TORONTO, ONTARIO--(Marketwire - May 28, 2008) - Fifty-Plus.Net International Inc. (TSX VENTURE:FPN - News) today announced the financial results for the third quarter ended March 31, 2008.

On December 28, 2007, Olympus Management Limited ("OML"), a private Ontario corporation, acquired control of Fifty-Plus.Net International Inc. ("FPN") through a reverse take-over ("RTO").

As a result of the RTO, the former shareholders of Kemur (i.e. OML) acquired control of FPN. Under the purchase method of accounting Kemur has been identified as the acquirer, and, accordingly, the entity is considered to be a continuation of Kemur with the net assets of FPN at the date of the RTO deemed to have been acquired by Kemur. Since the RTO is accounted for as a reverse take-over, the income statement figures up until the date of the RTO (i.e. December 28, 2007) are solely those of Kemur. As the RTO was completed on December 28, 2007, the results of FPN for the period from the date of the RTO's closing (i.e. December 28, 2007) to December 31, 2007 are not material and have not been included in the statement of income. The income statements for the three and nine month periods ended March 31, 2008 include the consolidated operations of Kemur and FPN for the three months ended March 31, 2008. The comparative figures for the comparable three and nine month periods last year are solely those of Kemur.

During the quarter ended March 31, 2008, the Company had revenue of $2,126,833 and expenses of $2,617,591 with a net loss after tax of $490,757. These results are in line with the Company's business plan for 2008 as it invests in the development of Zoomer magazine and the accompanying Zoomer websites, as well as its other website properties, to capitalize on its share of the burgeoning Zoomer media expenditures in the latter part of 2008. For the comparable quarter ended March 31, 2007, the Company had revenue of $1,275,751 and expenses of $1,135,919 with a net income after tax of $139,832. Magazine advertising revenue was $714,621 versus $777,122 for the comparable period last year. This decrease of $62,501 (8.0%) is a result of revenues lost during the restructuring the magazine's sales and marketing department. Subscription revenue was $377,993 versus $396,491 for the comparable period last year. This decline of $18,498 (4.7%) is attributable to the moderate decline in CARP membership. Sundry revenue of $136,810 was ahead of sundry revenue of $102,138 by $34,672 (33.9%) for the comparable period last year, due primarily to interest earned on investments. Website revenue of $422,552 and royalty revenue of $474,857 was earned in the quarter. Comparative figures for these two revenue categories for the comparable quarter last year are not contained in these financial statements as the comparative figures are those of Kemur.

Administration expenses for the quarter ended March 31, 2008 were $258,792 versus $167,913 for the comparable quarter last year, an increase of $90,879 (54.1%) due to the inclusion of the administration costs of $83,985 pertaining to the website that are not included in the comparative figures for the comparable quarter last year as the comparative figures are those of Kemur.

Amortization expenses for the quarter ended March 31, 2008 were $211,869 versus $7,703 for the comparable quarter last year due to the inclusion of the amortization of $207,599 pertaining to the CARP Royalty Rights and the Intangible Assets that are not included in the comparative figures for the comparable quarter last year as the comparative figures are those of Kemur.

Circulation expenses the quarter ended March 31, 2008 were $56,892 versus $61,869 for the comparable quarter last year, a decrease of $4,977 (8.0%) due to the elimination of amounts paid to FPN Subco effective December 31, 2007 for subscriptions received via the Internet.

Editorial expenses the quarter ended March 31, 2008 were $249,204 versus $217,622 for the comparable quarter last year, an increase of $31,582 (14.5%) due to additional personnel hires.

Production expenses for the quarter ended March 31, 2008 were $377,333 versus $400,004 for the comparable quarter last year, a decrease of $22,671 (5.7%) as a result of printing and distributing fewer copies of the magazine due to the slight decline in the subscription base.

Royalties expense for the quarter ended March 31, 2008 was $368,160 versus $36,850 for the comparable quarter last year. The increase is due to the obligations assumed on the acquisition of the CARP Royalty Rights as described above.

Sales expenses the quarter ended March 31, 2008 were $363,982 versus $164,058 for the comparable quarter last year, an increase of $199,924 (121.9%) due to the inclusion of the sales costs of $204,220 for website sales that are not included in the comparative figures for the comparable quarter last year as the comparative figures are those of Kemur.

For the quarter ended March 31, 2008, directors fees of $18,000, management fees of $98,943, professional fees of $17,000, stock options expense of $67,000 and website expenses of $485,415 were incurred. Comparative figures for these expense categories for the comparable quarter last year are not contained in these financial statements as the comparative figures are those of Kemur.

As at March 31, 2008, the Company had cash on hand of $3,007,808 (December 31, 2007 - $4,233,299) and working capital (excluding the current portion of deferred revenue) of $4,101,110 (December 31, 2007 - $4,705,536).

About Fifty-Plus.Net International Inc.

Fifty-Plus.Net International Inc. (FPN) operates as The 50Plus Group, Canada's leading provider of online content targeting the 50+ age group. Altogether, the 50Plus Group's portfolio of web sites and electronic newsletters delivers over 2 million pages views per month. The key property is www.50plus.com, delivering a wide range of information, entertainment, community (forums, dating, blogs) and commerce together with four electronic newsletters (health, money, travel, lifestyle), each of which has over 120,000 opt-in subscribers.

FPN also owns and operates Kemur Publishing Co. Ltd., publisher of CARP magazine, the largest paid circulation magazine in Canada for the mature market. Published nine time a year, with six regular issues and three special issues, CARP magazine has a paid circulation of approximately 190,000.

The 50Plus Group also produces and manages www.carp.ca, the online home of CARP, Canada's Association for the Fifty-Plus. With almost 400,000 members, CARP is Canada's largest association for the 50+. In addition, The 50Plus Group has recently launched www.nomorewaiting.info, a web site focusing on CARP's advocacy campaign, "No More Waiting," which aims to influence governments to improve health care performance. The 50Plus Group also produces CARP Action Online, an electronic newsletter for CARP members.

The 50Plus Group has a strategic alliance with Decima Research, to develop original research on the 50+ market, its demographics, psychographics and purchasing behavior.

Cautionary note on forward-looking statements

Certain statements made in this report are 'forward-looking statements' which may include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and may contain the words 'believe', 'anticipate', 'expect', 'estimate', 'project', 'will be', 'will continue', 'will likely result' or similar words or phrases. Forward-looking statements involve risks and uncertainties, which may cause actual results to differ materially from the forward-looking statements. The risks and uncertainties are detailed from time to time in filings by Fifty-Plus.Net International Inc. with provincial securities commissions. New risk factors emerge from time to time and it is not possible for management to predict all such risk factors, nor can it assess the impact of all such risk factors on the Company's business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Such risks, uncertainties and other factors include, but are not limited to, the following:

- the risks inherent in the operation of Internet media properties generally;

- the limited cash flow and the Corporation's dependency on a few large customers;

- the competition in the Internet and media industry for the baby boom generation's business;

- the risks associated with governmental regulation of internet businesses;

- the risk of future legal claims made by or against the Corporation.

- the risk of managing the current revenue growth rate;

- the dependence of the business on the continuing operation of its computer systems; and

- the dependence on key personnel.

Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

Eric Vengroff 

Fifty-Plus.Net International Inc. 

Executive Vice President 

(416) 607-7735 Email: [email protected] 

Website: www.50plus.com