Tucows Inc. reports financial results for the fourth quarter and year ended 2007



    Company Reports Record Revenue of $74.6 Million For 2007

    TORONTO, Feb. 7 /CNW/ - Tucows Inc., (AMEX:  TCX, TSX:TC) a leading
provider of Internet services to web hosting companies and ISPs worldwide,
today announced its financial results for the fourth quarter and year ended
December 31, 2007. All figures are in U.S. dollars unless otherwise stated.
    "In 2007, we achieved record revenue, record adjusted net income,
continued strong cash flow generation from operations, and a record deferred
revenue balance," said Elliot Noss, President and CEO of Tucows. "We did all
of this while lowering our wholesale domain name pricing and rebuilding our
email systems."
    Noss continued, "In 2007, we introduced a number of initiatives,
including: the first wholesale premium domain name service, a new hosted email
service and a new advertising partner for our domain portfolio. We are
starting to see the favorable impact of these changes and expect to continue
to experience momentum in our major lines of business."
    "Tucows is entering 2008 energized and focused on divesting non-strategic
assets," said Noss. "With this focus and the recent changes we have made in
our business, we believe we will drive growth and increased profitability."

    
                          Summary Financial Results
         (Numbers in Thousands of US Dollars, Except Per Share Data)
    -------------------------------------------------------------------------
                          3 Months      3 Months     12 Months     12 Months
                             Ended         Ended         Ended         Ended
                       December 31,  December 31,  December 31,  December 31,
                              2007          2006          2007          2006
    -------------------------------------------------------------------------
    Net Revenue            $18,240       $17,199       $74,638       $65,029
    -------------------------------------------------------------------------
    EBITDA                     801         1,435         8,722         5,813
    -------------------------------------------------------------------------
    Adjusted Net Income        660         1,025         8,919         5,809
    -------------------------------------------------------------------------
    Net Income (loss)         (935)          156         2,676         2,160
    -------------------------------------------------------------------------
    Net Income/Share         (0.01)         0.00          0.04          0.03
    -------------------------------------------------------------------------
    Cash Flow from
     Operations             $2,680        $3,898        $8,468        $8,818
    -------------------------------------------------------------------------


                   Summary of Revenue and Cost of Revenue
                    (Numbers in Thousands of US Dollars)
    -------------------------------------------------------------------------
                                Revenue                  Cost of Revenue
    -------------------------------------------------------------------------
                      Three Months  Three Months  Three Months  Three Months
                             Ended         Ended         Ended         Ended
                       December 31,  December 31,  December 31,  December 31,
                              2007          2006          2007          2006
    -------------------------------------------------------------------------
    Traditional Domain
     Registration          $12,574       $11,646        $9,672        $8,373
    -------------------------------------------------------------------------
    Domain Portfolio           830           565           171           115
    -------------------------------------------------------------------------
    Email Services           1,675         2,057           259           306
    -------------------------------------------------------------------------
    Retail                   1,528         1,075           513           438
    -------------------------------------------------------------------------
    Other                    1,633         1,856           382           352
    -------------------------------------------------------------------------
    Total                  $18,240       $17,199       $10,997        $9,584
    -------------------------------------------------------------------------

    Note: For a complete comparison of revenue and cost of revenue by quarter
    for 2007 and 2006, please see chart preceding the financial statements.
    

    Net revenue for the fourth quarter of fiscal 2007 increased 6% to $18.2
million from $17.2 million for the fourth quarter of fiscal 2006.
    Adjusted Net Income for the fourth quarter of 2007 was $0.7 million,
compared to $1.0 million for the corresponding quarter of last year. Net loss
for the fourth quarter of 2007 was $0.9 million, or $0.01 per share, compared
with Net income of $0.2 million, or $0.00 per share, for the fourth quarter of
2006.
    Adjusted Net Income for the year ended December 31, 2007 increased by 54%
to $8.9 million from $5.8 million for the year ended December 31, 2006. Net
income for the year ended December 31, 2007 was $2.7 million, or $0.04 per
share, compared to $2.2 million, or $0.03 per share for the year ended
December 31, 2006.
    Deferred revenue at the end the fourth quarter of fiscal 2007 was $50.6
million, an increase of 12% from $45.1 million at the end of the fourth
quarter of fiscal 2006 and an increase of 2% from $49.8 million at the end of
the third quarter of fiscal 2007.
    Cash, short-term investments and restricted cash at the end of the fourth
quarter of fiscal 2007 was $8.1 million compared to $6.2 million at the end of
the third quarter of fiscal 2007 and $7.3 million at the end of the fourth
quarter of fiscal 2006. The increase compared to the end of the third quarter
of fiscal 2007 is primarily the result of the generation of cash flow from
operations of $2.7 million during the fourth quarter of fiscal 2007.

