November 6, 2002

KELOWNA, B.C. Bridges.com Inc. (TSX:BIT), North America's leading provider of career and educational planning tools, today announced restructuring changes that will reduce corporate expenditures, simplify and streamline business processes, and solidify the Company's leading position in its core markets.

The market in the United States for Bridges' online subscription products has been flat throughout the year. As previously reported, this is principally due to a difficult funding environment at both state and federal levels.

"Spending by governments at all levels has been under pressure and we think this pressure will increase before it diminishes," said John Simmons, Chief Executive Officer of Bridges.com. "This being the case, we must be fully prepared to weather this difficult climate that is likely to put downward pressure on education and employment budgets for the foreseeable period."

During 2002, Bridges expected that the rate of revenue growth experienced by the Company over the past few years would continue. Personnel, infrastructure, and expenditure levels were increased in anticipation of rising customer activity and revenues. Instead, revenues are approximately 5% behind fiscal 2001.

"Our management did not properly anticipate the slower revenue climate for our products," said Simmons. "As a result, our profitability has dramatically contracted. In order to find a better balance between revenues and expenses, the Company will undertake a significant restructuring."

Bridges' restructuring, comprising of the actions that follow, will reduce the Company's annual corporate expenditures by $2,320,000.

Staff Reduction
Effective this day, approximately 20% of the 160 Bridges staff positions will be eliminated. While staff reductions will take place in all departments, some business units and departments will be significantly reduced or eliminated. This includes department activities that are not specifically directed to improving sales and service in Bridges' core education markets.

The staff cost reductions will reduce annual operating expense by $1,800,000.

Closure of Ottawa Office
Bridges will close its Ottawa office. Currently this office, through the services of the 34 resident staff members, provides certain vital corporate functions. These functions will be transferred to the Company's head office location in Kelowna, BC. Some of the current Ottawa staff positions are being eliminated today as set out above. Of those positions not affected by today's staff reduction, some will relocate to Kelowna with the remaining positions terminating at the closing of the Ottawa office in Summer 2003.

Closure of the Ottawa office and the repositioning of functions in Kelowna will reduce annual operating expense by $520,000.

Restructuring and Other Related Charge
The foregoing measures will result in the Company taking a restructuring and other related charge of $6,814,885. Of the items set out below, $2,740,000 will have a cash cost with the balance of the items comprising non-cash write-downs. The entire charge is itemized as follows:

Other Measures Affecting the Future

Focus on Core Markets
Over the past few years Bridges has invested in the development of new or ancillary markets that leverage core subscription products and markets. Most of these investment initiatives involved the development of products and business units to pursue these opportunities. The staff and expense reductions outlined herein are heavily weighted to the reduction of these non-core activities.

Beginning immediately, Bridges will become more focused on its core markets - most specifically the provision of career and educational planning solutions for the high school market.

"Our activities will have two objectives," said Simmons. "It is our plan to renew our focus on our core education markets and solidify our leading position in these markets. At the same time we will work to simplify and streamline our business processes so that we can execute our business activities flawlessly."

Change of Fiscal Year End
Bridges' core markets follow a seasonal business cycle that begins in July when its educational customers prepare for the school year and ends in June of the following year. Subject to obtaining all necessary approvals, Bridges will align its fiscal year to this seasonal business cycle by changing its year-end to June 30. As a result of this change, the Company will have a shortened 2003 fiscal year that will enclose the period from December 1, 2002 to June 30, 2003. The first fully normalized fiscal period will be fiscal 2004, enclosing the financial period beginning July 1, 2003 and ending June 30, 2004.

Change of Revenue Reporting
Bridges' new technical infrastructure will be commissioned in November 2002. This platform, the result of a two-year, $8,000,000 capital expenditure program, will not only improve efficiency but it will also allow the Company to provide daily service to all subscribers. Management believes that this ongoing and constant level of service will significantly improve subscription retention rates - a key factor in the Company's 2002 revenue slippage.

Bridges' enabling of constant service to all its customers will transform the Company's revenue model from a one-time delivery and maintenance model to a fully ratable subscription model effective December 1, 2002. The change in service offerings necessitates the change in how the Company will recognize revenue.

There will be no effect on our cash flow. Bridges will continue to invoice and receive payments at the outset of each subscription term. As this change takes place, however, there will be several notable and temporary income statement and balance sheet reporting effects. In the first fiscal period of adoption of new service offerings, reported revenue and EBITDA profit will be reduced and there will be a corresponding increase in deferred revenue on the balance sheet. Income statement and balance sheet will begin to normalize by fiscal 2004.

Guidance for 2003
Guidance respecting 2003 financial expectations incorporating fully ratable revenue recognition and lower corporate operating expenditures will be released prior to December 1, 2002 when the Company's 2003 budgets have been finalized.

About Bridges
Bridges is North America's leading provider of career information services, training, and self-directed career and educational planning tools. Over 15,300 schools, libraries, employment centres, military sites, post-secondary schools and rehabilitation facilities subscribe to Bridges' customized products. Bridges serves the career development needs of millions of people seeking educational or career planning assistance. For more information, visit http://www.bridges.com. The Company is listed on the Toronto Stock Exchange under the symbol: BIT.

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