Exhibit 99.1
FOR IMMEDIATE RELEASE
Smart Move, Inc. Reports First Quarter 2008 Results
Comparable Revenue Increase 21%
Moves in Progress increase 88%
Denver, Colorado (Business Wire) May 19, 2008 Smart Move, Inc. (AMEX: MVE) today reported financial results for its first quarter ended March 31, 2008.
Highlights for the first quarter of 2008 as compared to the first quarter of 2007 include:
   
Q1-2008 Revenues increased 21% to $1.1 million as compared to Q1-2007.
   
Moves in progress increased 88% to $1.27 million at March 31, 2008. (A “move in progress” is a customer move confirmed by a signed contract which move has not yet been completed. The costs associated with moves in progress are reflected as deferred costs and any cash collected on a move in progress is reflected as deferred revenue.)
   
Established strategic working relationships with two of the top corporate relocation companies in the United States to engage their resources to expand the reach of Smart Move’s innovative programs directly to major corporations.
   
The company established new alliances and arrangements with Wheaton Van Lines, and United Van Lines to supply their national operations with SmartVaults™ and expedited transit logistics services.
   
Smart Move acquired the household goods transportation brokerage business of Star Move Alliance, and witnessed a significant increase in the number of accessible move leads that identify potential business opportunities. These leads also foster marketing synergies we are developing with our van line partners.
“In order to execute our business plan we require additional capital from external sources and we continue to face significant risks and uncertainties discussed in our recent 10-Q report relating to our financing requirements, commented Chris Sapyta, President and Chief Executive Officer of Smart Move. I’m pleased, however, that despite the overall economic weakness, and the well documented decline in housing sales and relocation activity, Smart Move continues to see growth in internal bookings. For example, in the recent week ended May 9, 2008 the company recorded the highest number of booked moves and highest value of revenue bookings in the Company’s history, Sapyta added. We had anticipated from prior years that the highest revenue booking weeks would normally not come until late June or July, but these recent booking results reflect we have already eclipsed certain of the benchmarks we monitor at a much earlier stage in the moving season”.
“I would like to thank all of the employees at Smart Move for their continued effort and dedication to not only hitting sales goals, but most importantly executing and performing on each of our moves. Our customers continue to get the best customer service and moving experience available, and this is the value proposition that will continue to ensure that we produce positive results for many years into the future.”
First Quarter 2008 Results
Smart Move’s comparable revenue for the first quarter increased by $197,342 to $1,145,290, an increase of 21%. The net loss for the first quarter increased to $3,172,919 compared to a net loss of $1,524,259 incurred in the first quarter of 2007. The increase in the net loss is due primarily to:
   
Increase in depreciation expense of $333,889
   
Increase in interest expense of $682,398 (of which $606,934 is an increase in non cash amortization of debt discounts)
   
Loss on debt extinguishment of $361,981
   
An income tax benefit of $980,000 reduced the loss in 2007.

 

 


The following information was filed by Smart Move, Inc. (SMVE) on Monday, May 19, 2008 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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