    EBITDA and Adjusted Net Income

    To assist financial statement users in their assessment of the Company's
historical performance and to project its future earnings and cash flows, the
Company has included earnings before interest, taxes, depreciation and
amortization (EBITDA). EBITDA is presented because it is an important
supplemental measure of performance frequently used by securities analysts,
investors and other interested parties in the evaluation of companies. Other
companies may calculate EBITDA differently. EBITDA is not a measurement of
financial performance under generally accepted accounting principles (GAAP)
and should not be considered as an alternative to cash flow from operating
activities or as a measure of liquidity or an alternative to Net Income as
indicators of operating performance or any other measures of performance
derived in accordance with (GAAP). Because EBITDA is calculated before
recurring cash charges, including interest expense and taxes, and is not
adjusted for capital expenditures or other recurring cash requirements of the
business, it should not be considered as a measure of discretionary cash
available to invest in the growth of the business. See the Consolidated
Statements of Cash Flows included in the attached financial statements. As a
non-GAAP performance measure, EBITDA, has certain material limitations as
follows:
    
    -   It does not include interest expense. Because the Company has
        borrowed money to finance some of its operations, interest is a
        necessary part of the Company's costs and ability to generate
        revenue. Therefore, any measure that excludes interest has material
        limitations;
    -   It does not include depreciation and amortization expense. Because
        the Company must utilize capital assets in order to generate
        revenues, depreciation and amortization expense is a necessary and
        ongoing part of the Company's costs. Therefore, any measure that
        excludes depreciation and amortization expense has material
        limitations; and,
    -   It does not include taxes. Because the payment of taxes is a
        necessary and ongoing part of the Company's operations, any measure
        that excludes taxes has material limitations.
    

    Management compensates for these limitations by considering the economic
effect of the excluded expense items independently as well as in connection
with its analysis of net earnings.
    Adjusted Net Income represents EBITDA plus the additional adjustments
described in the table below. The adjustments reflect the material amount of
cash collected by the Company for domain registrations and other Internet
services paid for the full term at the time of activation, with the revenue
deferred, net of prepaid fees. In addition, adjusted Net Income reflects
earnings and expenses considered as non-representative of ongoing business for
the reasons specified below. Each of the items being adjusted for may create
certain material limitations in the use of Adjusted Net Income as a non-GAAP
financial measure. Adjusted Net Income is one of the primary measures the
Company uses for planning and budgeting purposes, incentive compensation and
to monitor and evaluate Tucows' financial and operating results. Adjusted Net
Income is not a measurement of financial performance under GAAP and should not
be considered as an alternative to cash flow from operating activities or as a
measure of liquidity or an alternative to net income as indicators of
operating performance or any other measures of performance derived in
accordance with generally accepted accounting principles. See the Consolidated
Statements of Cash Flows included in the attached financial statements.

    This release may contain forward-looking statements, relating to the
Company's operations or to the environment in which it operates, which are
based on Tucows Inc.'s operations, estimates, forecasts and projections. These
statements are not guarantees of future performance and are subject to
important risks, uncertainties and assumptions concerning future conditions
that may ultimately prove to be inaccurate or differ materially from actual
future events or results. A number of important factors could cause actual
outcomes and results to differ materially from those expressed in these
forward-looking statements. Consequently, investors should not place undue
reliance on these forward-looking statements, which are based on Tucows Inc.'s
current expectations, estimates, projections, beliefs and assumptions. These
forward-looking statements speak only as of the date of this presentation and
are based upon the information available to Tucows Inc. at this time. Tucows
Inc. disclaims any intention or obligation to update or revise any forward-
looking statements, whether as a result of new information, future events or
otherwise.

    Conference Call

    Tucows will host a conference call today, Thursday, February 7, at
5:00 ET to discuss the Company's fourth quarter and year ended December 31,
2007 results. To access the conference call via the internet go to
about.tucows.com and click on "Investors."
    For those unable to participate in the conference call at the scheduled
time, it will be archived for replay both by telephone and via the Internet
beginning approximately one hour following completion of the call. To access
the archived conference call by telephone, dial 416-640-1917 or 1-877-289-8525
and enter the pass code 21261362 followed by the pound key. The telephone
replay will be available until Thursday, February 14, 2008 at midnight. To
access the archived conference call via the Internet, go to
http://about.tucows.com and click on "Investors."

