
  shares outstanding - fully diluted        13,155,910      20,459,736
 =====================================================================
 Envoy Capital Group Inc.
 Consolidated Statements of Retained Earnings
 (Expressed In Canadian dollars)
 ---------------------------------------------------------------------
 Deficit, beginning of period             $(40,266,401)   $(42,402,587)
 Transitional adjustment on adoption
  of financial instruments                      77,416              --
 Net earnings                                3,016,719       2,136,186
 Deficit reduction against share capital    40,266,401              --
                                          ----------------------------
 Retained earnings (deficit), end
  of period                               $  3,094,135    $(40,266,401)
 ---------------------------------------------------------------------



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