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<SEC-DOCUMENT>0000897069-09-000723.txt : 20090407
<SEC-HEADER>0000897069-09-000723.hdr.sgml : 20090407
<ACCEPTANCE-DATETIME>20090407161549
ACCESSION NUMBER:		0000897069-09-000723
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20090401
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20090407
DATE AS OF CHANGE:		20090407

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			WIDEPOINT CORP
		CENTRAL INDEX KEY:			0001034760
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-COMPUTER INTEGRATED SYSTEMS DESIGN [7373]
		IRS NUMBER:				522040275
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-33035
		FILM NUMBER:		09737789

	BUSINESS ADDRESS:	
		STREET 1:		ONE LINCOLN CENTER
		CITY:			OAKBROOK TERRACE
		STATE:			IL
		ZIP:			60181
		BUSINESS PHONE:		630-629-0003

	MAIL ADDRESS:	
		STREET 1:		ONE LINCOLN CENTER
		CITY:			OAKBROOK TERRACE
		STATE:			IL
		ZIP:			60181

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ZMAX CORP
		DATE OF NAME CHANGE:	19970530
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>cmw4227.htm
<DESCRIPTION>CURRENT REPORT
<TEXT>
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<TITLE></TITLE>
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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>UNITED STATES <BR>SECURITIES AND
EXCHANGE COMMISSION <BR>WASHINGTON, D.C. 20549 </FONT></H1>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>FORM 8-K </FONT></H1>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CURRENT REPORT <BR>Pursuant to Section 13
or 15(d) of the <BR>Securities Exchange
Act of 1934 </FONT></H1>

<!-- MARKER FORMAT-SHEET="Head Minor Center Bold-TNR" FSL="Default" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Date of Report (Date
of earliest event reported): April 1, 2009 </FONT></H1>

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     <P ALIGN=CENTER>_________________ </P>

<!-- MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>WIDEPOINT CORPORATION</B>
 <BR>(Exact Name of Registrant as Specified in Charter)  </FONT></P>


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<TR VALIGN=Bottom>
     <TD WIDTH=33% ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2><B>Delaware</B></FONT></TD>
     <TD WIDTH=34% ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2><B>001-33035</B></FONT></TD>
     <TD WIDTH=33% ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2><B>52-2040275</B></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>(State or Other Jurisdiction of</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>(Commission File Number)</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>(I.R.S. Employer</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>Incorporation)</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2> </FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>Identification No.)</FONT></TD></TR>
</TABLE>
<BR>

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<TR VALIGN=Bottom>
     <TD WIDTH=67% ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2><B>18W100 22nd Street, Suite 104, Oakbrook Terrace, Ill.</B></FONT></TD>
     <TD WIDTH=33% ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2><B>60181</B></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>(Address of Principal Executive Office)</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>(Zip Code)</FONT></TD></TR>
</TABLE>



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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Registrant&#146;s
telephone number, including area code: <B>(630) 629-0003</B> </FONT></P>

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     <HR ALIGN=LEFT WIDTH=100% SIZE=1 color=black NOSHADE>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Check the appropriate box below if
the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the
registrant under any of the following provisions: </FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>[__]  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Written
communications pursuant to Rule 425 under the Securities Act (17 CFR           230.425) </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>[__]  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR           240.14a-12) </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>[__]  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act           (17 CFR
240.14d-2(b)) </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>[__]  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act           (17 CFR
240.13e-4(c)) </FONT></TD>
</TR>
</TABLE>
<BR>


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<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item 2.02 Results of
Operations and Financial Condition </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
April 1, 2009, the Registrant issued a press release announcing certain financial results
for the year ended December 31, 2008. A copy of the Registrant&#146;s press release is
attached hereto as Exhibit 99.1 to this Current Report. The press release attached to this
Form 8-K has been revised slightly to correct certain errors contained in the original
press release, none of which materially affect the Registrant&#146;s 2008 financial
results. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, on April 1, 2009, the Registrant conducted a conference call to discuss its
financial results for the year ended December 31, 2008. A copy of the transcript of such
conference call is set forth as Exhibit 99.2 to this Current Report. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item 9.01 Financial
Statements and Exhibits </FONT></H1>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<B>(d)
Exhibits </B></FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
The
following exhibits are furnished herewith:  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>              99.1 </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Press
Release Issued by the Registrant on April 1, 2009 </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>              99.2 </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Transcript
of Conference Call Conducted by the Registrant on April 1, 2009 </FONT></TD>
</TR>
</TABLE>
<BR>


<!-- MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SIGNATURES </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused
this report to be signed on its behalf by the undersigned hereunto duly authorized. </FONT></P>


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     <TD WIDTH=50% ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2></FONT></TD>
     <TD WIDTH=50% ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>WIDEPOINT CORPORATION</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2><BR><BR>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2><U>/s/ James T. McCubbin</U></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Date:&nbsp;&nbsp;April 7, 2009</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>James T. McCubbin</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2></FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Vice President and Chief Financial Officer</FONT></TD></TR>
</TABLE>



</BODY>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>cmw4227a.htm
<DESCRIPTION>PRESS RELEASE
<TEXT>
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<TITLE></TITLE>
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<p align=center><IMG SRC="widepointlogo2.gif"></p>

<!-- MARKER FORMAT-SHEET="Head Right-TNR" FSL="Project" -->
<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=4><B>News Release:</B> </FONT></P>



<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=5>WidePoint Announces
2008 Financial Results  </FONT></H1>

<!-- MARKER FORMAT-SHEET="Head Center Italic-TNR" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3><I>Company Reports Q4
Revenue Growth, Profitability and Improved Outlook for full year 2009 </I></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Washington D.C. &#150; April 1,
2009</B> &#151; WidePoint Corporation (NYSE AMEX: WYY), a leading provider of advanced
information technology, identity assurance and protection, and mobile telecom expense
management services, announced today its financial results for the quarter and year ended
December 31, 2008. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Fourth Quarter Financial
Highlights: </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; Fourth quarter revenue
increased approximately 155% to $10.2 million. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; Fourth quarter net income was
approximately $285,000 on a fully diluted basis. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2008 Financial
Highlights: </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; Revenue increased
approximately 151% to $35.4 million as a result of the acquisition of iSYS. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; Gross profit increased
approximately 73% to $6.6 million. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; Loss from operations of $0.7
million included approximately $1.6 million in non-cash expenses. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; iSYS acquisition in 2008 added
approximately $24.2 million to the company revenue stream as well as contributed to
positive cash flow.  </FONT></P>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Fourth Quarter Results </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Revenues for the fourth quarter ended
December 31, 2008 were approximately $10.2 million as compared to approximately $4 million
in the fourth quarter of 2007. The company recorded net income of approximately $285,000
compared to a net loss of approximately $319,000 in 2007. </FONT></P>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2008 Results </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Revenues for 2008 were approximately
$35.4 million compared with approximately $14.1 million for 2007. The company recorded
growth in all three of its primary operating segments. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=1>-MORE- </FONT></P>