    About Tucows

    Tucows provides Internet services for hosting companies and ISPs. Through
our global network of over 9,000 service providers we provide millions of
email boxes and manage over eight million domains. Tucows is an accredited
registrar with ICANN (the Internet Corporation for Assigned Names and
Numbers). Tucows.com remains one of the most popular software download sites
on the Internet. For more information please visit: http://about.tucows.com.


    
                                 Tucows Inc.
                     Summary Revenue and Cost of Revenue
                       (Dollar amounts in U.S.$000's)
                                 (unaudited)

                            3 Months  3 Months  3 Months  3 Months      Year
                               Ended     Ended     Ended     Ended     Ended
                              Mar 31,   Jun 30,   Sep 30,   Dec 31,   Dec 31,
                                2007      2007      2007      2007      2007
                            -------------------------------------------------
    Revenues
      Traditional Domain
       Registration          $11,901   $12,274   $12,332   $12,574   $49,081
      Premium Domain Revenue     637     3,606       538       830     5,611
      Messaging                2,133     1,881     1,771     1,675     7,460
      Retail                   1,207     1,208     1,462     1,528     5,405
      Other                    1,893     1,846     1,709     1,633     7,081
                            -------------------------------------------------
    TOTAL - Revenues         $17,771   $20,815   $17,812   $18,240   $74,638
                            -------------------------------------------------

    Cost of revenues
      Traditional Domain
       Registration           $8,731    $9,110    $9,159    $9,672   $36,672
      Premium Domain Revenue     100       158       161       171       590
      Messaging                  247       253       197       259       956
      Retail                     405       417       441       513     1,776
      Other                      366       369       373       382     1,490
                            -------------------------------------------------
    TOTAL - Cost of
     revenues                 $9,849   $10,307   $10,331   $10,997   $41,484
                            -------------------------------------------------


                            3 Months  3 Months  3 Months  3 Months      Year
                               Ended     Ended     Ended     Ended     Ended
                              Mar 31,   Jun 30,   Sep 30,   Dec 31,   Dec 31,
                                2006      2006      2006      2006      2006
                            -------------------------------------------------
    Revenues
      Traditional Domain
       Registration          $10,667   $10,559   $11,272   $11,646   $44,144
      Premium Domain Revenue      55       236       538       565     1,394
      Messaging                1,907     2,067     2,151     2,057     8,182
      Retail                     948       936     1,043     1,075     4,002
      Other                    1,710     1,881     1,860     1,856     7,307
                            -------------------------------------------------
    TOTAL - Revenues         $15,287   $15,679   $16,864   $17,199   $65,029
                            -------------------------------------------------

    Cost of revenues
      Traditional Domain
       Registration           $7,673    $7,492    $8,034    $8,373   $31,572
      Premium Domain Revenue       2        17        36       115       170
      Messaging                  255       311       307       306     1,179
      Retail                     332       353       476       438     1,599
      Other                      345       347       345       352     1,389
                            -------------------------------------------------
    TOTAL - Cost of revenues  $8,607    $8,520    $9,198    $9,584   $35,909
                            -------------------------------------------------



                                 Tucows Inc.
                         Consolidated Balance Sheets
                       (Dollar amounts in U.S. dollars)
                                 (unaudited)

                                                   December 31,  December 31,
                                                       2007          2006
                                                  ------------- -------------
    Assets

    Current assets:
      Cash and cash equivalents                   $  8,093,476  $  6,256,392
      Restricted cash                                        -     1,019,423
      Accounts receivable                            3,422,180     2,969,997
      Prepaid expenses and deposits                  3,132,129     2,394,627
      Prepaid domain name registry and other
       Internet services fees, current portion      25,473,465    22,168,558
      Cash held in escrow                            1,070,632             -
      Deferred tax asset, current portion            2,000,000     1,000,000
                                                  ------------- -------------
        Total current assets                        43,191,882    35,808,997

