UpSNAP Files 10-KSB for FY2007 and Reports Net Revenue Up 27.9 Percent

UpSNAP Files 10-KSB for FY2007 and Reports Net Revenue Up 27.9 Percent

The company's mobile content library now provides over 1,000 channels

DAVIDSON, N.C., Jan. 23 /PRNewswire-FirstCall/ -- UpSNAP, Inc. (http://www.upsnap.com/) (BULLETIN BOARD: UPSN.OB) , provider of free mobile search and streaming mobile audio entertainment, today announced it filed Form 10-KSB, as of January 15, 2008, with the SEC for the fiscal year ended September 30, 2007.

Net revenue for the FY2007, increased by $207,000, or 27.9%, compared with the FY2006. For FY2006, UpSNAP only had three quarters of revenue versus a full four quarters for the FY2007.

In 2007, UpSNAP entered into an Agreement and Plan of Merger with Mobile Greetings, Inc. (http://www.mobilegreetings.com/frm/login.php?xs=true&referrer=index.php) (MGI), a creator/publisher of mobile phone products and services. The merger will broaden delivery services to all mobile subscribers, regardless of their carrier or phone type.

"We're excited about the pending merger with MGI and the value it brings to the bottom line. We anticipate the merger will increase combined annualized revenue and generate profitability by the end of FY2008, dependent on the timing of the closing of the merger agreement. Now we can offer consumers the richest experience possible and give advertisers the potential to reach everyone with a mobile phone with one integrated offering," said Tony Philipp, CEO.

In 2007, UpSNAP continued to broaden its catalog of free/premium streaming audio content from premier brands, including Sporting News Radio, Lincoln Financial's Bob and Sheri Show, Troy Aikman Show, Tony Bruno Show, Inside Track Show (NASCAR), and Batanga (Hispanic music). Its content library includes 150+ content providers with a wide selection of channels ranging from radio to sports coverage and podcasts.

UpSNAP continued to coordinate several new distribution deals and signed several new partners to further integrate its services with businesses throughout the nation including:

-- go2 Media(TM), a company focused on the growing user demand for more
localized, personalized mobile content. The goal is to further
integrate UpSNAP's audio services into the go2 mobile portal for the
benefit of go2's millions of U.S. mobile consumers.
-- Cablevision, News 12 Networks. The goal is to enable Cablevision
customers to receive real time news on demand, traffic and weather for
the seven coverage areas surrounding New York City via their cell
phones.

About UpSNAP, Inc.

UpSNAP is a leader in mobile search and live mobile audio entertainment. With a rich library of branded multimedia content and true mobile search technology, UpSNAP effectively delivers compelling mobile content to consumers, including text and audio content from major entertainment companies in sports, news, music, and information. Visit http://www.upsnap.com/ for more information.

Safe Harbor Forward-Looking Statements

Forward-looking statements made in this release are made pursuant to the "safe harbor" provision of the Private Securities Litigation Reform Act of 1995. Forward-looking statements made herein are not a guarantee of future performance. This news release includes forward-looking statements, including with respect to the future level of business for the parties. These statements are necessarily subject to risk and uncertainty. Actual results could differ materially from those projected in these forward-looking statements as a result of certain risk factors that could cause results to differ materially from estimated results. Management cautions that all statements as to future results of operations are necessarily subject to risks, uncertainties and events that may be beyond the control of UpSNAP and no assurance can be given that such results will be achieved. Potential risks and uncertainties include, but are not limited to, the ability to procure, properly price, retain and successfully complete projects, and changes in products and competition.

CONTACT:
Wendy Headrick
UpSNAP, Inc.
704-895-4121

First Call Analyst:
FCMN Contact:

Source: UpSNAP, Inc.

CONTACT: Wendy Headrick of UpSNAP, Inc., +1-704-895-4121

Web site:

http://www.upsnap.com/

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