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<TR VALIGN=Bottom>
     <TD WIDTH=50% ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=1>WidePoint Corporation</FONT></TD>
     <TD WIDTH=50% ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=1>Page 1 of 7</FONT></TD></TR>
</TABLE>



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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; The mobile telecom expense
management (MTEM) segment added approximately $21 million to the company&#146;s total
revenues in 2008. The MTEM segment recorded revenue growth of approximately 38% with
revenues increasing $5.8 million from $15.2 million for 2007 (prior to our acquisition in
January 2008), to approximately $21.0 million for 2008. The company anticipates continuing
revenue growth in this segment as federal agencies continue to adopt the company&#146;s
services under the recent contract award associated with the Federal Strategic Sourcing
Initiative (FSSI) by the General Services Administration (GSA). </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; Our PKI credentialing and
managed services segment experienced revenue growth of approximately 5% with revenues
increasing approximately $0.2 million from approximately $3.6 million for 2007, to
approximately $3.8 million for 2008, as a result of the adoption of the Federal
Government&#146;s mandate under HSPD-12 and the continuing adoption of several U.S.
federally-sponsored programs currently migrating from various pilot programs and other
programs that are expanding their deployment as a result of continued adoption by the
Department of Defense, the Transportation Security Administration and other U.S. agencies
and departments. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; Our Consulting Services
segment experienced increased revenues of approximately $0.1 million to approximately
$10.7 million in 2008 compared with $10.6 million in 2007. The revenue was substantially
the result of our acquisition of iSYS and the inclusion of its consulting services group
into this segment, partially offset by reductions in commercial consulting group revenues
associated with weak economic conditions. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Gross profit for the year was
approximately $6.6 million, an increase of approximately $2.8 million over gross profit of
approximately $3.8 million in 2007. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Sales, general and administrative
expenses for the year were approximately $7.3 million, compared to approximately $4.4
million in 2007. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Loss from operations for the year was
approximately $0.7 million, compared to $0.6 million in 2007. The loss from operations in
2008 included non-cash charges of approximately $1.6 million, which included depreciation
and amortization expenses of approximately $1 million and stock compensation expenses
associated with FAS 123 (r) of approximately $0.6 million. The loss from operations in
2007 included non-cash charges of approximately $0.7 million, which included depreciation
and amortization expenses of approximately $0.5 million and stock compensation expenses
associated with FAS 123 (r) of approximately $0.2 million. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Other interest expenses, (net) for
the year were approximately $0.2 million, compared to interest income, (net) of $0.1
million in 2007. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Deferred income taxes for the year
were approximately $0.2 million as compared to no deferred income taxes in 2007. The
deferred income taxes are a non-cash item that resulted from our recognition of a deferred
tax liability attributable to the differences in our treatment of the amortization of
goodwill for tax purposes versus book purposes. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>As a result of the above, the company
had a net loss for the year of approximately $1.1 million or $0.02 per common share as
compared to $0.5 million or $0.01 per common share in 2007. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Management Comment </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>WidePoint CEO Steve Komar said,
&#147;Our Mobile Telecom Managed Services segment, which we acquired in January 2008,
provided us with most of our growth and financial improvement in 2008. Operating under the
iSYS brand, the unit performed strongly and steadily from its acquisition date forward and
kept up the pace all year long. We believe it&#146;s a business in the right spot at the
right time and we&#146;re very pleased with the leadership of Jin Kang, the founder of
iSYS, who continues to run the segment for us. Although growth was much slower in our PKI
and consulting segments, we believe that each of these areas are well positioned and hold
the promise of excellent performance in 2009.&#148; </FONT></P>




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     <TD WIDTH=50% ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=1>WidePoint Corporation</FONT></TD>
     <TD WIDTH=50% ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=1>Page 2 of 7</FONT></TD></TR>
</TABLE>