    Prepaid domain name registry and other
     Internet services fees, long-term portion      10,765,862     9,511,341
    Property and equipment                           4,963,311     5,647,532
    Deferred financing charges                         128,200             -
    Deferred tax asset, long-term portion            1,000,000     2,000,000
    Intangible assets                               22,150,738    18,554,436
    Goodwill                                        17,490,807    12,094,817
    Investment                                         353,737       353,737
    Cash held in escrow                                      -       694,579
                                                  ------------- -------------
      Total assets                                $100,044,537  $ 84,665,439
                                                  ------------- -------------
                                                  ------------- -------------

    Liabilities and Stockholders' Equity

    Current liabilities:
      Accounts payable                            $  2,689,346  $  2,867,814
      Accrued liabilities                            3,289,087     2,567,012
      Customer deposits                              3,267,784     3,144,119
      Promissory note payable, current portion       6,000,000             -
      Loan payable, current portion                  1,914,242             -
      Deferred revenue, current portion             35,465,584    31,658,081
      Accreditation fees payable, current portion      483,090       847,325
                                                  ------------- -------------
        Total current liabilities                   53,109,133    41,084,351

    Deferred revenue, long-term portion             15,147,644    13,478,525
    Accreditation fees payable, long-term portion      181,345       163,988
    Promissory note payable, long-term portion               -     6,000,000
    Loan payable, long-term portion                  6,859,366             -
    Deferred tax liability                           5,396,000     5,396,000

    Stockholders' equity:
      Preferred stock - no par value,
       1,250,000 shares authorized; none issued
       and outstanding                                       -             -
      Common stock - no par value, 250,000,000 shares
       authorized; 73,888,542 shares issued and
       outstanding at December 31, 2007 and
      75,978,502 shares issued and outstanding at
      December 31, 2006                             15,350,915    15,395,381
      Additional paid-in capital                    48,537,313    50,359,906
      Deficit                                      (44,537,179)  (47,212,712)
                                                  ------------- -------------
        Total stockholders' equity                  19,351,049    18,542,575
                                                  ------------- -------------
    Total liabilities and stockholders' equity    $100,044,537  $ 84,665,439
                                                  ------------- -------------
                                                  ------------- -------------



                                 Tucows Inc.
                    Consolidated Statements of Operations
                       (Dollar amounts in U.S. dollars)
                                 (unaudited)

                   Three months ended December 31,  Year ended December 31,
                           2007          2006          2007          2006
                      ------------- ------------- ------------- -------------

    Net revenues      $ 18,240,184  $ 17,199,194  $ 74,638,196  $ 65,029,490

    Cost of revenues:
      Cost of
       revenues(*)      13,040,271    11,076,018    48,742,915    41,534,963
      Depreciation of
       property and
       equipment           947,274       865,937     3,738,324     2,755,736
      Amortization of
       intangible assets    92,700        63,540       302,832       207,168
                      ------------- ------------- ------------- -------------
        Total cost of
         revenues       14,080,245    12,005,495    52,784,071    44,497,867
                      ------------- ------------- ------------- -------------

    Gross profit         4,159,939     5,193,699    21,854,125    20,531,623

    Expenses:
      Sales and
       marketing(*)      1,808,801     1,247,510     6,345,999     5,985,907
      Technical
       operations and
       development(*)    1,422,012     1,816,264     6,710,841     8,152,138
      General and
       administrative(*) 1,168,285     1,624,594     4,735,132     5,890,123
      Depreciation of
       property and
       equipment            64,994        98,015       263,101       223,131
      Amortization of
       intangible assets   396,041       233,301     1,174,864       669,476
                      ------------- ------------- ------------- -------------
        Total expenses   4,860,133     5,019,684    19,229,937    20,920,775
                      ------------- ------------- ------------- -------------

    Income (loss) from
     operations           (700,194)      174,015     2,624,188      (389,152)

    Other income
     (expenses):
      Interest income
       (expense), net     (222,531)      (24,731)     (516,853)      110,525
      Other income, net          -             -       619,014     2,347,026
                      ------------- ------------- ------------- -------------
        Total other
         income (expense) (222,531)      (24,731)      102,161     2,457,551
                      ------------- ------------- ------------- -------------

    Income before
     provision for
     income taxes         (922,725)      149,284     2,726,349     2,068,399

    Provision for
     income taxes           12,000        (7,140)       50,816       (92,035)
                      ------------- ------------- ------------- -------------
    Net income (loss)
     for the period   $   (934,725) $    156,424  $  2,675,533  $  2,160,434
                      ------------- ------------- ------------- -------------
                      ------------- ------------- ------------- -------------

