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Artificial Life Announces Strong 2008 Results

LOS ANGELES and HONG KONG, Feb. 10, 2009 (GLOBE NEWSWIRE) -- Artificial Life, Inc. (OTC BB:ALIF.OB - News) (http://www.artificial-life.com) today announced strong increases in revenues and profits for the fiscal year 2008.

During the course of 2008, Artificial Life Inc. has strengthened its position and market share as a leading global mobile software provider by offering an extended range of mobile products. In 2008, the Company sold a record of over ten million mobile games worldwide, a significant increase over the approximate four million games sold in 2007. In 2008 the Company had 70 corporate clients, of which 25 were new customers which generated approximately 42% of the total revenues.

Approximately 57% of the Company's revenues were derived from mobile games, while approximately 23%, 14%, and 4% of the overall revenues were derived from the sales of non game related mobile products such as the new MobileBooster(tm) productivity tool, the mobile business health care application Mobil Diab(tm) and the award winning mobile to TV interface technology and platform MoPA-TV(tm).

Revenues for the year ended December 31, 2008, were $22,454,414, compared to $5,801,212 for the year ended December 31, 2007. The increase of $16,653,202 or 287% was primarily due to revenues generated from the sales of the most popular 3G mobile games such as V-girl(r), V-boy(r), and the poker game Chips Unlimited: Texas Hold'em(tm) as well as strong license income from the sales of the Company's MobileBooster(tm) product and Mobil Diab(tm) application.

Net income for the fiscal year ended December 31, 2008, was $10,575,285 as compared to $1,011,817 for the year ended December 31, 2007. The increase of net income for the fiscal 2008 of $9,563,468 or 945% compared to 2007 was primarily due to a substantial increase in sales of mobile games and licensing of non game related mobile business applications and technology.

Revenues for the fourth quarter ended December 31, 2008, were $6,219,343 as compared to $3,116,754 for the quarter ended December 31, 2007. The increase of revenues of $3,102,589 or 100% compared to Q4 2007 was mainly due to increased income from sales of mobile games and substantial license sales for the new business applications and mobile technology.

Net income for the quarter ended December 31, 2008, was $1,906,335 as compared to a net income of $2,199,996 for the same quarter in 2007. The decrease of net income was mainly due to the effect of a one time provision for a doubtful account of $731,500 in Q4 2008 and a one time gain from the extinction of liabilities of $685,130 in Q4 2007.

The basic and diluted net income per share for the year ended December 31, 2008, was $0.23 and $0.22, compared to the basic and diluted net income per share for the year ended December 31, 2007, of $0.03 and $0.03.

``2008 was a record year for us with major achievements despite the current global financial crisis. In hindsight the key to our success in 2008 was that we diversified into the field of non game related mobile software since mid of 2007. This new line of business generated already over 40% of our 2008 revenues and contributed even more to our bottom line in 2008. We have also been quite successful in our core mobile gaming business with record sales numbers. Here we profited mostly from the early focus since 2004 on mobile content for broadband networks, 3G phones and smart phones when this market was still in its infancy. Now we are one of the global market leaders in this space and one of the fastest growing companies in Asia which has recently been recognized by Deloitte. With our well diversified product lines and revenue streams, a growing number of new partners, and an extensive pipeline of exciting new games and new business applications, we are quite optimistic about the future of Artificial Life and our prospects for 2009,'' said Eberhard Schoneburg, CEO of Artificial Life, Inc.