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<TYPE>EX-99.1
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<DESCRIPTION>EXHIBIT 99.1
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                                                                    Exhibit 99.1

YP CORP ANNOUNCES MORRIS & MILLER, LTD. AND MATHEW AND MARKSON, LTD. DECLARATION
OF BENEFICIAL OWNERSHIP

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


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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 had turned them down. Ms.
Cooper and the M&Ms demanded and received for their backing, 100% of the stock
in Telco Billing, Inc. and the ownership of the domain name www.Yellow-Page.Net
                                                            -------------------
(effectively the M&Ms purchased the entire company for the amount of the
outstanding debts and obligations). The domain name was valuable because every
customer that signed up had contracted to be listed on that website. Crane for
his part retained his job with Telco Billing, Inc, as did the rest of the
employees and had the upside potential of a sizable bonus if all went well.

Mr. Crane stated, "We took the M&M's offer because we had no other choice. I was
broke, the company was floundering for lack of capital and I was personally on
the line for all of its debts. I figured it was better to be able to pay the
creditors, employees and have a good job and a possible bonus than to close the
company down."

In contrast, YP Corp.'s current financial position is far more positive.
According to Angelo Tullo, YP Corp.'s CEO, "The Company recently completed its
most successful quarter to date with over $16 million in revenues and $0.07 per
share in net earnings. In addition, the Company's balance sheet has never been
stronger, with over $2 million in cash, working capital


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of over $10 million and no debt."

"Despite this solid performance, for the last six months, YP Corp has been under
unrelenting attack by short sellers, including a short selling website. In
response, YP Corp has sued the website and its owners, charging libel and
slander," added Mr. Tullo.

Last week YP Corp discovered that someone had listed YP Corp on the
Berlin-Bremen stock exchange in Germany without the Company's knowledge or
permission. The Company believes this was an effort to circumvent recently
enacted rules limiting short selling of stock. There were no published attacks
by the website during the six weeks the company was listed on the Berlin-Bremen
exchange. When the Company complained, the Berlin-Bremen exchange immediately
canceled the fraudulent listing. The next day the website resumed its published
attacks.

"It is now clear to any reasonable person that there is no smoking gun behind
the M&Ms," said Mr. Tullo. "Now that we have put these matters behind us we hope
that our shareholders, investors and strategic partners can concentrate on YP
Corp.'s business model, continued strong growth and market leading position in
the online yellow pages industry."


About YP Corp Inc.

YP Corp., 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 March
31, 2004, YP Corp. had approximately 305,000 IAP advertisers.

YP Corp. 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 Corp. 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.


Forward-Looking Disclaimer

This press release includes statements that constitute "forward-looking
statements," which are often characterized by the terms "may," "believes,"
"projects," "expects," or "anticipates," and do not reflect historical facts.
Forward-looking statements involve risks, uncertainties and other factors that
may cause actual results, performance or achievements of YP Corp. and its
subsidiary to be materially different from those expressed or implied by such
forward-looking statements.

Factors that may affect forward-looking statements and the Company's business
generally include but are not limited to risk factors and cautionary statements
made in the Company's Annual Report on Form 10-KSB for the period ended
September 30, 2003 and other factors


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that YP Corp. is currently unable to identify or quantify, but may exist in the
future.

Forward-looking statements speak only as of the date the statement was made. YP
Corp. does not undertake and specifically declines any obligation to update any
forward-looking statements.


Contacts

YP Corp, Inc.
Roger Bedier, 480-325-4339
rogerb@ypcorp.com
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