NeoMedia Technologies, Inc (NEOM)

[ss9173]

DD AskMeNow Projects Revenue Generation and Profitability; Expectation of 1 Million Subscribers by Year End

DATE: 5/10/06

IRVINE, Calif.-- May 10, 2006--AskMeNow, a wholly-owned subsidiary of Ocean West Holding Corporation (OTCBB: OWHC) has updated its shareholders in an investor conference call held Monday May 8, 2006, and projects revenue generation as a result of its previously announced distribution agreements, driven principally by the Rogers Wireless license agreement, of between $650,000 per month to as high as $1,250,000 per month by year end 2006. AskMeNow expects to reach approximately one million subscribers by year-end as direct result of its nationwide marketing program in the US and a co-opted nationwide marketing program in Canada with Rogers Wireless, which currently serves over 6mm mobile subscribers in Canada as the leading cellular carrier.

With an anticipated subscriber adoption of just 25% of such projected one million subscribers, asking questions at a rate of 6-8 per month, AskMeNow believes they have set their expectations conservatively considering they anticipate sales from games, ringtones, and concierge services to be substantially accretive to the $0.75 Canadian fee charged for every question asked by customers in Canada.
"Considering we are preparing to launch in India in the coming months, as well as officially launching our proposed new improved product with the Intelligate software in the United States by 4th quarter 2006, we are hoping we can reach near term profitability by year end or first quarter of 2007, said Darryl Cohen, CEO. "As we begin to generate customer activity, I believe we will be in a position to provide other carriers around the world with an overwhelming validation of our technology and financial model. This will help to propel deals that should increase our revenue substantially," Cohen said.

The Company's revenue projections and profitability discussed today are based on assumptions and estimates completely dependent on future events and transactions covering an extended period of time which may be significantly affected by changes in circumstances over which the Company may not have control. We believe we have a reasonable basis for our assumptions and projections and are making a good faith attempt to provide you with this forecast. However, projections are inherently subject to varying degrees of uncertainty, and the ability to meet projections depends, among other things, on the timing and probability of a complex series of future events both internal and external to an enterprise. In addition, the Company recently launched its service and has a very limited operating history. The company has no prior experience in making projections, therefore, it must be understood that any and all projections made today may or may not be realized.

For anyone interested in listening to the full conference call, please go to www.askmenow.com and visit the investor page.

About AskMeNow
AskMeNow, a wholly owned subsidiary of Ocean West Holding Corporation, is the easiest, most convenient way to access information on the Internet or from local content from your cell phone or mobile PDA device. The first mobile lifestyle network, AskMeNow utilizes its proprietary technology to offer a natural language based interaction and dynamic content provision platform designed for simple and quick information retrieval. The Company generates revenues through per usage fees and one to one contextual mobile advertising sponsorships. AskMeNow launched officially in November 2005. The Company is based in Irvine California. Please click on www.askmenow.com for more information or write to [e-mail] for press contacts.
Investor Contact: MediaContact:
AskMeNow InvestorRelations
AGORA Investor Relations http://www.agoracom.com/IR/AskMeNow Email: [e-mail]
Phone: [phone] x214
AskMeNowMediaRelations
Andrea Vaccaro
Email: [e-mail]
Phone: [phone] AskMeNowMediaRelationsAndrea

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