YP Corp Announces Morris & Miller, Ltd. and Mathew and Markson, Ltd. Declaration of Beneficial Ownership

Business Wire, May 27, 2004

Business Editors

MESA, Ariz.--(BUSINESS WIRE)--May 27, 2004

YP Corp, Inc., (OTCBB:YPNT) a leading provider of Internet yellow pages and related services, is providing this press release on behalf of its two largest shareholders, Mathew and Markson Ltd. and Morris & Miller Ltd, collectively the M&Ms, and their managing director, Ilse Cooper, the Swiss Consul to the nation of Antigua.

Together the M&Ms own approximately 43 percent of the issued and outstanding shares of YP Corp., which the M&Ms acquired when they sold their company, Telco Billing Inc., to YP Corp. (then RIGL Corp.) in 1999.

Ms. Cooper stated for the record, "Both of these companies are, and have always been, beneficially owned by myself and my sister. I am a cancer survivor and therefore upon mine and my sister's deaths, the remaining assets of the M&M's will be bequeathed to the Swiss Institute for Experimental Cancer Research, a large not-profit-organization partially funded by the Swiss Government. Further, none of the current or past officers or directors of what is now known as YP Corp. have ever been, or are contemplated to be in the future, a beneficial owner or control person of either of my companies, Mathew and Markson, Ltd., Morris & Miller, Ltd. or Antigua Management and Trust. In support of these facts I am providing YP Corp. with legally signed, sworn and notarized affidavits, which it is at liberty to disclose to regulatory agencies as may be required by law."

Ms. Cooper continued, "Although I have repeatedly been asked by YP Corp. to disclose the beneficial ownership of the M&M's, I have resisted doing so in order to protect my privacy and that of my sister. My hope is that this disclosure is the final resolution of this matter and that people will voluntarily respect our privacy. I am annoyed, sickened and frustrated by the speculation and innuendo regarding the ownership of these companies. As a Swiss citizen I am naturally private by nature and am annoyed that a person's private life cannot be kept private in the United States."

"Much as it goes against my Swiss upbringing, as well as my natural desire for personal privacy, I have decided to release this information," Ms. Cooper said. "The baseless, unfounded rumors about the ownership of these entities has seriously damaged all the stockholders of YP Corp. and I cannot, in good conscience, sit back and allow the damage to continue just to protect my personal privacy."

Additionally, Ms. Cooper disclosed for the first time that William Cooper, whose name appears on certain documents, was an officer of Antigua Management and Trust (AMT), the managing entity of the M&Ms, but that his relationship with AMT was terminated in 1999. "My husband's legal issues are an irrelevant personal matter, which in no way affect my investments, including my investments in YP Corp. through my companies, the M&M's, or the way I run AMT," Cooper added.

Greg Crane, YP Corp's Vice President added, "I have been saying for many years that I am not an owner, director or control person of either M&M entity and that I have no beneficial interest in them. I have said it in person, in print and under oath. In spite of this, short sellers and others seeking to damage YP Corp. and its stockholders have continued to claim that I am somehow an owner, beneficiary or control person of the M&Ms. I am thankful and relieved that Ms. Cooper has finally publicly disclosed this information so that I will no longer be the subject of these rumors. I have a business relationship with Ms. Cooper spanning more than 5 years as her Liaison in the United States. As a Liaison I act as her eyes and ears or go to person related to some of her other investments such as; real estate, financing, intellectual property, domain names, and other investments, all of which are unrelated to YP Corp. or Telco Billing. My company, Advertising Management and Consulting Services, Inc., like any other advertising agency or consulting firm, manages, buys, contracts for and negotiates on behalf of its clients, including the M&Ms, such things as advertising space, printing contracts, domain names, web hosting, website design, trade marks etc. These services, as well as others, are naturally performed from our offices in Mesa Arizona."

In an effort to further and finally dispel the erroneous and unfounded rumors concerning the true beneficial ownership of the M&Ms, YP Corp. provided the following historical background:

YP Corp.'s Internet yellow page business is transacted exclusively through its wholly owned subsidiary Telco Billing, Inc., which was acquired in June of 1999.

Telco Billing was founded in 1997 by Greg Crane. As a start up, Telco and Mr. Crane personally, were extremely strapped for cash. Telco's business model called for a large upfront cost for the initial mailings to obtain customers. At that time, there existed a long-term delay of 120 days in order for Telco to collect the funds from their customers through the Local Exchange Carriers. As a result it took more than 6 months to begin to recover any of the initial outlay. Meanwhile, the expenses for marketing, payroll and other matters continued to mount. Mr. Crane met Ms. Cooper in Mid 1998 through a series of referrals. At the time that Ilse Cooper and the M&Ms agreed to fund Telco, (Mr. Crane met Ms. Cooper in Mid 1998 through a series of referrals), Mr. Crane and Telco were desperate. Every other possible source of financing