SOURCE: FindEx.com, Inc.

April 18, 2007 09:00 ET

FindEx.com Announces Fiscal Year and Fourth Quarter 2006 Results

OMAHA NE -- (MARKET WIRE) -- April 18, 2007 --



OMAHA, Neb.--April 17, 2007--FindEx.com, Inc. (OTCBB: FIND) a leading software provider for Bible study and churches and non-profit organizations financial and data management, announced today its financial results of operations for the fiscal year ended December 31, 2006.

The company reports, for the three months ended December 31, 2006, gross revenues of approximately $1,352,000, a 14% decrease of $212,000 from the approximately $1,564,000 for the 2005 fourth quarter. For the year ended December 31, 2006, gross revenues were approximately $4,146,000, a 34% decrease compared to the approximate $6,309,000 it reported in 2005. The company reported income from operations of approximately $18,000 for the three months ended December 31, 2006, a $622,000 improvement from the approximately $604,000 loss from operations for the same period of 2005. For the years ended December 31, 2006 and 2005, the company reported losses from operations of approximately $1,052,000 and $1,062,000, respectively.

The company reported net income for three months ended December 31, 2006 of approximately $652,000, a $1,515,000 improvement compared to a net loss of approximately $863,000 for the 2005 fourth quarter. For the year ended December 31, 2006, the company reported net income of approximately $654,000, a $2,235,000 increase compared to the net loss of approximately $1,581,000 reported in 2005. During 2006 and 2005, the company reported non-recurring expenses related to certain registration rights penalties and legal expenses of approximately $53,000 and $625,000, respectively. In addition, included in its net income for fiscal year 2006, the company reported a gain from the fair-value adjustment of derivatives of approximately $1,536,000 and income tax benefits of approximately $293,000. For fiscal year 2005, the company reported a loss from the fair-value adjustment of derivatives of approximately $34,000 and income tax expense of approximately $51,000.

Full details of the company's financial condition are contained in its annual report on Form 10-KSB for the fiscal year ended December 31, 2006, filed on Edgar which is available at www.sec.gov.

Kirk Rowland, FindEx.com's Chief Financial Officer stated, "The decrease in our revenue was largely attributable to a delay in the release of one of our flagship products, Membership Plus. We normally release that product in January and experience significant upgrade and new user revenue throughout the year. In 2006, we did not release the product until the fourth quarter and we took a hit as a result. On a far more positive note, we have got our costs much more in line with our revenue and as a result, we were back to being profitable in the fourth quarter."

Steven Malone, FindEx.com's Chief Executive Officer commented, "In 2006 we continued to make progress in establishing the necessary financial discipline to more efficiently manage our business. Looking forward, we remain focused on building scale by introducing new products, as well as enhancing and upgrading our existing product lines. We believe this strategy will provide us with additional platforms for growth and, not only increase our market penetration, but also support our transition to long-term profitability."

About FindEx.com, Inc.

Findex.com, Inc. is focused on becoming the premier Bible study software provider. The company develops and publishes church and Bible study software products designed to simplify biblical research, streamline church office tasks, provide easy access to Bible-related stories, and enhance the user's understanding of the Bible. The company also publishes a product for the financial and data management of churches and non-profit service organizations. The company's one operating division called The Parsons Church Group was acquired in July 1999 from The Learning Company, a division of Mattel, Inc.

Key Products

The company's main product is QuickVerse, a Bible study search engine tool. Over 1,000,000 copies of QuickVerse have been sold since the product's conception. Significant and also growing in importance is the Membership Plus product, a Windows-based financial and data management product for churches and other non-profits. All products are available at the company's website www.quickverse.com.

This press release contains forward-looking information within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and is subject to the safe harbor created by those sections. This material contains statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. Such forward-looking statements by definition involve risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Findex to be materially different from the statements made herein. Among others, these risks include but are not limited to the following: (i) limited liquidity and capital resources; (ii) serious business competition, (iii) fluctuations in operating results may result in unexpected reductions in revenue and stock price volatility; (iv) delays in product releases and introductions may result in unexpected reductions in revenue and stock price volatility, and (v) errors or defects in products may cause a loss of market acceptance and result in fewer sales. These, as well as other risks are described in the company's annual report on Form 10-KSB for the year ended December 31, 2006.

Contact:

FindEx.com, Inc., Kirk Rowland, 1-402-333-1900





Copyright © Hugin ASA 2007. All rights reserved.

Contact Information