Fireswirl Technologies Inc.
TSX VENTURE : FSW

Fireswirl Technologies Inc.

April 17, 2008 15:00 ET

Fireswirl Announces Financial Results for Fiscal 2007

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 17, 2008) - Fireswirl Technologies Inc. (TSX VENTURE:FSW), "the Company", today announced its audited annual financial results for the twelve month period ended December 31, 2007. All figures are quoted in Canadian dollars. Financial statements and accompanying MD&A are available on SEDAR.

- Total revenues decreased to $40,382 for the year ended December 31, 2007 compared to $641,396 for the year ended December 31, 2006. The reduction in revenues reflected management initiatives undertaken in 2006 adjusting to the regulatory changes affecting its products and target markets.

- Net loss was $2,022,188 ($.08 loss per share) for the year ending December 31, 2007 as compared to a net loss of $855,791 ($.05 loss per share) for the same period in 2006. The loss in fiscal 2007 includes $783,511 of non-cash and non-recurring items consisting of amortization $23,883, stock based compensation $312,928, and a one time loss of $446,700 relating to impairment of software development costs.

- As at December 31, 2007 the Company had working capital of $4,063,826 and no debt.

2007 was a developmental year for the Company requiring alignment to our product and target markets. Our going forward model surrounds involvement with high traffic "internet or mobile phone" corridors that can be monetized through advertisers or databases. The Company also developed an infrastructure in China for trading mobile devices which will be pursued in 2008. The Company remains committed to its strategies in North America and Asia with the following project updates:

- In February 2008, beta testing of the Company's 3G content and platform was completed with Hutchison Telephone Company Limited ("HT"). The Company recently syndicated its 3G content to Hong Kong under a "content provider agreement" with HT who in conjunction with the Company are developing promotion strategies to increase usage.

- In March 2008, the Company launched a play for free poker website (www.chipsnchat.com) whereby contestants can earn points, socialize through a chat feature, and compete in tournaments. The site has grown to over 25,000 members with over 2,500 daily users. The Company is investing in marketing programs to promote this site with a view of attracting sponsors or advertisers.

- In March 2008, the Company launched a website (www.cathayhub.com) catering to English and Chinese users, containing comprehensive and relevant information about starting or conducting business in China. Revenues are expected from memberships with marketing commencing in Q2 2008.

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, multi-currency 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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