QuoteMedia Reports 49% Increase in Revenue for 2007 Fiscal Year

QuoteMedia, Inc. (OTCBB: QMCI), a leading provider of market data and financial applications, announced financial results for the fiscal year ended December 31, 2007. These results reflect a 49% increase in year-over-year revenue, from $3,742,534 in 2006 to $5,569,107 in 2007. At December 31, 2007, QuoteMedia's deferred revenue balance was $433,630 compared to $363,785 at December 31, 2006, an increase of 19%. Deferred revenue represents payments received in advance from customers that will be recognized as revenue in future quarters when the services are performed. "In 2007 QuoteMedia’s revenue grew to $5,569,107. In 2008, we already have sales under contract of approximately $6,800,000 on an annualized basis,” reports Robert J. Thompson, Chairman of the Board of QuoteMedia, Inc. "This only accounts for revenue we will realize in 2008 from currently committed contracts. Based on these existing committed contracts, as well as contracts in active negotiation, we expect our revenues to continue to expand significantly in the coming year.” "2007 was a year of unparalleled expansion for QuoteMedia,” says Thompson. "The company experienced major growth in data and market coverage, technological capability and product development, business development, and personnel. "Throughout the year, QuoteMedia broadly increased its market coverage, adding a wide range of market data and research information, and expanding its news coverage. We added trading data from over 40 international exchanges as well as corresponding supplemental data, to our product lines; and vastly increased our coverage of North American markets with the addition of a broad array of research information and data including corporate actions and dividends, earnings estimates, analyst ratings, and IPO information. We also greatly expanded our news coverage adding several press wires, as well as concluding agreements with several premium news providers, such as Dow Jones News Service, TSX/CP Equities News, Market News Publishing and StockWatch News, for the inclusion of their professional level content into our Quotestream Professional product. "The 2007 year saw significant technological and product development achievements for QuoteMedia™, with the most significant advancement being the substantial completion of QuotestreamTM Professional, the company’s new streaming portfolio management solution designed specifically for use by financial services professionals, such as brokers, financial advisers and fund managers. QuoteMedia has developed this product in response to incredible demand for a high quality, more cost effective alternative to the traditional terminal style products offered by the company’s competitors. "QuoteMedia experienced incredible business growth in 2007, both through the acquisition of scores of new clients, including such notables as Zecco Trading, Inc., Motorola, H.D. Vest Financial Services (a non-bank subsidiary of Wells Fargo & Company), Broadridge Financial Solutions, Interactive Investor (UK), International Private Banking Systems, MarketWire and CNW Group, and by growing our existing relationships with existing clients such as the Nasdaq Stock Market, Dow Jones, JPMorgan Chase & Co. and Nexa Technologies. "Also on the marketing front, QuoteMedia opened offices in Toronto and New York during 2007, adding respected industry veterans Paul Pryde and George Katsch to lead these new offices. Paul Pryde established QuoteMedia’s Toronto office, bringing with him over 25 years of experience in providing innovative solutions to the financial services industry, having served as Senior Vice President and Regional Director for Thomson Financial Canada. Mr. Pryde also held senior management positions with other industry leaders, including Star Data Systems and Dow Jones Telerate Canada. In our New York office, Mr. Katsch brings more than 15 years of industry experience gained from his involvements as Vice President of Sales for FinancialContent, Inc., where he was responsible for business development and sales for the entire North American market, and in key management positions with Standard and Poor’s and Interactive Data Corporation (Comstock). "The loss reported for the year ended December 31, 2007, is $1,561,209. This loss was primarily due to a planned increase in operating costs associated with our expansion, including adding infrastructure costs for QuoteMedia’s move into the North American and International data feed provisioning market. Added stock exchange fees related to this expansion, as well as expenses associated with expanded lead generation and customer support capabilities were also incurred to support this growth. A significant portion of these costs were either non-recurring or are fixed and will not increase as revenues grow. "Also contributing to the reported loss was the strength of the Canadian Dollar relative to the US Dollar. The vast majority of QuoteMedia’s revenue is received in US dollars, but a large portion of the company’s operating costs are paid in Canadian dollars. On a comparative basis, had our 2007 Canadian expenses been incurred at constant, average 2006 exchange rates, QuoteMedia’s recorded loss would have been lessened by $147,323.” "As was announced in previous quarterly press releases, QuoteMedia had planned for significantly increased expenses and a decreased gross profit margin in 2007 associated with our entry and growth in several major new markets,” says Thompson. "It is expected that, in future periods, these investments will support significantly increased revenues and profitability. "The fourth quarter of 2007 was characterized by strong revenue growth. Based on management indicators, 2008 is expected to be a banner year, as this trend continues. While our plans for the first half of 2008 contemplate continuing expenditures which will substantially complete our refinements of the Quotestream Professional product and Quotestream II for non-professionals, we expect to end the coming year showing major strengthening of our bottom line results and our cash balances. "In 2008, QuoteMedia will continue to expand and energetically market its line of Financial Data Provisions. As in years past, increased sales of our online content products will be important, as is increased uptake of our Quotestream line of portfolio management and Wireless solutions by individual and enterprise customers. We will be bringing particular focus, however, to aggressively entering the Investment Professional market with Quotestream Professional. Additionally, continuing our strong movement into the Data Feed Market will be a priority. We expect major growth in 2008, and we are very excited.” About QuoteMedia QuoteMedia is a leading software developer and syndicator of financial market information and streaming financial data solutions to media, corporations, online brokerages and financial services companies. The Company licenses interactive stock research tools such as streaming real-time quotes, market research, news, charting, option chains, NASDAQ level 2, TSX/TSXV market depth, LSE level 2, SEC filings, corporate financials, insider reports, market indices, portfolio management systems, and data feeds. QuoteMedia provides data and services for companies such as the NASDAQ, the OTCBB, Forbes.com, Scotia Capital, Dow Jones & Company, Southwest Securities, General Electric, Motorola, Automated Financial Systems, FBRDirect, AIM Trimark, Zacks Investment Research, Business Wire, Regal Securities, Broadridge Financial Systems, ChoiceTrade, QTrade, Schaeffer's Investment Research and others. For more information, please visit: www.quotemedia.com. Statements about QuoteMedia's future expectations, including future revenue, earnings, and transactions, as well as all other statements in the press release other than historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. QuoteMedia intends that such forward-looking statements be subject to the safe harbors created thereby. These statements involve risks and uncertainties that are identified from time to time in the company's SEC reports and filings, and are subject to change at any time. QuoteMedia's actual results and other corporate developments could differ materially from that which has been anticipated in such statements.