iForum Financial Network Inc.

iForum Financial Network Inc.

March 01, 2005 15:32 ET

iForum Announces Second Quarter Results


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: IFORUM FINANCIAL NETWORK INC.

TSX VENTURE SYMBOL: IFF

MARCH 1, 2005 - 15:32 ET

iForum Announces Second Quarter Results

MONTREAL, QUEBEC--(CCNMatthews - March 1, 2005) - iForum Financial
Network Inc. ("iForum") (TSX VENTURE:IFF) today announced its financial
results for the second quarter ended December 31, 2004.

Revenues for the six-month period ended December 31, 2004 were
$5,261,961 compared to $4,520,627 for the same period in 2003. Net loss
for the six-month period was $ 141,306 or a loss per share of $0.0077,
as compared to net earnings of $36,866 or earnings per share of $0.0023
for the same period in 2003.

For the three-month period ended December 31, 2004, revenues were
$2,866,235 as compared to $2,340,412 for the same period in 2003. For
the second quarter, the net loss was $ 118,077 or a loss per share of
0.0064 per share, as compared to net earnings of $75,575 or $0.0046 per
share for the same period last year.

Joseph Pettinicchio, CEO of iForum stated: "Although we had an increase
in revenue, the second quarter was a slower than expected quarter.
Management continues to examine ways to improve operationally and
strategically to better the bottom line."

The principal business and purpose of iForum is the management of
financial services firms including mutual funds, insurance and
securities brokerage, which operate under the name of iForum™, an
independent network of financial advisors in Canada. iForum is listed
under the stock trading symbol IFF on the TSX Venture Exchange. For
more information, visit www.iforumnetwork.com.

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Source:
    Joseph Pettinicchio, CEO
    or
    General Information:
    Kelly Leonard
    (514) 762-2526
    (514) 762-6535 (FAX)
    kleonard@iforum.ca
    The TSX Venture Exchange has neither approved nor disapproved the
    information contained herein.