Commerce Planet Announces SEC Filings and Operational Update

2008-06-02 23:53:25 -

- ICR John Mills/Anne Rakunas, 310-954-1100 Commerce Planet, Inc. (OTCBB:CPNE), announced today that its Board of Directors has formed an independent committee to investigate and examine certain audit procedures and transactions of the Company from public inception in 2004 through 2007. As previously announced, the Company issued a non-reliance statement regarding the prior audit firm Jasper's & Hall and engaged

Marcum & Kleigman in January 2008.

Tony Roth, CEO of Commerce Planet, stated, "We are striving to improve transparency and position the company to be a leading online marketing and e-commerce provider. The purpose of the special committee is to review the transactional history of the Company's capitalization, compensation and financial reporting from 2004 through 2007, all in an effort to complete public filings."

The Company has taken steps to lower operational expenses and expects to continue reducing operational budgets while re-branding its core business products and diversifying its online marketing services. Management anticipates scheduling an investor conference call in the next 45 - 90 days, upon the completion of its public financial filings.

Tony Roth continued, "We have continued to transition the company to a B-to-B online marketing and e-commerce provider and have recently begun working with several major brands, including www.FrankSinatra.com, www.ironman.com, and www.realtytrac.com. We are seeing increasing demand for our expertise and services in the online marketing sector. The Company expects to continue releasing operational updates and material contract information on a regular basis."

About Commerce Planet, Inc.

Commerce Planet, Inc. is a technology-driven online media, marketing, and fully integrated e-commerce provider that offers media products, lead generation services, list database management, e-commerce solutions, web marketing, call center support and CRM tools to its client partners as well as through its own direct selling businesses. Commerce Planet offers turn-key business solutions through Legacy Media, its marketing and media division, and membership sales companies, customer care and call center facility, and its newly acquired E-Commerce Dashboard(TM) System by Iventa. In combination these services address the needs of small - medium size businesses, B2B and B2C marketing programs, and custom solutions for enterprise clients worldwide. For more about Commerce Planet (OTCBB:CPNE), visit our website at www.commerceplanet.com.

Forward Looking Statements

Except for the historical information contained herein, the matters set forth in this press release, including statements as to management's intentions, hopes, beliefs, expectations, representations, projections, plans or predictions of the future, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. This release contains forward-looking statements, including, without limitation, statements concerning our business and possible or assumed future results of operations. Our actual results could differ materially from those anticipated in the forward-looking statements for many reasons including: our ability to continue as a going concern, adverse economic changes affecting markets we serve; competition in our markets and industry segments; our timing and the profitability of entering new markets; greater than expected costs, customer acceptance of our products and services or difficulties related to our integration of the businesses we may acquire; and other risks and uncertainties as may be detailed from time to time in our public announcements and SEC filings. Although we believe the expectations reflected in the forward-looking statements are reasonable, they relate only to events as of the date on which the statements are made, and our future results, levels of activity, performance or achievements may not meet these expectations. We do not intend to update any of the forward-looking statements after the date of this document to conform these statements to actual results or to changes in our expectations, except as required by law.

Company Anticipates Investor Conference Call in July 2008