iForum Financial Network Inc.

iForum Financial Network Inc.

October 31, 2005 16:46 ET

iForum Announces Year End Results

MONTREAL, QUEBEC--(CCNMatthews - Oct. 31, 2005) - iForum Financial Network Inc. ("iForum") (TSX VENTURE:IFF) today announced its financial results for the year ended June 30, 2005.

For the year ended June 30, 2005 revenues totaled $11,459,727, compared to $11,515,991 for 2004. Total assets as at June 30, 2005 were $7,750,647, as compared to $8,171,595 for the previous year.

The Company realized operating earnings of $154,151 for the year ended June 30, 2005 compared to $929,747 in 2004. Net loss for the year ended June 30, 2005 was $429,819, compared to a net earning of $317,965 for 2004. Based on the weighted average number of shares outstanding of 18,722,670 as at June 30, 2005 (17,243,032 in 2004), basic and diluted loss per share was $0.023 compared to a basic and diluted earning per share of $0.018 in 2004.

For the three-months ended June 30, 2005 revenues were $3,014,124 versus $2,913,277 for the same period in 2004. Net loss for the three-month period ended June 30, 2005 was $355,926 versus a net loss of $61,061 in 2004.

Joseph Pettinicchio, CEO of iForum, said: "We are encouraged by the progress of our business. During the year, we strengthened our insurance division, increased our internal operations, and taken measures to ensure the successful implementation of our growth strategy. Strong progress was also made as iForum developed necessary strategic partnerships. In preparation for its strategic growth iForum in fiscal '05 attracted a $1.25 million financing from the Quorum Group of Companies, a highly experienced financial services investor. We continue to explore opportunities both in Quebec and Ontario and seek to increase our profile with the investing community."

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.

The TSX Venture Exchange has neither approved nor disapproved the information contained herein.

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