SOURCE: Innofone.com, Inc.

July 10, 2006 08:00 ET

Innofone.com Secures $50,000,000 of Equity Financing From Cogent

SANTA MONICA, CA -- (MARKET WIRE) -- July 10, 2006 -- Innofone.com, Inc., (OTCBB: INFN), the first public company to focus exclusively on the global market for IPv6 (also known as the New Internet), which includes opportunities for "Quadruple Play" (improved voice, video, data, and wireless) communications, announced today further explanation of its equity financing with Cogent Capital Investments LLC and Cogent Capital Financial LLC ("Cogent"). Innofone.com's goal is to become the leader in the New Internet market by developing and consolidating an array of IPv6-related products and services for governments and corporations around the world. The U.S. Federal Government and the U.S. Department of Defense have mandated transition to IPv6 by 2008. The Japanese Government estimates the total market size for IPv6-related products and services to total $1,550 billion dollars by 2010.

As of June 2, 2006, Cogent Capital Investments LLC completed an investment in Innofone.com of $50,000,000 in the form of U.S. Treasury Bonds ("Treasury Bonds"). The Treasury Bonds were delivered pursuant to a private placement of Innofone.com's Series A Preferred shares and common stock. Concurrent with this investment by Cogent, Innofone.com also entered into an equity swap with Cogent Capital Financial LLC in which Innofone.com posted the Treasury Bonds as collateral. Partial settlements of the equity swap and related releases of the collateral (together, the "Swap Settlements") commence 30 days subsequent to the effective date of a registration statement to be filed by Innofone.com in connection with certain common stock shares purchased by Cogent. Through the Swap Settlements, Innofone.com may sell a fixed percentage of the Treasury Bonds against a fixed reference price for Innofone.com common stock shares at any time thereafter, and use any cash proceeds from such sales for working capital purposes. Other terms and conditions are described in the Company's June 8, 2006 8-K filing and related Exhibits.

"We are very pleased to be an investor in Innofone.com, Inc.," noted Greg Kofford of Cogent. "We feel the transition to IPv6 -- a massive upgrade to the existing Internet -- offers Innofone.com good opportunities to benefit from its presence in this major emerging market. We are impressed with both Innofone.com's vision for this market and with the strong team they have assembled to address it."

Alex Lightman, Innofone.com Chairman & CEO, stated: "I am pleased to secure this investment from Cogent. This funding will allow Innofone.com to implement our business model at a much quicker pace. The transition from IPv4 to IPv6 is expected to create a rapid expansion of business opportunities, much as the existing Internet did in the late 1990s. As the first full-service pure-play company in the transition to IPv6, we are poised to capture a significantly higher percentage of the market than companies that enter at a later stage. We thus very much appreciate the significant and strategic support Innofone.com is receiving from Cogent Capital Investments LLC and Cogent Capital Financial LLC."

For more information on Cogent Capital Investments LLC and Cogent Capital Financial LLC, please visit www.cogent-capital.com.

About Innofone.com, Inc.

Innofone.com, Inc. (OTCBB: INFN), with its wholly owned subsidiary, IPv6 Summit, Inc., is currently the only public company to focus exclusively on Internet Protocol version 6 (IPv6). Innofone.com organizes world-class conferences and offers training, testing and consulting services and a broad range of products related to IPv6 for government and commercial customers, especially IT and wireless departments. For more information, see www.innofone.com and www.usipv6.com.

IPv6, also known as The New Internet, is a major upgrade to the existing Internet (Internet Protocol version 4, in service since 1973), and offers always-on security, high-quality TV-over-Internet and other important new features that will profoundly influence a broad range of consumer, commercial and military systems. The Office of Management and Budget (OMB) recently mandated IPv6 for use by the U.S. Federal Government, joining the U.S. Department of Defense, which has already started transitioning to the new format.

SAFE HARBOR ACT DISCLAIMER NOTICE

"SAFE HARBOR" STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995: The statements contained in this release which are not historical facts are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in or implied by forward-looking statements. These risks and uncertainties include the Company's entry into new commercial businesses, the risk of obtaining financing, recruiting and retaining qualified personnel, and other risks described in the Company's Securities and Exchange Commission filings. The forward-looking statements in this press release speak only as of the date hereof, and the Company disclaims any obligation to provide updates, revisions or amendments to any forward-looking statement to reflect changes in the Company's expectations or future events.

Contact Information

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