April 29, 2004

Espotting Media today reported preliminary results for the calendar quarter ended March 31, 2004.

'We are delighted that Espotting has reached profitability and that we have had the most successful quarter in the Company's history' commented Daniel Ishag, CEO & Founder, Espotting Media. 'As we approach our merger with FindWhat.com, Espotting's performance is stronger than ever.'

Net revenues were over $30 million in the first calendar quarter of 2004, compared to approximately $18 million in the same period of 2003.

This represents a 67% growth in revenue. Espotting's results for the first calendar quarter of 2004 are preliminary results, prepared by Espotting's finance department. Espotting continues to finalise the audit of its March 2004 fiscal year. Espotting's fiscal 2003 results have been audited by Ernst & Young.

Espotting reached profitability in the first calendar quarter of 2004, for the first time.

Espotting's advertiser base grew by 14%. The number of active advertisers receiving targeted traffic from the Espotting Network was 22,700 in the first quarter 2004. This compares to 20,000 in the third calendar quarter of 2003.

Espotting's volume base of queries grew by 26% in the first calendar quarter of 2004, to nearly 4.3 billion, up from 3.4 billion in the fourth calendar quarter of 2003. The volume base of queries is the number of impressions where Espotting's listings can appear and thus represents the opportunity to reach potential customers.

Daniel Ishag, Espotting's CEO & Founder, has been short-listed as a finalist for Ernst & Young's London Entrepreneur of the Year Award. The award celebrates entrepreneurs who are building and leading successful, growing and dynamic businesses. Ernst & Young run a global awards programme, covering over 35 countries.

On February 10th 2004, Espotting announced its amended merger agreement with NASDAQ listed FindWhat.com (NASDAQ: FWHT). It is currently anticipated that on 2nd June 2004, the shareholders of Espotting, and on the 4th June 2004, the shareholders of FindWhat.com, will be meeting, independently, to vote on the merger.

Source: Espotting Media

        

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