Route1 Reports Fiscal 2004 Financial Results

TORONTO, April 28 /CNW/ - Route1 Inc. (TSXV:ROI) today reported its
results for its Fiscal Year ended December 31, 2004. The consolidated results
reflect the ongoing business of IP Co. Limited ("IP") including its
acquisition by way of reverse takeover of The Prospectus Group Inc ("PGI"). On
October 15, 2004, PGI completed the acquisition of IP giving former
shareholders of IP effective control over PGI. Concurrent with the closing of
the transaction, PGI changed its name to Route1 Inc. ("Route1").
On October 28, 2004 Route1 sold 100% of its shares in its wholly-owned
subsidiary Hypernet Inc. to a management led group. On April 26, 2005, Route1
announced the discontinuance of operations of The Clones Society Inc., another
subsidiary acquired through PGI. The decisions were made in effort to allow
Route1 to focus on its core business of developing and marketing wireless
remote computing solutions.
The Company's losses from operations, reflecting primarily the product
development and pre-sales stage of the Company, were $2,369,756 or $0.03 per
share for the year ended December 31. Current assets were $3,302,554 which
included $2,296,672 in cash and cash equivalents. Current liabilities were
$986,465. The Company had 115,286,883 common shares outstanding as at         
December 31, 2004. For the complete financial statements please visit
www.sedar.com.
"We are pleased with our product development progress to date," said
Andrew White, Chairman and CEO, Route1. "With the historical PGI business
behind us, product development on track and a number of potential customers
lined up, we can now focus on the significant growth opportunities offered by
our new Mobi solution." From February 1, 2004 through to April 26, 2005, the
Company raised $7,356,565 through private placements and the exercise of
warrants and options to complete development of Mobi. Route1 plans to release
its Mobi Solution in Q2, 2005.

Teleconference Webcast
The Company will host an investor teleconference webcast today at        
4:30 pm EST. Andrew White, Chairman and CEO, and John Denham, VP Finance and
CFO, will lead a presentation and answer questions about the Company's
progress. Investors and analysts are invited to call 416-640-4127 or visit
http://www.route1.com/investors/investor_webcasts.htm at least 5 minutes prior
to the start of the call. The audio webcast will be archived and available for
replay for 30 days.

Annual Meeting
Route1 will hold its Annual General and Special Meeting of Shareholders
on June 9, 2005, 4:30 pm EST, at the TSX Conference Centre, The Exchange
Tower, 130 King Street West, Toronto.

About Route1
Route1 was founded with the vision of mobilizing the desktop PC. Drawing
on years of experience in secure wireless applications, Route1 is bridging the
gap between business needs and technology's limitations to deliver its Mobi
remoting solutions. The Company is listed on the TSX Venture Exchange and is
headquartered in Toronto, Ontario with offices in New York, NY. For more
information, visit www.route1.com.

(C) 2005 Route1 Inc. All rights reserved. All other trademarks used are
owned by their respective owners.

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