SOURCE: Web2 Corp.

August 14, 2007 09:25 ET

Web2 Corp 10 Q Statement Released

Company Transitions to Sales Phase Ahead of Schedule, Q4 2007 Projected

ORLANDO, FL--(Marketwire - August 14, 2007) - Web2 Corp. (OTCBB: WBTO) today announced that net revenues for the six months ended June 30, 2007 were $349,786, as compared to net revenues of $263,064 for the six months ended June 30, 2006. The company's net loss for the six months ended June 30, 2007 was $1,278,187, as compared to $814,899 for the six months ended June 30, 2006.

Net revenues were $256,398 for the three months ended June 30, 2007, as compared to net revenues of $182,531 for the three months ended June 30, 2006. The company's net loss for the three months ended June 30, 2007 was $700,437, as compared to $445,651 for the three months ended June 30, 2006.

During the six months ended June 30, 2007, an aggregate of $2,576,250 of indebtedness to stockholders and affiliates (including accrued interest) was converted into 17,175,000 shares of common stock of the Company. At June 30, 2007, the company's indebtedness to stockholders and affiliates was $2,001,198, as compared to $2,914,361 at December 31, 2006.

"Web2 Corp has recently completed development of its principal products, ByIndia.com and the Chamber of E-Commerce," said William Mobley, CEO and Chairman of Web2 Corp. "We are now transitioning them to final launch. The company has already begun implementation of our sales infrastructure which moved up the date that we expected to generate revenue from Q1 2008 to Q4 2007. Our client revenues are up more than 30% compared to last year; we have acquired an interest in a very promising web property in Yougetit.com, and we have made great progress dramatically reducing our debt. These are all positive and necessary steps in turning the corner from a development company to a sales-based operating entity, and we are excited to be moving forward ahead of schedule."

About Web2 Corp.

Web2 Corp (OTCBB: WBTO) is one of the world's fastest growing new media Internet conglomerates with properties ChamberEcommerce.com, ByIndia.com, Web1000.com and YouGetIt.com. As a Web 2.0 internet technology development firm it is dedicated to rapid creation and adaptation of technologies. Web2 Corp addresses new markets of users by creating and simplifying useful products, reducing the level of user technical skills required, and lowering prices for consumers. Web 2.0 technologies have become increasingly popular, with the use of Web 2.0 applications such as e-commerce or blogs up more than 25% over the last year, according to comScore networks. The Web 2.0 market generates more than 20 billion dollars of revenue a year, with well-known companies like Google.com, Flickr.com, MySpace.com, eBay.com, and Blogger.com making up the majority of the income.

Safe Harbor Statement

This release contains forward-looking statements. Forward-looking statements in this release are made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including without limitation, continued acceptance of the Company's products, increased levels of competition for the Company, new products and technological changes, the Company's dependence on third-party suppliers the Company's cash flow difficulties, and other risks detailed from time to time in the Company's periodic reports filed with the Securities and Exchange Commission. The Company does not undertake to update forward-looking statements in this news release to reflect actual results, changes in assumptions or changes in other factors affecting such forward-looking information. Assumptions and other information that could cause results to differ from those set forth in the forward-looking statement.

Contact Information

  • Contact:
    Trevor Longino
    Communications Director
    Web2 Corp
    Office: 407.540.0452
    Direct: 321.256.2939