SAN DIEGO, CALIFORNIA - May 15, 2001 - BakBone Software™, Inc. (TSE: BKB, OTC: BKBOF), a global provider of storage management software, today announced it has completed a round of financing for three million shares. The total value amounts to CDN$15 million, all of it raised from management and existing investors. The use of proceeds will be applied towards, but not limited to, the expansion of BakBone's sales and marketing operations, debt reduction and general working capital.

Archie Nesbitt, BakBone's Board Chairman, said, "Our capital market strategy is taking solid form, and maximizing shareholder value is our primary goal. As we move forward, we will build on our success through a clear go-to-market strategy, enabling us to capitalize on expanding our market share. Gartner Group says the market for storage management software is projected to exceed US$14.7 billion by 2004. BakBone is well positioned to exploit that growth through its aggressive business model. BakBone has the potential to rapidly grow into a segment leader."

Harry Brayne, a director with BakBone and former managing director of NetVault Ltd., acquired by BakBone in March of 2000, will become managing director for the Company while the Company searches for a president and chief operating officer to succeed Jack Corrao. Corrao will leverage his 15 years of experience in strategic sales and alliances to head the newly established global business development division, which includes OEM sales and strategic alliances.

Tony Cerqueira, BakBone's Chief Executive Officer said, "The strides BakBone has made in its first year are truly unparalleled. We have achieved traction through our strategic relationships with the leading channels and vendors throughout the data storage industry. Our commitment to our alliances and OEMs is exemplified by who leads that division, and Jack is the best in the industry for the job. At the same time, we view this as an opportune time to expand our executive management team with the best talent possible."

The company also announced it has begun steps to file a 20-F foreign registration form with the U.S. Securities and Exchange Commission, as a precursor of becoming a full reporting entity within the United States. The 20-F form is broader in scope and more stringent than the 40-F form that was initially pursued by the company. The 20-F form complements the company's directive to accelerate its US capital markets strategy.

About BakBone Software, Inc.

BakBone Software™ (TSE: BKB, OTC: BKBOF) is an international storage management software company that develops and globally distributes high-performance storage management solutions to the open systems markets. BakBone's near-line archive and backup/restore software suites provide scalable data protection from the workgroup to the enterprise. Founded in 1999, BakBone Software's products are now used by companies worldwide, and are distributed through a network of OEMs, system integrators and VARs.

BakBone's corporate headquarters is located at 10145 Pacific Heights Boulevard, San Diego, California 92121. Its stock is listed on the Toronto Stock Exchange and is included on the TSE 300 Composite, S&P/TSE Canadian SmallCap and TSE 200 indices. For more information on BakBone products, call 858-450-9009, e-mail sales@bakbone.com, or access BakBone's web site at www.bakbone.com.

Safe Harbor

The statements contained in this press release that are not historical in nature are forward-looking statements. Forward-looking statements are not guarantees since there are inherent difficulties in predicting future results, and actual results could differ materially from those expressed or implied in the forward-looking statements.

BakBone Software, the BakBone logo, and NetVault are all trademarks or registered trademarks of BakBone Software, Inc., in the United States and/or in other countries. All other brands, products or service names are or may be trademarks or service marks of, and used to identify, products or services of their respective owners.