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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>WidePoint CFO Jim McCubbin said,
&#147;Our financial position continues to show improvement. We were pleased with our
fourth quarter profitability in 2008 as well as our income from operations after excluding
non-cash charges in 2008 as compared to 2007. As we look forward to 2009, there is every
reason to believe that we should continue to see improvements in our balance sheet as well
as improvements from our operations as our segments further evolve along the product life
cycle. We anticipate revenue gains in 2009 in each of our three business segments although
some of this could be affected by timing issues in project implementation quarter to
quarter.&#148; </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>WidePoint will hold a conference call
with CEO Steve Komar, CFO Jim McCubbin and Ronald Oxley, EVP of sales and marketing,
today, April 1 at 4:30 p.m. EST. The call will cover the company&#146;s year-end results. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>To participate, call 1-800-762-8779
any time after 4:20 p.m. ET on April 1, 2009. International callers should dial
1-480-248-5081. While in conference, if callers should experience any difficulty or
require operator assistance, they can press the star followed by the zero button. This
will call an operator to the line. </FONT></P>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>About WidePoint </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>WidePoint</U> is a leading
provider of advanced information technology products and services including identity
assurance and information management and protection services, forensic informatics and
wireless technology services. WidePoint has several wholly owned subsidiaries holding
major contracts, <U>Operational Research Consultants, Inc.</U> (ORC), <U>iSYS, LLC</U>,
<U>Protexx</U>, and WidePoint IL. WidePoint enables organizations to deploy fully
compliant IT services in accordance with government-mandated regulations and advanced
system requirements. For more information, visit <U>http://www.widepoint.com</U>. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>An investment profile about WidePoint
may be found at <U>http://www.hawkassociates.com/profile/wyy.cfm</U>. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>For investor relations information
regarding WidePoint, visit <U>http://www.hawkassociates.com</U> and
<U>http://www.americanmicrocaps.com</U>, or contact Frank Hawkins, Hawk Associates, at
305-451-1888, e-mail: <U>widepoint@hawkassociates.com</U>. To receive notification of
future releases via e-mail, subscribe at <U>http://www.hawkassociates.com/about/alert/.</U> </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>Safe-Harbor Statement under the
Private Securities Litigation Reform Act of 1995: This press release may contain
forward-looking information within the meaning of Section 21E of the Securities Exchange
Act of 1934, as amended (the Exchange Act), including all statements that are not
statements of historical fact regarding the intent, belief or current expectations of the
company, its directors or its officers with respect to, among other things: (i) the
company&#146;s financing plans; (ii) trends affecting the company&#146;s financial
condition or results of operations; (iii) the company&#146;s growth strategy and operating
strategy; and (iv) the declaration and payment of dividends. The words &#147;may,&#148;
&#147;would,&#148; &#147;will,&#148; &#147;expect,&#148; &#147;estimate,&#148;
&#147;anticipate,&#148; &#147;believe,&#148; &#147;intend&#148; and similar expressions
and variations thereof are intended to identify forward-looking statements. Investors are
cautioned that any such forward-looking statements are not guarantees of future
performance and involve risks and uncertainties, many of which are beyond the
company&#146;s ability to control, and that actual results may differ materially from
those projected in the forward-looking statements as a result of various factors,
including our ability to generate additional funding to finance our capital needs, our
ability to implement our acquisition program and integrate acquired businesses into our
company, our dependence on our key employees and significant customers, changes in the
spending policies or budget priorities of the federal government and other factors
discussed in the company&#146;s Forms 10-K and 10-Q filed with the SEC.</I> </FONT></P>



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<TR VALIGN=Bottom>
     <TD WIDTH=50% ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=1>WidePoint Corporation</FONT></TD>
     <TD WIDTH=50% ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=1>Page 3 of 7</FONT></TD></TR>
</TABLE>


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<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=4><B>WIDEPOINT CORPORATION AND SUBSIDIARIES</B></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2><B>Consolidated Balance Sheets</B></FONT></TD></TR>
</TABLE>
<BR>



<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TH COLSPAN=3><FONT FACE="Times New Roman" SIZE=2></FONT></TH>
     <TH COLSPAN=6><FONT FACE="Times New Roman" SIZE=2>December 31</FONT></TH></TR>
<TR VALIGN=Bottom>
     <TH COLSPAN=3><FONT FACE="Times New Roman" SIZE=2></FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman" SIZE=2>2008</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman" SIZE=2>2007</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=71% ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2><B>Assets</B></FONT></TD>
     <TD WIDTH=1% ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=1% ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD WIDTH=10% ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2></FONT></TD>
        <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=1% ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD WIDTH=10% ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2></FONT></TD>
        <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Current assets:</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>$</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>   4,375,426</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>$</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>   1,831,991</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>5,282,192</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>4,437,397</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unbilled accounts receivable</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>2,301,893</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>371,435</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other assets</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>267,666</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>328,539</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=3 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD>
     <TD COLSPAN=3 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>12,227,177</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>6,969,362</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=3 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD>
     <TD COLSPAN=3 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Property and equipment, net</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>431,189</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>435,859</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Goodwill</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>8,575,881</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>2,526,110</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Intangibles, net</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>2,236,563</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>1,165,461</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Other assets</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>110,808</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>167,164</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=3 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD>
     <TD COLSPAN=3 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>$</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>  23,581,618</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>$</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>  11,263,956</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=3 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=2></TD>
     <TD COLSPAN=3 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=2></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2><BR><B>Liabilities and stockholders&#146; equity</B></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Current liabilities:</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Related party note payable</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>$</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>   2,140,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>$</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>--</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-term note payable</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>97,158</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>63,520</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>2,465,394</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>2,715,180</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>2,548,106</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>644,366</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>1,667,969</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>96,674</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-term portion of long-term debt</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>486,707</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>--</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-term portion of capital lease obligation</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>107,141</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>118,246</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=3 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD>
     <TD COLSPAN=3 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>9,512,475</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>3,637,986</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Deferred income tax liability</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>156,891</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>--</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Long-term debt, net of current portion</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>1,117,230</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>--</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Capital lease obligation, net of current portion</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>95,248</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>162,976</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=3 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD>
     <TD COLSPAN=3 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>10,881,844</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>3,800,962</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=3 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD>
     <TD COLSPAN=3 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2><BR>Stockholders&#146; equity:</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock, $0.001 par value; 110,000,000 shares</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>authorized; 58,275,514 and 52,558,697 shares issued and</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>outstanding, respectively</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>58,276</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>52,559</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock warrants</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>38,666</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>38,666</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>67,194,788</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>60,873,273</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated deficit</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>(54,591,956</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>(53,501,504</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>)</FONT></TD></TR>
<TR>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=3 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD>
     <TD COLSPAN=3 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders&#146; equity</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>$</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>  12,699,774</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>$</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>   7,462,994</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=3 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD>
     <TD COLSPAN=3 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and stockholders&#146; equity</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>$</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>  23,581,618</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>$</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>  11,263,956</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=3 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=2></TD>
     <TD COLSPAN=3 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=2></TD></TR>
</TABLE>
<BR>


<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=80% align=center>
<TR VALIGN=Bottom>
     <TD WIDTH=50% ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=1>WidePoint Corporation</FONT></TD>
     <TD WIDTH=50% ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=1>Page 4 of 7</FONT></TD></TR>
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<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=4><B>WIDEPOINT CORPORATION AND SUBSIDIARIES</B></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2><B>Consolidated statements of operations</B></FONT></TD></TR>
</TABLE>
<BR>








