Fireswirl Technologies Inc.
TSX VENTURE : FSW

Fireswirl Technologies Inc.

April 29, 2009 16:10 ET

Fireswirl Announces Audited Annual Financial Results for Fiscal 2008

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 29, 2009) - Fireswirl Technologies Inc. (TSX VENTURE:FSW), "the Company", is pleased to announce its audited annual financial results for the twelve months ended December 31, 2008. All figures are quoted in Canadian dollars. Financial statements and accompanying MD&A are available on SEDAR.

Financial Highlights and Milestones for 2008:

- Total revenue increased to $324,201 for the year ended December 31, 2008 compared to $40,382 for the year ended December 31, 2007, representing an increase of 703%. The increase was mainly due to the sales revenue generated by the handset trading business in China.

- As of December 31, 2008 the Company had cash and cash equivalents of $2,226,544 compared to $4,248,211 at December 31, 2007, representing a decrease of 48%. As of December 31, 2008, the Company had working capital of $2,202,225 compared to $4,063,827 at December 31, 2007, representing a decrease of 46%. The Company had no long term debt as of December 31, 2008 and December 31, 2007.

- The Company reported a loss of $3,086,353 for the year ended December 31, 2008 compared to a loss of $2,022,188 for the same period of 2007, representing an increase in loss of 53%. This is also mainly due to the impairment loss recorded in 2008 of $1,353,056 and the fact that software development cost was capitalized as a development cost in 2007.

- Appointed two new directors, Ji H.Yoon and James C. Borkowski, to fill vacancies on the board.

- Completed agreements with Beijing Xing Chang Xin Technologies Development Limited ("iMobile"). The agreements between Fireswirl Technologies (Shenzhen) Limited (" FTSL") and iMobile encompass online sales of mobile handsets in the PRC through websites operated by iMobile. FTSL will also provide up to 3,330,000 RMB (approximately Cdn $487,000) of secured inventory financing and share profits with iMobile in the handset sales. FTSL's initial order with iMobile was placed July 8th, 2008 for 2.7Mil RMB. Furthermore, through a strategic alliance agreement, iMobile will make their database and membership available to FTSL to market mobile devices and telecommunication value-added services, for an initial term of two years with yearly renewal contemplated thereafter.

- Signed a three year license agreement on August 22, 2008 (the "Software License") with Intelimax Media Inc. ("IMI") relating to Fireswirl Systems Inc. ("FSI") gaming and entertainment software. The Software License granted to IMI entitles FSI to share in the revenue derived by IMI and any of its sub-licensees from the related uses of the software to an amount equal to 10% of IMI's gross revenues for the first 18 months, and 20% during the remainder of the term of the Software License to a cumulative maximum of $1,100,000.

- Acquired a 21% interest in Chinese pushmail integrator of Beijing Tysen Xieli Technology Co. Ltd ("Tysen"), a limited liability company incorporated under the laws of the People's Republic of China, in November, 2008. Fireswirl Technologies (Shenzhen) Co. Ltd. ("FTSCL") total investment in Tysen is 3.5 million RMB (approximately Cdn $625,000) consisting of 1.4 million RMB (approximately Cdn $250,000) paid to the existing shareholders (subject to milestones) and 2.1 million RMB (approximately Cdn $375,000) invested to Tysen for working capital. Tysen is an integrator of a push e-mail and mobile messaging software that has entered into a collaboration agreement with China Unicom Shanghai.

- Announced the resignation of Dale Peterson and CEO and President of the Company and appointment of Tony Lau (an existing officer and director of the Company) as Chief Executive Officer and Ji Yoon (an existing director) as Interim Chief Financial Officer on December 15, 2008.

- Subsequent to December 31, 2008, appointed Victor Choy as Chief Operating Officer, who had been previously acting in a consulting capacity, on January 2, 2009.

- Subsequent to December 31, 2008, entered into an agreement with JCs China Co. Ltd. ("JCs") and Fine Support Co. Ltd. ("Fine Support") on January 19, 2009 whereby FTSCL, through JCs, was granted exclusive rights for exploitation of Fine Support's content and User Interface technology for the telecommunication industry of Greater China consisting of China, Taiwan, Hong Kong, and Macau. Fine Support is a Japanese registered company. JCs is a registered company in the Peoples Republic of China and is the sole distributor of Fine Support's products in China.

"We are making great headway in the China markets by working with established partners including incumbent wireless carriers and market leaders in specific verticals," states Tony Lau, CEO. "Our momentum continues to grow as indicated by our revenue growth, representing an increase of 703%. The management will continue to execute our long-term business plan in China, which is the fastest-growing major economy in the world."

About Fireswirl

Fireswirl Technologies Inc. (TSX VENTURE:FSW) is focused on creating transactional revenue by engineering electronic and mobile commerce solutions for content providers. The Company's technology has broad applications for solutions requiring multiple payment interfaces, multicurrency and multi-language capabilities. Our solutions can be adapted to any industry seeking high volume or micro-payment solutions involving a wide base of users through internet or wireless applications.

This news release contains certain forward-looking statements that reflect the current views and/or expectations of Fireswirl Technologies Inc. with respect to its performance, business and future events. Investors are cautioned that all forward-looking statements involve risks and uncertainties including, without limitation, those relating to changes in the market, potential downturns in economic conditions, foreign exchange fluctuations, general demand, competition and our ability to implement our business plans and strategies in a timely manner or at all. These risks, as well as others, could cause actual results and events to vary significantly. Fireswirl Technologies Inc. does not undertake any obligations to release publicly any revisions for updating any voluntary forward-looking statements.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or the accuracy of this release.

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