17:50 080806 (GMT +2)

Clarification of tax dispute
As the company communicated in the prospectus of the 17th of March, 2008, the Swedish Tax Authority had informed Getupdated Internet Marketing AB (publ) in a so-called ”consideration letter” that the tax-deductible deficit for the company was to be decreased. This consideration letter from the Tax Authority means in short that the company may be exposed to further taxes amounting to a maximum of 10 million Skr. The consideration is in relation to the 2006 tax year and to business activities preceding the merger with Eastpoint.

In summary the matter can be described as such: the Swedish Tax Authority claims that ownership of the company from before 2005 has evolved in such a way as to make it impossible for Getupdated to utilize the tax-deductible deficit. The company however does not share this view with the tax authority and as a result has appealed the decision to the County Administrative Court.
 
The Tax Authority submitted a final decision on the 10th of July for additional tax fees of 4.2 million Skr which the company subsequently appealed to the County Administrative Court. In connection with this appeal the company is temporarily spared the additional tax fees due and no liquid assets need to be currently paid pending a decision. The company’s tax lawyers judge the chances of winning the appeal to be good. If Getupdated were to lose the case in the County Administrative Court then the total amount could become around 10 million Skr, due to the further involvement of a subsidiary company to Getupdated.

As there has not yet been any decision from the County Administrative Court and the financial risk is the same as earlier communicated in the prospectus, the company had together with its advisors judged the need of further information to the market to be negligible. However, following information in media Getupdated has chosen to publish this clarification.
Additional information is available in the prospectus published in April, 2008.

Comments on the company’s financial position
Getupdated’s policy is not to comment on rumours. However, due to information on share chats which led to queries from shareholders and considerable trading in our shares yesterday (5th August) the company is making the following comment: the company does not suffer from any liquidity problems and the business is proceeding according to plan. Further, the company has no problems with the Swedish Enforcement Authority, five notifications of late payment from suppliers have been submitted in July amounting to 130 000 Skr. The reasons behind this are billing disputes. Agreements have been reached with all suppliers and all of the invoices have been paid. 
 
There will be further information on this and the company’s continued development in the quarterly report to be released the 26th of August.

MORE INFORMATION
For more information please contact:
 
Johan Kadar, CEO, Getupdated Internet Marketing
+46 (0) 70-887 52 32, johan.kadar@getupdated.com

About Getupdated Internet Marketing
Getupdated is a rapidly growing full-service provider on the market for Internet marketing and online communications. The company delivers products and services for marketing on the Internet in infrastructure, branding, traffic generation and conversion of visitors to real business. Getupdated can increase the profitability of your Internet investment using Internet strategies, communication, concept development, web and portal development, business systems, web design, e-commerce, communities, content management systems, advertising on the Internet, search engine optimization, affiliate networks and web hosting.

Getupdated Internet Marketing’s clients are companies and organisations who want to reach out to their clients and do business on the Web. Since 1999 the company has helped many companies develop their web presence such as Tele2, Unibet, Intrum Justitia, Gustavsberg and JLindeberg.

Getupdated Internet Marketing has in total approximately 340 employees in Sweden, Norway, Great Britain, France and the USA.  Getupdated Internet Marketing is listed on First North and has Mangold Fondkommission as certified advisor.