    Basic earnings
     per common share $      (0.01) $       0.00  $       0.04  $       0.03
                      ------------- ------------- ------------- -------------
                      ------------- ------------- ------------- -------------

    Shares used in
     computing basic
     earnings per
     common share       73,805,296    75,856,208    74,361,470    74,032,830
                      ------------- ------------- ------------- -------------
                      ------------- ------------- ------------- -------------

    Diluted earnings
     per common share $      (0.01) $       0.00  $       0.03  $       0.03
                      ------------- ------------- ------------- -------------
                      ------------- ------------- ------------- -------------

    Shares used in
     computing diluted
     earnings per
     common share       75,990,226    78,186,255    77,046,519    76,489,381
                      ------------- ------------- ------------- -------------
                      ------------- ------------- ------------- -------------


    (*)Stock-based
     compensation has
     been included in
     expenses as
     follows:
        Cost of
         revenues     $      4,000  $      2,000  $     15,000  $      9,700
        Sales and
         marketing    $     19,100  $     14,100  $     80,200  $     64,900
        Technical
         operations
         and
         development  $     16,500  $     19,400  $     78,800  $     91,700
        General and
         administra-
         tive         $     29,500  $     52,540  $    147,600  $    131,740



                                 Tucows Inc.
               Reconciliation of EBITDA and Adjusted Net Income
                       (Dollar amounts in U.S. dollars)
                                 (unaudited)

                    Three months ended December 31,  Year ended December 31,
                           2007          2006          2007          2006
                      ------------- ------------- ------------- -------------

    Net income (loss)
     for the period   $   (934,725) $    156,424  $  2,675,533  $  2,160,434
      Depreciation of
       property and
       equipment         1,012,268       963,952     4,001,425     2,978,867
      Amortization of
       intangible assets   488,741       296,841     1,477,696       876,644
      Interest income
       (expense), net      222,531        24,731       516,853      (110,525)
      Provision for
       income taxes         12,000        (7,140)       50,816       (92,035)
                      ------------- ------------- ------------- -------------
    EBITDA                 800,815     1,434,808     8,722,323     5,813,385
                      ------------- ------------- ------------- -------------

    Adjustments to
     EBITDA(1)
      Change in prepaid
       domain name
       registry and
       other Internet
       services fees    (1,010,927)     (572,163)   (4,559,427)   (5,801,972)
      Change in
       deferred revenue    765,306       400,162     5,476,621     7,102,935
      Dividend income            -             -      (619,014)            -
      Transitional costs   105,209             -       349,545     1,278,842
      Other income               -             -             -    (2,347,026)
      Reversal of
       contingencies             -      (237,500)     (451,249)     (237,500)
                      ------------- ------------- ------------- -------------
    Subtotal Adjustments
     to EBITDA            (140,412)     (409,501)      196,476        (4,721)
                      ------------- ------------- ------------- -------------

    Adjusted Net
     Income           $    660,403  $  1,025,307  $  8,918,799  $  5,808,664
                      ------------- ------------- ------------- -------------
                      ------------- ------------- ------------- -------------

    (1) Adjustments to EBITDA

    We define Adjusted EBITDA as net income adjusted for depreciation,
    amortization, interest, taxes and further adjusted for certain cash and
    non-cash charges.

    The net amount of cash we collected for domain registrations and other
    Internet services paid for the full term at the time of activation and
    deferred amounted to $917,194 for the year ended December 31, 2007
    compared to $1,300,963 for the year ended December 31, 2006.

    For the three and twelve months ended December 31, 2007, we incurred
    $105,209 and $349,545 of transitional costs in connection with our
    acquisition of Innerwise Inc., respectively

    For the year ended December 31, 2006, we incurred $1.3 million of
    transitional costs in connection with our acquisition of the Hosted
    Messaging assets of Critical Path. In addition, during the year ended
    December 31, 2006, we received $2.3 million in connection with
    settlements related to patents we acquired in the merger with Infonautics
    in 2001.