<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TH COLSPAN=3><FONT FACE="Times New Roman" SIZE=2></FONT></TH>
     <TH COLSPAN=6><FONT FACE="Times New Roman" SIZE=2>For the Years Ended December 31,</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TH></TR>
<TR VALIGN=Bottom>
     <TH COLSPAN=3><FONT FACE="Times New Roman" SIZE=2></FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman" SIZE=2>2008</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman" SIZE=2>2007</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=71% ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2><BR>Revenues, net</FONT></TD>
     <TD WIDTH=1% ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=1% ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>$</FONT></TD><TD WIDTH=10% ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>  35,458,953</FONT></TD>
        <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=1% ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>$</FONT></TD><TD WIDTH=10% ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>  14,129,439</FONT></TD>
        <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2><BR>Cost of revenues (including depreciation and</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>28,877,994</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>10,325,916</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>amortization of $846,340 and 446,387, respectively)</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2><BR>Gross profit</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>6,580,959</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>3,803,523</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=3 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD>
     <TD COLSPAN=3 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2><BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales and marketing</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>901,007</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>806,556</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and administrative (including SFAS123</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>6,246,914</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>3,521,397</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>(R) stock  compensation expense of $563,108 and</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>$174,716, respectively)</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation expense</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>160,565</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>83,458</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=3 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD>
     <TD COLSPAN=3 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Loss from operations</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>(727,527</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>(607,888</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>)</FONT></TD></TR>
<TR>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=3 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD>
     <TD COLSPAN=3 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2><BR>Other income (expenses):</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>134,531</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>104,248</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>(336,638</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>(13,539</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other expense</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>(3,927</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>--</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=3 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD>
     <TD COLSPAN=3 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Net loss before provision for income taxes</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>(933,561</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>(517,179</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>)</FONT></TD></TR>
<TR>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=3 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD>
     <TD COLSPAN=3 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Deferred income tax expense</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>156,891</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>--</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=3 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD>
     <TD COLSPAN=3 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Net loss</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>(1,090,452</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>(517,179</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>)</FONT></TD></TR>
<TR>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=3 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=2></TD>
     <TD COLSPAN=3 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=2></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2><BR>Basic and diluted net loss per share</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>$</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>       (0.02</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>$</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>       (0.01</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>)</FONT></TD></TR>
<TR>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=3 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD>
     <TD COLSPAN=3 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2><BR>Basic and diluted weighted-average shares outstanding</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>56,673,952</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>52,401,705</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=3 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=2></TD>
     <TD COLSPAN=3 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=2></TD></TR>
</TABLE>
<BR>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=80% align=center>
<TR VALIGN=Bottom>
     <TD WIDTH=50% ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=1>WidePoint Corporation</FONT></TD>
     <TD WIDTH=50% ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=1>Page 5 of 7</FONT></TD></TR>
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<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=4><B>WIDEPOINT CORPORATION AND SUBSIDIARIES</B></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2><B>Consolidated Statements of Cash Flows</B></FONT></TD></TR>
</TABLE>
<BR>







<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TH COLSPAN=3><FONT FACE="Times New Roman" SIZE=2></FONT></TH>
     <TH COLSPAN=6><FONT FACE="Times New Roman" SIZE=2>For the Years Ended December 31,</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TH></TR>
<TR VALIGN=Bottom>
     <TH COLSPAN=3><FONT FACE="Times New Roman" SIZE=2></FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman" SIZE=2>2008</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman" SIZE=2>2007</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=71% ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Cash flows from operating activities:</FONT></TD>
     <TD WIDTH=1% ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=1% ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=1% ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD WIDTH=10% ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2></FONT></TD>
        <TD WIDTH=3% ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=1% ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD WIDTH=10% ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2></FONT></TD>
        <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loss</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>$</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2> (1,090,452</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>$</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>   (517,179</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net loss to net cash provided by (used in)</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>operating activities</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income tax expense</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>156,891</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>--</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation expense</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>218,052</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>125,415</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization expense</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>788,852</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>404,430</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred financing costs</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>8,571</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>--</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock options expense</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>563,108</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>174,716</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss (Gain) on disposal of equipment</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>3,927</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>--</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in assets and liabilities, net of business combination</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable and unbilled accounts receivable</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>1,436,910</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>1,411,612</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other assets</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>145,411</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>134,583</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>(1,123,802</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>(1,710,561</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>1,571,295</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>(467,920</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>)</FONT></TD></TR>
<TR>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=3 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD>
     <TD COLSPAN=3 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used in) operating activities</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>2,678,763</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>(444,904</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>)</FONT></TD></TR>
<TR>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=3 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD>
     <TD COLSPAN=3 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2><BR>Cash flows from investing activities:</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchase of asset/subsidiary, net of cash Acquired</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>(5,192,020</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>_</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Software development costs</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>(123,490</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>(211,679</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of office equipment</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>250</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>--</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases of property and equipment</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>(96,300</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>(131,565</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>)</FONT></TD></TR>
<TR>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=3 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD>
     <TD COLSPAN=3 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in investing activities</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>(5,411,560</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>(343,244</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>)</FONT></TD></TR>
<TR>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=3 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD>
     <TD COLSPAN=3 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2><BR>Cashflows from financing activities:</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrowings on notes payable</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>3,800,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>--</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal payments on notes payable</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>(2,315,060</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>(103,537</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal payments under capital lease obligation</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>(120,307</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>(56,127</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Costs related to registration statement</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>--</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>(29,720</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Costs related to financing purchase of subsidiary</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>(13,713</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>--</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from issuance of stock</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>4,080,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>--</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Costs related to issuance of stock</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>(169,088</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>--</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from exercise of stock options</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>14,400</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>34,710</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=3 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD>
     <TD COLSPAN=3 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used in) financing activities</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>5,276,232</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>(154,674</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>)</FONT></TD></TR>
<TR>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=3 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD>
     <TD COLSPAN=3 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Net (decrease) increase in cash</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>2,543,435</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>(942,822</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Cash and cash equivalents, beginning of period</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>$</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>  1,831,991</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>$</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>  2,774,813</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=3 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD>
     <TD COLSPAN=3 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Cash and cash equivalents, ending of period</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>$</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>  4,375,426</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>$</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>  1,831,991</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=3 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=2></TD>
     <TD COLSPAN=3 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=2></TD></TR>
</TABLE>
<BR>


<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=80% align=center>
<TR VALIGN=Bottom>
     <TD WIDTH=50% ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=1>WidePoint Corporation</FONT></TD>
     <TD WIDTH=50% ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=1>Page 6 of 7</FONT></TD></TR>
</TABLE>



