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YP.NET FILES LAWSUIT AGAINST STOCKLEMON.COM

ALLEGES LIBEL, SLANDER AND INTERFERENCE WITH CONTRACTUAL RELATIONSHIPS AND
EXPECTANCIES

MESA, Ariz.--Jan. 9, 2004--YP.Net Inc.(TM)(OTC BB: YPNT), a leading provider of
Internet Yellow Pages and related services, today announced that it has filed a
lawsuit in the United States District Court for the District of Arizona against
Stocklemon.com. The lawsuit states that the Internet publication has sought to
intentionally damage YP.Net's value and relationships in order to artificially
drive down the price of YP.Net stock "for the personal gain of those involved in
the defamation and libel,"

The lawsuit, which was filed by the Phoenix-based firm of Lewis and Roca,
charges that Stocklemon.com wantonly published false and defamatory statements
about the Company.  Among other things, Stocklemon.com intentionally lied by
stating that YP.Net's "largest shareholder" was "wanted by the U.S. Government."
This is false and outrageous, according to the lawsuit; YP.Net's largest
shareholders are corporations, not individuals. In bold print, Stocklemon.com
article stated that YP.Net was involved in money laundering and fraud.  This is
equally false and outrageous, the lawsuit says

According to the lawsuit, Stocklemon.com falsely asserted that a certain
individual was affiliated with the Company and was currently subject to
"extradition" to the United States for "money laundering, tax evasion, and
fraud."  The truth, however, is that the Company has no affiliation with the
alleged individual and Stocklemon.com knew this before they published the lie,
according to the lawsuit.

In addition, the lawsuit says that Stocklemon.com misinformed the public about
the identity of the President of YP.Net, falsely stated an executive had
admitted to violating consumer protection laws in three States, falsely stated
that the CEO and Chairman of the Company had two bankruptcies in ten years and
then falsely claimed he had been charged with operating a Ponzi scheme.

Stocklemon.com also misled the public about the financial condition of the
Company, when, according to the lawsuit, the truth had been accurately reported
to the Securities and Exchange Commission in the Company's most recent 10-KSB
filed on December 31, 2003.  Stocklemon.com tries to paint the picture that
YP.Net has insufficient funds to pay its tax liability of $2.2 Million as of
September 30, 2003.  When in reality, the Company had cash on hand of
approximately $2.4 Million plus approximately $7.3 Million of accounts
receivable, all of which are generally collected within sixty to ninety days,
for a total of approximately $9.7 million available to pay for its operations as
well as its reported tax liability of approximately $2.7 Million. This tax
liability is not due until after such accounts receivable are collected.  In
fact, the Company has paid its required estimated tax liability that was due on
December 15, 2003.

George L. Paul, partner at Lewis and Roca, LLP, stated, "YP.Net will not
tolerate the defamatory actions of Stocklemon.com that have created a complete
false picture of the Company and have seriously damaged its reputation with its
investors, its loyal customers, its employees, vendors and its other
stakeholders."


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In contrast to the Stocklemon.com article, which fails to note the positive
fundamental financial performance of the Company, which hasn't changed, the
lawsuit notes that the following facts about YP.Net:  The Company has over
222,000 paying advertisers as of September 30th, 2003.  It has over 250,000 page
views per day and through its relationships provides over 160 million pages
views of distributions per month for its advertisers. YP.Net offers a 120-day
trial period and strives for 100% customer satisfaction by verifying each sale
and proactively building a Mini-WebPage(TM) with the advertiser so that it can
get its message out to prospective customers. YP.Net has posted 15 consecutive
quarters of profitability; is virtually debt free; and is able to fund its
entire operation from cash flow generated from operations. The Company employs
more than 100 team members, the vast majority of whom are shareholders; has
thousands of other shareholders; complies with Federal and State regulations;
pays income taxes; has donated tens of thousands of dollars to recognized
charities and is a good corporate citizen.

Moreover, YP.Net has just completed the most successful year in the company's
history, achieving a 144-percent increase in net revenues to $30.8 million and a
114-percent increase in net income to $7.9 million for the year, compared to
$3.7 million for the prior year. These results reflect the 125 percent increase
in customers from 255,376 Internet Advertising Package customers from
approximately 113,565 IAP customers at Sept. 30, 2002.

YP.Net is seeking to recover punitive damages for libel and slander, and for
interference with contractual relationships and expectancies resulting from the
publication of this article.

About YP.Net Inc.

YP.Net Inc., a leading provider of Internet-based Yellow Pages services, offers
an Internet Advertising Package ("IAP") that includes a Mini-WebPage(TM) and
Preferred Listing through its Yellow Pages Web site at www.YP.com. The company's
Web site contains listings for approximately 18 million businesses in the United
States and 150 million individuals in the United States and Canada. As of Sept.
30, 2003, YP.Net Inc. has 255,376 IAP advertisers.

YP.Net also provides an array of other Internet services that complement its
Yellow Pages Web site, including an Internet Dial-Up Package(TM) (dial-up
Internet access) and QuickSite(TM) (Web site design & hosting services).

YP.Net is a longstanding member, exhibitor and sponsor of the two major Yellow
Pages trade associations -- Yellow Page Integrated Media Association (YPIMA),
the major trade association of Yellow Pages publishers throughout the world, and
the Association of Directory Publishers (ADP), which mostly represents
independent Yellow Pages publishers. YP.Net Inc. is based in Mesa, Ariz. For
more information, visit the Web site at www.YP.com.


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Contact:
     YP.Net Inc., Mesa
     Roger Bedier, 480-654-9646, ext. 1239
     Fax: 480-654-9747


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