InfoSearch Media, Inc. Reports 217 Percent Increase In First Quarter 2005 Revenue, Bad Credit Services

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InfoSearch Media, Inc. Reports 217 Percent Increase In First Quarter 2005 Revenue

InfoSearch Media, Inc. Reports First Quarter 2005 Revenue of $1.6 Million, an Increase of 217 Percent Over First Quarter 2004

Thursday May 12, 5:17 pm ET -- MARINA DEL REY, Calif., May 12 /PRNewswire-FirstCall/ -- Leading online media and search marketing firm InfoSearch Media, Inc. (OTC Bulletin Board: ISHM - News) today announced financial results for its first quarter ended March 31, 2005.
For the first quarter, InfoSearch reported revenue of $1.6 million, compared to $0.5 million for the first quarter ended March 31, 2004, an increase of 217 percent. In accordance with generally accepted accounting principles (GAAP), InfoSearch reported a net loss of $(0.2 million), or $(0.01) per share (basic and diluted) for the first quarter, compared to a net loss of $(0.6 million), or $(0.02) per share (basic and diluted) for the first quarter ended March 31, 2004. The net loss for the first quarter of 2005 included non-cash equity compensation in the amount of $143,080 related to options and grants provided to consultants. The non-cash compensation expenses associated with outside consultants are expected to taper off after the second quarter of 2005.

InfoSearch strengthened considerably its balance sheet relative to earlier periods. The Company ended the first quarter of 2005 with $4.5 million in cash, an increase of $4.1 million from the cash balance as of March 31, 2004. InfoSearch has no outstanding debt other than capital lease obligations of $75,000 associated with the purchase of equipment.

"Strong growth in our first quarter revenues substantiates the work we're doing in the development and sale of proprietary content and content driven contextual advertising services," said Steve Lazuka, Chairman and CEO of InfoSearch. "We continue to capture a significant portion of the market and expect to continue to expand our range of content development and search engine marketing services to our clients to further drive revenues."

Business Outlook

Going forward, InfoSearch is making some important additions and changes to its library of services in order to better serve its clients. In addition to the sale of proprietary content for use on its clients' websites, InfoSearch recently introduced a content licensing model that allows its clients to license the content, generally for a one year period, with renewal rights at the conclusion of the license term. Further, InfoSearch is gradually transitioning the current traffic model through its www.articleinsider.com network from a fixed CPC (cost per click) rate to a bidded CPC rate. After these new initiatives are integrated into the existing business model, the Company expects that they will provide continued revenue growth over the longer term.

About InfoSearch Media

InfoSearch Media (http://www.infosearchmedia.com) is a leading provider of proprietary website content and content-based, cost-effective search engine marketing services. InfoSearch maintains a network of approximately 200 professional writers that contribute to its online network of informative content (which can be found at www.articleinsider.com) leveraged to generate highly qualified search engine traffic for its clients. In addition, InfoSearch leverages our staff of writers to develop and sell or license custom content for use on its clients' websites. The Company also provides web analytic software and other tools to help online marketers analyze their site visitors and improve their return on investment. Currently there are over 4,500 clients receiving traffic from the Company's network of approximately 250,000 articles. InfoSearch Media's clients include Netflix, MatchNet, Pitney Bowes, and Price.com.

Safe Harbor Statement

Except for historical information, the matters discussed in this press release, in particular matters related to InfoSearch Media's future revenue are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The forward looking statements are identified through use of the words "potential," "anticipate," "expect," "planned" and other words of similar meaning. Such forward-looking statements involve risks and uncertainties that, if realized, could materially impair the Company's results of operations, business, and financial condition. These forward-looking statements may be affected by the risks and uncertainties inherent in the search engine market and in the Company's business including decreased demand for our products and services; flaws inherent in our products or services; intense competition; failure to maintain relationships with strategic partners and content providers, and general economic conditions, that could cause actual results to differ materially from those projected. This information is qualified in its entirety by cautionary statements and risk factor disclosures contained in the Company's reports filed with the Securities and Exchange Commission, copies of which are available at the website maintained by the SEC at http://www.sec.gov. InfoSearch Media assumes no obligation to update the forward-looking statements included in this press release.