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<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH=71% ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Supplementary Cash Flow Information:</FONT></TD>
     <TD WIDTH=1% ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=1% ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD WIDTH=10% ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2></FONT></TD>
        <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=1% ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD WIDTH=10% ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2></FONT></TD>
        <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2><BR>Cash paid for -</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2><BR>Interest</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>$</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>   178,088</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>$</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>    13,539</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Taxes</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>--</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>--</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2><BR>Supplementary Disclosure of non-cash Investing and Financing Activities:</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Promissory Note issued for iSYS acquisition</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>$</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2> 2,000,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>$</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>      --</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value of 1.5 million common shares issued as consideration in the</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>$</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2> 1,800,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>$</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>      --</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;acquisition of iSYS</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value of 184,817 earnout shares issued as additional consideration</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>$</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>    38,812</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>$</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>      --</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in the acquisition of iSYS</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insurance policies financed by short term notes payable</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>$</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>   142,657</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>$</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>   110,725</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital leases for acquisition of property and equipment</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>$</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>    41,473</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>$</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>   224,478</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
</TABLE>


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<TR VALIGN=Bottom>
     <TD WIDTH=50% ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=1>WidePoint Corporation</FONT></TD>
     <TD WIDTH=50% ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=1>Page 7 of 7</FONT></TD></TR>
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<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>WidePoint Corporation<BR>2008-Year
End Conference Call  <BR>April 1, 2009  </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Operator:</B> Good afternoon
ladies and gentlemen, thank you for standing by. Welcome to the WidePoint Corporation 2008
Year End Conference Call. During today&#146;s presentation all parties will be in a
listen-only mode. Following the presentation conference will be open for questions. If you
have a question please press the star followed by the one on your touchtone phone. Please
press star, zero for operator assistance at any time. And for our participants using
speaker equipment, it may be necessary to pick up your handset before making your
selection. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Now
I'd like to turn the  conference  over to Mr. Frank  Hawkins of Hawk  Associates.  Please
go ahead.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Frank Hawkins:</B>
                     Thanks  David.  Good  afternoon,  this  is  Frank  Hawkins,  I'm
 the  CEO of  Hawk  Associates, WidePoint&#146;s IR firm.  Welcome to the Fourth Quarter and
Year End 2008 Conference Call. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
the phone today are Steve Komar, Chief Executive Officer,  Jim McCubbin,  the Chief
Financial Officer, and Executive Vice President Sales and Marketing, Ron Oxley.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I
would like to begin by reading  the  company's  Safe-Harbor  statement,  and then we will
hear from Steve, Jim and Ron before they take your questions. This afternoon&#146;s
discussion contains forward-looking statements that involve known and unknown risks,
uncertainties, or other factors not under the company&#146;s control. Those risks may
cause actual results, performance or achievements of the company to be materially
different from the results, performance or other expectations implied by these
forward-looking statements. These factors include but are not limited to those detailed
in the company&#146;s periodic filings with the Securities and Exchange Commission.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;And
now here is Steve with his opening remarks. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Steve Komar:</B>
                       Thank  you  Frank.  I&#146;d  like to say  good  afternoon  to all the
 attendees  on  behalf  of the WidePoint management team, and welcome you to our Fourth
Quarter and Full Year 2008 Investor Call. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
our last quarterly call,  which occurred back in mid-November of 2008, we referred to the
difficult financial and economic times that we were all experiencing, but advised you
that the company was financially solid and well-positioned as a provider of niche
products and services to its target government market sector. Although we did not
forecast nor anticipate the serious and continuing economic decline that has occurred
since November of 2008, I am pleased to report that WidePoint still experienced a robust
fourth quarter, which we believe with appropriately cautious optimism is a trend that
will continue into 2009 and beyond.  </FONT></P>





<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 10; page: 10" -->
<HR SIZE=5 COLOR=GRAY NOSHADE>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
company&#146;s fourth quarter revenues were up over 150% versus the prior year quarter, to
a total of $10.2 million, with gross profits up almost 50% to $2 million, all of which
resulted in fully diluted bottom line net income of over $400,000 for the quarter. From a
full year perspective this result was not sufficient to offset quarterly losses earlier in
the year. However, we do believe that it speaks well to our target of meaningful bottom
line earnings in 2009. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
2008 we completed two acquisitions; iSYS LLC and Protexx Inc., which represented
additional market penetration opportunities for us in the mobile telecommunications
management sector and wireless internet security areas. Partly as a result, our 2008 full
year revenues exceeded $35 million, versus $14 million for the prior year, and each of our
three business segments recorded increased revenues, although iSYS was clearly the largest
contributor. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;While
we consciously continue to invest in sales and marketing resources and related
capabilities to accelerate our growth opportunities, we are very committed and focused on
delivering the key priority business opportunities on our short list for 2009. Also, we
very carefully manage our expense base to minimize loss exposures and to optimize our
overall operating cost environment. From a stability standpoint our balance sheet, cash
generation, bank relationships and overall liquidity remain quite solid and are not an
obstacle to our continued growth initiatives. Jim McCubbin will take you through some
additional data and information in regard to this area. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
we look forward further into 2009, we see continued strong growth in mobile telecomm
managed services, the coming of age of many of the multi-year PKI based security and
access programs in the government sector, and a resurgence of consulting services
opportunities, at least partly tied to economic stimulus packages and programs. Ron Oxley
will expand on a few of these market opportunities in his comments to the group. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;And
with that I will turn this over to Ron for his ongoing comments.  Ron? </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Ron Oxley:</B> Thank you Steve,
good afternoon everyone. For sales and marketing if I could address two areas of
concentration that we&#146;re going to be focused on. The first area is, we&#146;re going
to stay focused on the key areas that made us successful in 2008, as to wireless and the
identity management areas. For the wireless in 2008, we were one of three awardees of
GSA&#146;s government-wide contract, which is called the Federal Strategic Sourcing
Initiative, I&#146;ll call it FSSI, and it&#146;s valued at $90 million. </FONT></P>




