Ivrnet Reports on Expansion and Revenue Growth in 2008



    
    (TSX Venture Exchange: "IVI")
    Issued Common Shares: 28,174,167
    

    CALGARY, May 4 /CNW/ - Ivrnet Inc., (TSX-V: IVI), is pleased to report
its financial results for the year ended December 31, 2008. Over the course of
2008, the Company focused its attention on the pursuit of a number of
objectives, substantially all of which have been achieved. These milestones
included the following:

    
    -  The acquisition of 1stLine Communications, a Telecommunications
       brokerage that services 500 business clients, concurrently providing
       Ivrnet with a foundation upon which to build a direct sales force;

    -  The establishment of a North American agent/reseller program opening
       new markets and opportunities for customer base diversification;

    -  Additions of $347,866 to capital assets, including $246,000 in
       computers and new software, to better ensure Ivrnet's continuing
       market competitiveness;

    -  The integration of new fiber-optic infrastructure, resulting in a 15
       fold increase in network capacity, enhanced efficiency, and higher
       performance.
    

    As a consequence of these and other measures, and despite the broad
economic downturn in the second half of 2008, revenues for the year at
$2,284,086, were up 11% over revenues of $2,065,093 in 2007. Improvements in
infrastructure, technology, and the utilization of third party services, made
it possible to reduce cost of sales in 2008 to $502,659 from $580,052 in 2007,
notwithstanding the higher revenues. Expenses grew in 2008 to $1,900,985,
compared to $1,691,864 in the preceding year, this representing a 30%
increase. This was largely attributable to investments in new staffing, and
higher amortization costs on property and equipment. The net loss in 2008 was
$119,558, compared to a loss of $206,823 for 2007, a 42 percent year over year
reduction.

    
    Summary of Operating Results

    Year ended December 31                    2008         2007         2006
    -------------------------------------------------------------------------

    Total revenues ($ CDN)               2,284,086    2,065,093    1,295,133

    Cost of Sales                         (502,659)    (580,052)    (277,313)

    Gross margin                         1,781,427    1,485,041    1,017,820

    General, administrative,
     marketing and research expenses    (1,565,564)  (1,465,316)    (923,059)

    Earnings Before Interest
     Depreciation and Amortization(1)      215,863       19,725       94,761

    Net Income (loss)                     (119,558)    (206,823)    (100,782)

    Net Income (loss) per share (basic
     and diluted)                            (0.00)       (0.00)       (0.00)

    Total assets                           995,573    1,122,458      679,225
    -------------------------------------------------------------------------

    1) EBITDA is defined as earnings before interest, taxes, depreciation and
    amortization. EBITDA is not a recognized measure under Canadian generally
    accepted accounting principles. Management believes however that EBITDA
    is a useful supplementary measure as it provides indication of the
    results of Ivrnet's business operations without regard to how these
    activities were financed or how these results were taxed. Ivrnet's method
    of calculating EBITDA may differ from that of other companies, and
    accordingly, EBITDA may not be directly comparable to measures used by
    other companies.
    

    Dave Snell, Ivrnet's President and CEO stated, "We still have much to
accomplish, particularly with respect to the establishment of sustainable
profitability. But we are pleased with the progress achieved in 2008, across a
broad range of performance, technology, market penetration indicators.
Additionally, we believe that the new investments in infrastructure, software,
and marketing personnel, have positioned the Company for stronger growth in
future reporting periods."
    A more complete analysis of the Company's 2008 financial results can be
found by visiting www.sedar.ca.

    About Ivrnet Inc. - Ivrnet is a communications company that develops and
operates intelligent software applications, delivered through the traditional
phone network and the Internet. These applications facilitate automated
interaction: personalized communication between people; mass communication for
disseminating information to thousands of people concurrently; and
personalized communication between people and automated systems. Ivrnet's
applications are accessible through nearly any form of communication
technology, at anytime from anywhere in North America via voice, phone, fax,
email, texting and the Internet.

    
    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this release. This
    information release may contain certain forward-looking information.
    Actual future results may differ materially from those contemplated. The
    risks, uncertainties and other factors that could influence the actual
    results are described in documents filed with regulatory authorities.
    

    %SEDAR: 00013393E




For further information:

For further information: please visit our website at www.ivrnet.com, or
contact: David L. Snell, Ivrnet Inc., President, (403) 538-4540, email:
d.snell@ivrnet.com

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