Info Touch News Releases

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Info Touch News Releases

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Info Touch Technologies 2005, Q1 financial results Revenue increases 37% over previous year.

Burnaby, BC, December 17, 2004

Info Touch Technologies Corp., a leading kiosk software and services solution company, (TSX-V: IFT) today announced operating results for the first quarter ended October 31, 2004. Gross revenue for the quarter ended October 31, 2004 increased 37% to $2,116,793, from revenue of $1,541,091 for Q1 2004. Revenue was derived from the following sources; transaction services (65% of total revenue for Q1 2005 vs. 51% for Q1 2004), maintenance services (6% for 2005 vs. 13% for 2004), professional services (14% for 2005 vs. 3% for 2004) and the sale of kiosk systems (11% for 2005 vs. 8% for 2004). Total recurring revenue for Q1 2005 including transaction services and maintenance revenue increased 54% accounting for $1,496,481 or 71% of total revenue. Total operating expenses were $1,001,240 an increase of 25% from operating expenses of $801,652 for Q1 2004.

The move to a higher percentage of Corporate owned kiosks increased amortization by 197% to $107,553 and in conjunction with a foreign exchange loss of $108,928 contributed to an overall net loss of $146,241 compared to net income of $64,941 for Q1 2004.

In Q1 2005, the number of transactions generated by the Company's self- service bill payment application increased 111% to 388,468 and the number of kiosks enabled for this application increased 62% to 315 (excluding the Company's Canadian kiosk network) from Q1 2004.

Due to the rapid growth in transactional revenues and new more frequent funds settlement requirements, as directed by the Company's and application service provider partners the Company's cash float needs caused a slow down in deployments and increased cash collection costs.

Subsequent to Q1 2005, on November 29, 2004, the Company secured a reverse vault cash arrangement with Palm Desert National Bank (PDNB) whereby all cash float management, reconciliation and settlement activities were outsourced to PDNB. As part of the agreement, PDNB is providing the Company with a scalable financial facility to finance its cash float requirements. The Company believes this arrangement will positively impact growth and operating results in subsequent periods.

"Info Touch is now recognized as the preferred provider of automated services for the convenience and wireless retail marketplaces" stated Hamed Shahbazi, Chairman and Chief Executive Officer of Info Touch. "The focus on serving the growing under-banked segment of the US population with self- service bill payment and financial services applications has created a robust stream of transactional revenues. The Company is now set for strong growth with its current service offerings and has an established platform to add many new incremental revenue opportunities".

Conference Call:

You are invited to attend a conference call on Monday December 20th at 4:15pm Eastern Standard Time to review the 2004 fiscal year and Q1 fiscal year 2005 financial results. The dial-in numbers are 416-640-4127 in Toronto, or, Toll Free 1-800-814-4860. Callers should request the Info Touch Technologies Conference.

About Info Touch

Info Touch Technologies, a strategic investment of Hewlett Packard, is the 'outsourced category manager' for automated services in the convenience retail and wireless industries. The Company provisions convenient cost effective solutions for bill payment processing, financial services aggregation, facilitation and self-service automation. Info Touch's Premiere (powered by Surfnet) is the preferred software platform for the delivery of automated services such as bill payment, money transfer, digital merchandising, PIN dispensing for pre-paid products and services, maps and directions, check cashing, electronic couponing, etc. Info Touch's clients include: Circle K, ExxonMobil, Alimentation Couche-Tard, Cricket Communications, Memphis Light Gas and Water (MLGW), Qwest Communications, etc. Visit www.infotouch.net.

The TSX Venture Exchange has not reviewed this news release and does not accept responsibility for its adequacy and accuracy.