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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
first two competitions to come out we have won both of those competitions, one for the
Center for Disease and Control, and the other one for the Customs and Border Protection
Agency. There&#146;s a pipeline of other agencies that are lining up that kind of amount
to another 200,000 units of opportunity for us to chase. We continue to market and
maintain a good relationship with our GSA sponsor who is pushing all the government
agencies to use this contact. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We&#146;re
also marketing to the large systems integrators and the carriers such as AT&amp;T, Sprint,
and Qwest. We&#146;re growing our current contract base at the same time. Every renewal we
have won, and we have also increased scope at the TSA and Washington Headquarter Service
and the City of San Diego for our wireless business. We&#146;re working with Congress also
to kind of push federal agencies into accelerating their use of the FSSI contract. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
next area of concentration that we&#146;re focusing on is identity management. Although
the rollout and the adoption of PKI has been very frustrating, policy and infrastructure
is moving forward and interest is growing. We&#146;re continuing our FiXs initiatives.
FiXs is the Federation of Identity and Cross-Credentialing System, a not for profit
organization. It&#146;s currently the only DOD, non-DOD entity that&#146;s delegated the
authority to approve the issuance and credential to contractors and others requiring
access to military installations and systems. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
a member of FiXs, along with other members, which are contractors, commercial companies
and industry associations doing business with the DOD, we are the only member thus far to
receive certification and accreditation (and to be) issued a FiXs-approved credential. In
a nutshell, the Department of Defense has given FiXs the authority to issue these
credentials and we are the only one that has been approved within the body of FiXs to
make that issuance. We&#146;ve also completed and won a FiXs contract to host and
maintain the back office capability for all credential transactions that will come through
FiXs by its members and interface with the DOD. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
continue to grow our contract base as a sub to Lockheed Martin on the TWIC Program. TWIC
is the Transportation Worker&#146;s Identity Credential. We have just surpassed a major
milestone of issuing one million credentials. Lockheed is working with a customer on
remaining and future issuances. The universe for that, and these are people getting access
to our water ports and airports, is six million credentials. In addition to that,
we&#146;ve also provided certificates with a VPN, Virtual Private Network connection, to
more than 150 fixed enrollment centers and 450 mobile centers that Lockheed has put in
place. </FONT></P>




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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
our military base initiatives, the Proof of Concept has been approved and the pilot has
been expanded to the entire DOD. We&#146;ve also received additional increases from the
Federal Elections Commission and the Federal Housing and Finance Agency, which has
oversight now of Fannie Mae and Freddie Mac. Hopefully there&#146;ll be more opportunities
because of that. We&#146;re using The Gartner Group also to find new channels to reach
commercial and state and local customers, working with Congress, pressure the military
bases to quickly adopt and implement current policy to strengthen identity credentials.
Those are the two things we&#146;ve been focused on, we&#146;re growing them. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We&#146;re
also trying to move to enhance our WidePoint capabilities in the forensic informatics area, the
data in motion security area, and in our consulting services. We&#146;re
strengthening and growing our relationships with Northrop Grumman, Unisys, IBM, TFC,
Computer Sciences Corporation and L-1 Identity, SI International and American Systems as
well as the large, communication carriers I mentioned earlier. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With
that I&#146;ll turn it back over to Steve. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Steve Komar:</B>
                       Thank you Ron, that was excellent, appreciate your comments. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I
would like to pass the baton over to Jim  McCubbin to give us a little bit of  assessment
 and analysis on our financial results and our outlooks.  Jim? </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Jim McCubbin:</B> Hello everyone,
thank you for joining our call today. We realize you do have other investment options and
we want to tell you that we appreciate your sponsorship of WidePoint, and thank you for
making this time for this call today. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With
that said, during my financial review I&#146;m going to briefly discuss our overall
financial performance in 2008, as well as take a look at each of our segments, and wrap up
with some of our thoughts we have in regards to 2009. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revenues
for 2008 were approximately $35.4 million compared with approximately $14 million for
2007. We recorded growth in all three of our primary operating segments, and we attributed
most of this growth materially to our acquisition of iSYS in January of 2008. </FONT></P>




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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
gross profit for the year also grew and was approximately $6.6 million, an increase of
approximately $2.8 million over gross profit of approximately $3.8 million in 2007.
SG&amp;A for the year was also approximately $7.1 million compared to approximately $4.4
million in 2007. A loss from operations for the year was approximately $0.7 million or
$700,000 compared to approximately $0.6 million or $600,000 in &#145;07. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
looking at these numbers though, I do want to bring everybody&#146;s attention to the loss
from operations that included approximately $1.6 million in non-cash expenses. These expenses
were, you know, associated with amortization and depreciation for purchase accounting.
They were also associated with stock options expense, all non-cash items. And kind of
backing that $1.6 million out it gives a little bit better of a comparison on
performance, in which case we actually have a pro forma gain from operations of
approximately $0.9 million or $900,000 as compared to a pro forma gain of $0.1 million or
$100,000 in 2007. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
just gives you a better picture of what really happened from the operational performance
of the business, while fully diluted including (inaudible) including non-cash expenses
yes, it went from $0.6 million to $0.7 million on respective losses. On a pro forma basis
adjusting out these non-cash items it really went from $0.1 million of a gain in &#145;07
to $0.9 million of a gain, respectively in 2008. That should give you a little bit better
feel for, you know, how we actually performed on a cash basis and not just a non-cash
basis. But I&#146;m bringing everybody&#146;s attention to this from an operations perspective, and not to
the bottom line, because this really profiles how we&#146;re operating as a
business entity, and how come we&#146;re a growing concern and how we&#146;re moving forward
with what we&#146;re doing. With that, you know, we are pleased with that demonstrated
performance and that positive performance between &#145;07 and &#145;08.  </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
looking at our interest expense in this last year it was $0.2 million compared to interest
income of $0.1 million. We also had some deferred income taxes for the year of
approximately $0.2 million compared to nothing in 2007. I was a little bit disturbed with
this accounting charge that we were forced to take in 2008, because, it really
waters down the financial performance to our bottom line in the fourth quarter and
for the whole year on an expense that we will never have to pay. This deferred income tax
revenue is associated with a difference between our tax books and our book books. And
because of an accounting rule, they&#146;re making us take this and place this charge on
our books until such time that we&#146;re profitable enough to extinguish that liability
or expense. But nevertheless it is there but I wanted everybody to know that it&#146;s
there for a reason, that doesn&#146;t make some of the best business sense, and it&#146;s
not a real expense. But even given this, you know, we did see our full year have a net
loss of $1.1 million or $.02 per share compared to $0.5 million and $.01 per share in
2007. </FONT></P>




