Ivrnet Reports on Expansion and Revenue Growth in 2008

CALGARY, May 04 – 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.

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, and 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.

For Additional 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

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.