Banks.com Prepares for Inaugural Business Tax Extension Season

Acquisition of FileLater.com Opens New Q1 Revenue Opportunity

Mar 03, 2011, 09:20 ET from Banks.com, Inc.

SAN FRANCISCO, March 3, 2011 /PRNewswire/ -- Banks.com, Inc. (NYSE Amex: BNX) (the "Company", "Banks.com"), a leading operator of financial services focused media properties announced today that it is ready for the start of its inaugural business tax extension season in mid March.  

"With our recent acquisition of FileLater.com, we are now able to offer online business tax extensions. In the past, we have only offered personal tax extensions, which in previous years, have positively impacted our Q2 numbers. Business tax extensions, many of which are due on March 15th, should translate into what we hope will be meaningful tax extension related revenue in Q1. Historically, about a third of FileLater.com's revenue has been driven by business extensions. By offering them to our existing traffic base from IRS.com, we expect to see additional incremental revenue," said Dan O'Donnell, President and Chief Executive Officer of Banks.com, Inc. "Last year, there were almost 6 million business tax extensions filed with the IRS, with few online options for businesses to file those extensions. We feel we are well positioned to become a dominant player in online business tax extension processing," O'Donnell concluded.

About Banks.com

Banks.com, Inc. operates Internet media properties that provide targeted online advertising and services primarily in the financial services sector. The Company provides access to financial content, including financial news, blogs, business articles, interest-rate tables, stock quotes and financial calculators. It also provides users access to financial services, including free online tax preparation and tax extensions through the Banks.com Tax Center and online stock brokerage through MyStockFund.com, its online broker-dealer subsidiary. In addition to Banks.com, it operates other search related websites including Look.com. Banks.com, Inc. is headquartered in San Francisco, California at 222 Kearny Street, Suite 550 and can be reached at 415.962.9700.

Get up to date information on Mortgage RatesCD Rates & Home Equity Rates at Banks.com.

Forward Looking Statements

This press release contains forward-looking statements that may be subject to various risks and uncertainties. Such forward-looking statements are made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 and may include statements regarding acquisitions, business estimates, future contracts, future financial performance and results of operations, including cost of revenues, operating expenses, interest expense, net loss and cash flow. Unless otherwise required by law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise after the date of this press release. Additional information concerning risks and uncertainties that may cause actual results to differ materially from those projected or suggested in the forward-looking statements may be found in Quarterly Reports on Form 10-Q and Annual Reports on Form 10-K filed with the U.S. Securities and Exchange Commission.

Company Contact:

Banks.com, Inc.

Dan O'Donnell

President & Chief Executive Officer

Tel: 415-962-9700

SOURCE Banks.com, Inc.



RELATED LINKS

http://www.filelater.com


http://www.Banks.com