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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
also do want to point out though, on an adjusted EBITDA position, these losses quickly
turn positive, as those non-cash charges of $1.6 million, plus this deferred tax
liability, which makes it closer to $1.9 million, really reduces that loss that we&#146;re
seeing on the books, quickly on a cash basis to show a profit. We just wanted to make you
aware of that so it doesn&#146;t, appear as negative as it really did for the year because
we believe we did much better, especially when we look at it from a cash basis. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Also
looking at the fourth quarter, we&#146;re also pleased with how we left 2008. We saw
revenues grow from when we entered the first quarter with approximately seven million, to
grow to over 10 million in the fourth quarter. We also witnessed a loss in the first
quarter of approximately $300,000 turn into a gain of approximately $300,000 in the fourth
quarter. Again, the momentum and the financial momentum from first quarter to fourth
quarter, you know, we just wanted to make sure all of you were aware of that positive
event. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Looking
at our segments, and delving a little bit deeper I want to first talk about our Mobile
Telecom Expense Management segment. This segment added approximately $21 million to the
company&#146;s total revenues in 2008. The MTEM segment recorded revenue growth of
approximately 38% with revenues increasing $5.8 million from $15.2 million for 2007.
I&#146;m using the $15.2 million and the 2007 numbers because I think it draws an
appropriate parallel because these numbers occurred prior to our acquisition and we
can&#146;t show it in our segment tables. We show our segment tables as zero, but that
doesn&#146;t give you a realistic look. You can&#146;t go from zero to $21 million,
because it&#146;s just not real. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;What
is real though, is we did see real growth, grow from $15 million to $21 million. In that,
we&#146;re extremely pleased with that, especially since this is just the beginning of
what we&#146;re doing to penetrate the federal segment sector in this area. You know, we
won the FSSI contract as Ron discussed in the beginning of January 2008. During 2008, we
saw the first two awards go to us. We also saw our contract base of approximately 40,000
units grow to approximately 65,000 units. We also saw all of our clients renew at 100%
rate and we left 2008 with six government agencies or departments in heavy conversations
or discussions with us on our services and capabilities, and those agencies just by themselves represent
we believe somewhere between 150,000 and 200,000 units that we believe are going to be put
under contract, between now and mid-summer. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
also believe that we&#146;re in a very strong position to compete competitively, if not
for all, most of those units this year. And that&#146;s without really penetrating the
local or state government agencies in which case we&#146;re just starting to look into
that area, without really looking into the commercial area and without looking at the rest
of the government segment in a whole, which we believe represents millions of units. The
mobile telecom segment was a hit for us this last year. Each quarter we saw revenue growth
grow quarter in and quarter out. Looking into 2009 we see this happening further as we expand
our customer base and we win these awards. </FONT></P>




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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Now,
like anything, government spending is seasonal and has some changes where it goes up
and down from the first quarter to the second quarter to the third quarter to the fourth
quarter, mostly to do with their procurement cycle. While we may not see a huge gain in
the first quarter, we do tend to see awards in the second quarter, and a lot of that
revenue starts coming on line in the third and fourth. We pretty much anticipate something
like that happening again this year, pretty much like we recognized it in 2007 and prior
years. With that we feel very good about this mobile TEM segments. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Now
looking at our PKI credentialing and managed service segment, we saw revenue growth of
approximately 5% this past year, increasing from basically $200,000 from $3.6 million to
approximately $3.8 million. A lot of this hold up, as Ron already addressed, had to do
with policy issues, had to do with moving things from a pilot phase into more of a fully
adopted phase. There were some things that hung us up, and didn&#146;t just hang us up as
a company, but hung our partners up as well as the entire segment. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;What
we have done is focus a lot on infrastructure, a lot on support in 2008, and we entered
into 2009 with a lot of those policy issues taken care of. We&#146;re also seeing a lot of
advanced movement with the TWIC program, which we&#146;re very pleased with which, in many
ways is ahead of everybody else. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
DOD base access program is just now coming online with the FiXs card, as Ron already
mentioned. And we&#146;re also seeing some endeavors develop in many other programs that
are following suit. Given that, while we&#146;ve all been disappointed with PKI in 2008,
in 2009 we do believe that we&#146;re getting some of the things out of the way that we
need to for some meaningful growth in this area. Does it happen in the first quarter?
I&#146;m not sure, but in 2009, we really are anticipating some major improvements and not
just this flat line growth. With that, of course time will tell, but we&#146;re feeling
very good about it at this time. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Looking
at our consulting services segment, we also experience slight revenue growth to $10.7
million from $10.6 million. This had a lot to do with government consulting business that
did expand, and part of that was iSYS&#146;s consulting business that came online, but it
was also slightly offset by the WidePoint consulting business in the commercial segment
having a bit of a fall off because of the economic environment. There wasn&#146;t a whole
lot we could do about that except make sure that we rationalized the business from a
P&amp;L perspective, and managed it appropriate to the marketplace. We have done
that and we do believe we&#146;re going to see that market space recover as the economy
recovers, but we also did not put the company in a position where we have a lot of risk at
this time. That&#146;s where we really are with the consulting services segment. </FONT></P>




