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IceWeb Reports 2008 Results

DULLES, Va. -- IceWEB, Inc. (OTCBB:IWEB), a leading
storage technology company and provider of computing hardware, on-demand
software, advanced networking solutions and innovative online services,
today announced that it has filed its Form 10KSB with the U.S.
Securities and Exchange Commission for the 2008 fiscal year, ended
September 30, 2008.

For fiscal 2008, we reported sales of $16,294,423 as compared to net
revenues of $18,732,069 for fiscal 2007, a decrease of $2,437,646 or
approximately 13%. Of our total net revenues for fiscal 2008,
approximately $14,886,699 is attributable to third party product sales
by our IceWEB Solutions Group, approximately $982,049 is attributable to
our sale of storage products, and approximately $425,676 is attributable
to revenues from our online products and services.

Gross profit increased to $2,226,794 in fiscal 2008, from $1,920,795 in
fiscal 2007, an increase of 15.9%. Gross margin percent improved from
10.25% to 13.67%. The improvement in margins is attributable to the sale
of higher margin storage products and improving margins in the hardware
and software solutions business.

The fiscal 2008 net loss of $6,410,793, or $0.35 per share, included the
impact of the acquisition of Inline Corporation, which contributed
$1,244,105 to the loss. In addition, non cash expenses included
depreciation and amortization of $575,498, share-based compensation of
$1,573,363, and amortization of deferred compensation expense of $910,930.

John R. Signorello, Chairman and Chief Executive Officer of IceWEB,
Inc., stated, In 2008 we invested in our future – while simultaneously
lowering overhead expenses - by acquiring INLINE Corporation, a data
storage company. Over the course of the year, we continued to make
strategic product and marketing investments to enhance our efforts into
the fast-growing GIS markets. Our IT Solutions business compliments our
storage efforts and is targeted for both the defense and civilian agency
sides of the Federal Government market places. We anticipate 2009 to be
a year in which our 2008 investments will yield significantly improved
gross margins and fuel our growth in GIS and other fast growth storage

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