 INFOSEARCH MEDIA, INC. BALANCE SHEET MARCH 31, 2005 (Unaudited) ASSETS CURRENT ASSETS: Cash $4,544,525 Accounts receivable 419,382 Due from related parties 25,000 Prepaid expenses and other current assets 190,265 TOTAL CURRENT ASSETS 5,179,172 EMPLOYEE ADVANCE 3,000 PROPERTY AND EQUIPMENT 334,620 CONTENT DEVELOPMENT 163,704 SECURITY DEPOSIT 37,500 $5,717,996 LIABILITIES AND STOCKHOLDERS' DEFICIT CURRENT LIABILITIES: Accounts payable and accrued expenses, payroll and taxes $310,272 Provision for income taxes 100,000 Current portion of deferred revenue 2,865,726 Provision for refunds payable 731,009 Current portion of capital lease obligations 32,117 TOTAL CURRENT LIABILITIES 4,039,124 CAPITAL LEASE OBLIGATIONS 42,654 DEFERRED REVENUE 4,663,137 STOCKHOLDERS' DEFICIT: Preferred stock, undesignated, par value $0.001 per share, 25,000,000 shares authorized; no shares issued and outstanding; Common stock, $0.001 par value, authorized 200,000,000 shares; issued and outstanding 33,830,275 33,831 Additional paid in capital 3,807,511 Accumulated deficit (6,868,261) TOTAL STOCKHOLDERS' DEFICIT (3,026,919) $5,717,996 INFOSEARCH MEDIA, INC. STATEMENTS OF OPERATIONS Three Months Ended March 31, 2005 2004 (Unaudited) (Unaudited) NET SALES $1,613,694 $509,442 COST OF SALES 231,395 294,299 GROSS PROFIT 1,382,299 215,143 COSTS AND EXPENSES: Selling expenses 466,328 394,374 General and administrative 1,160,978 414,937 TOTAL COSTS AND EXPENSES 1,627,306 809,311 LOSS FROM OPERATIONS (245,007) (594,168) INTEREST INCOME/EXPENSE 19,416 4,829 NET LOSS $(225,591) $(589,339) LOSS PER SHARE - BASIC AND DILUTED $(0.01) $(0.02) WEIGHTED AVERAGE NUMBER OF SHARES USED IN CALCULATION OF BASIC AND DILUTED LOSS PER SHARE 33,816,608 33,560,275 INFOSEARCH MEDIA, INC. STATEMENTS OF CASH FLOWS Three months ended March 31, 2005 2004 (Unaudited) (Unaudited) CASH FLOWS FROM OPERATING ACTIVITIES: Net loss $(225,591) $(598,997) Adjustments to reconcile net loss to net cash (used in) provided by operating activities: Depreciation and amortization 44,455 11,940 Stock based compensation 143,080 -- Changes in assets and liabilities: Accounts receivable (284,356) (151,868) Prepaid expenses and other current assets (141,209) 17,404 Accounts payable and accrued expenses (237,706) (116,571) Amounts refunded to customers (67,801) -- Deferred revenue 292,774 1,267,075 Total adjustments (250,763) 1,027,980 NET CASH (USED IN) AND PROVIDED BY OPERATING ACTIVITIES (476,354) 428,983 CASH FLOWS FROM INVESTING ACTIVITIES Capital expenditures - Fixed assets (78,493) (31,245) Capital expenditures - Content development (172,566) -- NET CASH USED IN INVESTING ACTIVITIES (251,059) (31,245) CASH FLOWS FROM FINANCING ACTIVITIES: Principal payments of capital lease obligations (7,888) (3,451) Loan to stockholders -- (117,502) Gross proceeds from private placement 3,699,868 -- Employee advances 1,000 -- Sale of common stock 250,000 -- NET CASH PROVIDED BY AND (USED IN) FINANCING ACTIVITIES 3,942,980 (120,953) NET INCREASE IN CASH 3,215,567 276,785 CASH - BEGINNING OF PERIOD 1,328,958 210,407 CASH - END OF PERIOD $4,544,525 $487,192 SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: Cash paid for interest $3,739 $4,829 Capital leases $90,348 $30,937

Source: InfoSearch Media, Inc.

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