                                 Tucows Inc.
                    Consolidated Statements of Cash Flows
                       (Dollar amounts in U.S. dollars)
                                 (unaudited)

                   Three months ended December 31,   Year ended December 31,
                           2007          2006          2007          2006

    Cash provided by
     (used in):
    Operating
     activities:
      Net income for
       the period     $   (934,725) $    156,424  $  2,675,533  $  2,160,434
      Items not
       involving cash:
        Depreciation
         of property
         and equipment   1,012,268       963,952     4,001,425     2,978,867
        Amortization of
         intangible
         assets            488,741       296,841     1,477,696       876,644
        Unrealized change
         in the fair
         value of forward
         exchange
         contracts         666,861       625,487      (497,253)      574,762
        Stock-based
         compensation       69,100        88,040       321,600       298,040
      Change in non-cash
       operating working
       capital:
        Interest receivable      -             -             -        39,574
        Accounts
         receivable        549,770     2,787,229      (425,959)   (1,475,715)
        Prepaid expenses
         and deposits     (323,705)     (225,711)     (485,374)      141,897

        Prepaid fees for
         domain name
         registry and
         other Internet
         services fees  (1,010,927)     (572,163)   (4,559,427)   (5,801,972)
        Deferred
         financing
         charges            14,400             -      (128,200)            -
        Accounts payable   839,356      (111,467)      (67,268)      745,581
        Accrued
         liabilities       250,812    (1,158,124)      902,001        44,828
        Customer
         deposits          289,225       292,691       123,665       867,482
        Deferred revenue   765,306       400,162     5,476,621     7,102,935
        Accreditation
         fees payable        3,405       354,150      (346,878)      264,716
                      ------------- ------------- ------------- -------------

      Cash provided by
       operating
       activities        2,679,887     3,897,511     8,468,182     8,818,073
                      ------------- ------------- ------------- -------------

    Financing activities:
      Proceeds received
       on exercise of
       stock options        54,040       107,648       258,295       206,608
      Repurchase of shares       -             -    (2,446,955)            -
      Repayment of promissory
       note payable              -             -             -    (2,122,930)
      Proceeds received on
       loan payable, net
       of repayments      (478,561)            -     8,773,608             -
                      ------------- ------------- ------------- -------------

      Cash provided by
       (used in) financing
       activities         (424,521)      107,648     6,584,948    (1,916,322)
                      ------------- ------------- ------------- -------------

    Investing activities:
      Cost of domain
       names acquired       (5,573)            -       (23,998)            -
      Additions to
       property and
       equipment          (315,037)     (528,525)   (3,408,403)   (4,607,774)
      Decrease in
       investment in
       short-term
       investments               -             -             -     1,771,569
      Decrease (increase)
       in restricted cash
       - being margin
       security against
       forward exchange
       contracts           255,000      (756,588)    1,019,423      (959,423)
      Acquisition of
       Mailbank.com Inc.,
       net of cash acquired      -             -             -    (6,486,732)
      Acquisition of Hosted
       Messaging Assets
       from Critical Path
       Inc., net of
       cash acquired             -       (95,532)      (90,050)   (7,552,320)
      Acquisition of
       Boardtown Corporation,
       net of cash acquired      -       (22,200)       (4,900)      (44,900)
      Acquisition of
       Innerwise Inc., net
       of cash acquired          -             -   (10,332,065)            -
      (Increase) decrease
       in cash held
       in escrow           (12,012)      107,145      (376,053)     (113,867)
                      ------------- ------------- ------------- -------------

    Cash used in
     investing
     activities            (77,622)   (1,295,700)  (13,216,046)  (17,993,447)
                      ------------- ------------- ------------- -------------

    Increase (decrease)
     in cash and
     cash equivalents    2,177,744     2,709,459     1,837,084   (11,091,696)
    Cash and cash
     equivalents,
     beginning of
     period              5,915,732     3,546,933     6,256,392    17,348,088
                      ------------- ------------- ------------- -------------
    Cash and cash
     equivalents,
     end of period    $  8,093,476  $  6,256,392  $  8,093,476  $  6,256,392
                      ------------- ------------- ------------- -------------
                      ------------- ------------- ------------- -------------

    Supplemental cash
     flow information:
    Interest paid     $    299,895  $    105,000  $    784,263  $    254,502

    Supplementary
     disclosure of
     non-cash investing
     activity:
      Capital assets
       acquired during
       the period not
       yet paid for   $    273,070  $    384,270  $    273,070  $    384,270
      Loan taken on
       the acquisition
       of Innerwise
       Inc.           $  9,571,209  $          -  $  9,571,209  $          -
    





For further information:

For further information: Leona Hobbs, Director, Communications, Tucows
Inc., (416) 538-5450, ir@tucows.com; Charles Messman, President, MKR Group,
(323) 468-2300, tcx@mkr-group.com

Organization Profile

Tucows Inc.

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