QuoteMedia Reports 31% Increase in Revenue for 2008 Fiscal Year

PHOENIX, Apr 01, 2009 (BUSINESS WIRE) --
QMCI | Quote | Chart | News | PowerRating -- QuoteMedia, Inc. (OTCBB: QMCI), a leading provider of market data and
financial applications, announced financial results for the fiscal year
ended December 31, 2008. These results reflect a 31% increase in
year-over-year revenue, from $5,569,107 in 2007 to $7,276,980 in 2008.
At December 31, 2008 the Company's cash balance was $536,624, an
increase of $179,308 from December 31, 2007. Net cash provided by
operating activities was $856,703 for the year ended December 31, 2008;
this represents a $1,293,556 increase in net cash generated from
operations, when compared to the $436,853 that was used in operating
activities during the comparative period.

QuoteMedia has now reported significant revenue growth for every
quarterly reporting period for 6 consecutive years.

"2008 was another strong growth year for QuoteMedia", says Robert J.
Thompson, Chairman of the Board of QuoteMedia, Inc. "Even though global
economic challenges and a significant weakening of financial markets
have had a serious negative impact on the financial services industry,
the company experienced not only outstanding revenue growth, but also
major growth in data and market coverage, technological capability and
product mix, business development, and personnel. In a year in which
many of our competitors were suffering through cutbacks, layoffs, and
weakening sales numbers, QuoteMedia has thrived.

"While financial sector turmoil has led to cancellations from some of
our clients who are struggling or ceasing operations, and will likely
affect our revenue growth in 2009, it has also been a source of
opportunities for QuoteMedia, as we are currently in discussions with
several new prospects looking to move their business away from more
expensive competitors with less efficient technological platforms,"
continues Thompson. "The belt tightening in the financial services
sector has caused many companies to reevaluate how and where they are
spending their money from a data provisioning perspective. They're
looking for alternate providers, with more flexible technology and fee
structures, and because of the significant technological development and
data expansion initiative we've undertaken over the past 2 years,
QuoteMedia is in a position to exploit these opportunities with better
technologies and aggressive pricing.

"2008 saw increased market penetration across the board for all of our
product lines, most notably with Quotestream Professional, which is
rapidly gaining a foothold in the marketplace, as well as with
QuoteMedia's Datafeed services which have also seen particularly strong
uptake. Although global economic conditions are now introducing more
uncertainty than ever, and even though we realistically expect that
fallout from the global recession will negatively affect QuoteMedia's
revenue growth in the short term, we anticipate continued long term
growth in 2009 and beyond.

"QuoteMedia reported a loss for the year ended December 31, 2008, of
$872,684, compared to a loss of $1,561,209 in 2007. This loss was
primarily due to a planned increase in operating costs associated with
our expansion. 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. We are
now seeing our expansion and reconfiguration program paying off,
however, as we are positioned to take advantage of the new opportunities
occasioned by pressure within the financial sector to streamline costs.
We expect that we will continue to see these benefits throughout 2009,
and that our investments will support significantly increased revenues
and profitability as the economy moves toward recovery."

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, 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, Dow Jones &
Company, Sungard, Wells Fargo, Penson Worldwide, Motorola, General
Electric, Forbes.com, Scotia Capital, Southwest Securities, Zecco
Trading, Zacks Investment Research, Business Wire, Regal Securities,
Broadridge Financial Systems, ChoiceTrade, Qtrade Financial Group, CNW
Group, TradeFreedom, Questrade, 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.

SOURCE: QuoteMedia, Inc.

QuoteMedia 
Dave Shworan, 877-311-9911 ext. 101 
contactus@quotemedia.com

For full details on (QMCI) QMCI. (QMCI) has Short Term PowerRatings at TradingMarkets. Details on (QMCI) Short Term PowerRatings is available at This Link.