UpSNAP Announces Coverage Initiated by Spelman Research Associates Speculative Buy Rating Price Target $3.35

Business Wire, Oct 31, 2006

UpSNAP Announces That Coverage on the Company Has Been Initiated by Independent Analyst Marina Ilieva of Research Firm Spelman Research Associates Ltd.

The Report Comes at a Time When UpSNAP Inc. Has Just Announced a Suite of Search and Entertainment Products Aimed at the U.S. Mobile Marketplace

DAVIDSON, N.C. -- UpSNAP, Inc. (OTCBB:UPSN), the premier provider of free mobile search and streaming mobile audio entertainment, today announced that coverage on the company has been initiated by independent analyst Marina Ilieva of research firm Spelman Research Associates Ltd. The report comes at a time when UpSNAP, Inc. has just announced a suite of search and entertainment products aimed at the U.S. mobile marketplace.

UpSNAP is pleased to have analyst coverage review our overall operations and progress and provide coverage on the future and growth potential of the mobile search and entertainment industry.

About UpSNAP, Inc.

UpSNAP, Inc. (OTCBB:UPSN) is the leader in mobile search and live mobile audio entertainment. With a rich library of branded multimedia content and true mobile search technology, UpSNAP addresses the unique challenges of providing a usable and functional mobile content solution for consumers. UpSNAP services include text and audio content from major entertainment companies in sports, news, music, and information. Visit www.upsnap.com for more information.

About Spelman Research Associates Ltd.

Spelman Research Associates, Ltd. is a fee-based research, publishing and distribution firm whose contract analysts adhere to the ethics and standards of the Association for Investment Research Management. The views expressed in the Spelman research report reflect the analyst's personal views about UpSNAP and its securities. Opinions and recommendations contained in the report are submitted solely for advisory and informational purposes and are not intended as an offering or a solicitation to buy or sell the securities mentioned of UpSNAP. The analysts are responsible only to the public and this report is not a service to the company.

Spelman Research Associates, Ltd. received a fee of $8,000 from Sundar Communications, which is acting as the third-party Investor Relations firm for UpSNAP, for preparing this report. Spelman does not inform any company in advance of the nature or conclusions of its analysts' reports in advance of paying the fee nor can a company withdraw from coverage before the expiration of the one-year term. Neither the Analysts nor Spelman Research Associates, Ltd. own equity or debt securities of UpSNAP. Sundar Communications has been compensated by UpSNAP in the form of 1,500,000 Series B warrants @ $1.10 for its Investor Relations services. Visit www.spelmanresearch.com for more information.