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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
looking towards 2009, there&#146;s every reason to believe that we should continue to see
improvements from our operations, both as our segments further evolve along the product
life cycle, as well as some of these programs take flight. Now, looking forward to 2009
there are challenges, but there are also tremendous opportunities. Given our management
and how we approach both of these, we feel we have the financial wherewithal to be
positioned to take advantage of it. </FONT></P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>With that, Steve? </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Steve Komar:</B>
                       Thank you Jim, great, appreciate that.  Thank you both Ron and Jim
for your comments. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I
think before opening the call to questions and answers, I&#146;d like to take a moment and
just summarize the key points that we&#146;re trying to communicate, hopefully effectively,
to you today. Number one, the company is financially stable, with adequate liquidity to
meet its growth needs. Number two we&#146;re expecting strong growth in the mobile telecom
arena in terms of revenue growth. Number three we&#146;re expecting a &#147;break-out&#148; year in
the PKI identity assurance marketplace. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Number
four, which we didn&#146;t really talk about too much but, I think is worthy of a
footnote, is that the bulk of our new business revenue opportunities consist of what I
call attractive multi-year annuity revenue streams. And number five, your management team
and this company is committed to meaningful bottom line profitability in 2009. Hopefully
some of that message has gotten across. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With
that, I&#146;ll ask our facilitator David, to open the lines for any questions or comments
that you may have. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Operator:</B> Thank you sir. We
will now begin the question and answer session. As a reminder if you have a question
please press the star followed by the one on your touchtone phone. If you would like to
withdraw your question press the star followed by the two, and if you&#146;re using
speaker equipment you will need to lift the handset before making your selection. One
moment please. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;And
our first question comes from the line of Sam Donaldson as a private investor. Please go  ahead. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Sam Donaldson:</B> Well I want to
congratulate all of you, Steve and Jim and Ron and everybody else. This glass is filling
up, quite clearly. When we had our last conference I asked whether, you could characterize
the fourth quarter, and the answer was Steve that, it was strong and trending, and
Jim, that risk had leveled off. And that clearly is what has happened. </FONT></P>




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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I
have a question not having to do with this coming year. You&#146;ve characterized how you
see the growth there. But it, I hope you don&#146;t think this is frivolous but, when
companies that have been struggling start doing well, of course other larger companies
say, &#147;Well maybe we can acquire them. This would be a good deal.&#148; And I would
like to hear your views as WidePoint begins to break out, whether you think that you might
put the company up for sale, let&#146;s say if someone offers $2.00, $3.00 we can pick a
number, because I&#146;m going to tell you from my standpoint, I hope the answer is no.
But please. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Steve Komar:</B>
                       Well hi Sam,  thank you,  always  appreciate  hearing from you,
and I know I speak for all of us here.  </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You
know,  that is a hard  question to answer  because  there are,  there are a lot of
different agendas if you will. But I go back to the simple basic, which is that we, we
had said from the very beginning when we launched our little effort here, that
it was our goal and our intent to build a quality entrepreneurial organization of
significant size that could stand alone as an operating entity that would be a very
attractive investment to investors and to others. That is still our goal and our intent
and we don&#146;t think that we are anywhere near, what we would believe, fruition if you
will, or fruitful return for our efforts. And we do see that just down the road.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
other side of that equation is, if somebody does offer an outlandish amount, or what we
would consider an outlandish amount, we would in all good faith for everybody have to
consider that. However that is clearly not our desire or intent or our goal at this time,
and frankly I&#146;ll let the other guys speak on this topic as well if they like. Okay
I&#146;m getting nothing back&#133;. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Sam Donaldson:</B> Well I just
wanted to say I appreciate the answer and obviously the word &#147;outlandish,&#148; we
would all lick our lips, no matter what the definition &#151; if we have a definition of
that. But just the steady growth and the break out possibilities that you all see down the
road that may very well be there, suggests that investors who have stayed the course with
you, may very well profit handsomely. Again let&#146;s not define the word handsomely. And
as one who has stayed with you quite a long time, Jim you know this, and Steve, I&#146;d
just as soon stay with you, a while longer, if it&#146;s going to really pay off. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Jim McCubbin:</B> Thanks, Sam all
we can do is, say thank you for the support you&#146;ve had with us for a long time.
We&#146;ve been working so hard, and just not us but everybody that works at WidePoint at
making this successful. You know, we still have challenges ahead of us but, we really are
getting closer to realizing the market opportunities that these programs offer.
We would certainly like to relish in getting there, before anything happens. </FONT></P>




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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Sam Donaldson:</B>
                     Okay.  Thanks very much gentlemen, and again congratulations and
thank you. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Steve Komar:</B>
                       Thank you Sam, appreciate it. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Operator:</B>
                          Thank you sir.  And our next  question  comes from the line of
David  Jordon with Axiom  Capital Management.  Please go ahead. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>David Jordon:</B>
                      Hello gentlemen it&#146;s a great call and a great year. I just want to
refer,  Mr.  Donaldson to the fact that the stock was $3.00 in 2006 so if we get up to
where we were that would be terrific. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I
have a question  in terms of the iSYS  business  whether  the  revenue was $24 million
and $21 million, unimportant to me now because I&#146;m looking as we talk at the income
statement. And I was wondering just for my own benefit of my little brain, if on iSYS&#146;s
revenues, you, whatever operating income there was if, what part of the sales and
marketing and the G&amp;A which added up to about $7 million, if it were a stand alone
company, what part of that $7 million of SG&amp;A would be assigned to iSYS. Just to try
and give me &#151; and incidentally, in 2008 everybody did deals but, you&#146;ve got to
get a Golden Award for doing, for buying iSYS the way you did and continuing, to let it
develop and grow and the outlook is even more than the past. It&#146;s one of the great
merits of all time. I think it&#146;s just a fabulous thing but that&#146;s what I&#146;d
like to know.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Jim McCubbin:</B> David this is
Jim. The team at iSYS we&#146;re thrilled with. And, we can&#146;t say enough about it
and, again, we agree with you that it&#146;s been a wonderful opportunity for us to team
with them. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Two,
as it goes to your SG&amp;A number, the difference in SG&amp;A growth was materially made
up of the SG&amp;A that was brought over by iSYS, as well as some stock compensation
expense that was awarded in early 2008, which represented around $400,000 of that stock
compensation expense. And that was just because of a push up in stock compensation expense
because of the vetting of those options to those key people at iSYS. We want to make sure
that we keep part of our family and we want to make sure we make them as happy as
possible. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>David Jordon:</B>
                      Was the operating income of the segment for iSYS after the SG&amp;A? </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Jim McCubbin:</B>
                      The operating, you mean on the segment report, in the 10-K for the
mobile TEMs? </FONT></P>




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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>David Jordon:</B>
                      Yeah. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Jim McCubbin:</B> For 2008 the
Mobile TEM segment on, approximately $21 million in revenue, generated, approximately 1.4
million. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>David Jordon:</B>
                      Was that before SG&amp;A? </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Jim McCubbin:</B>
                      That was in operational income.  G&amp;A is in that number. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>David Jordon:</B>
                      It&#146;s in that number. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Jim McCubbin:</B>
                      SG&amp;A. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>David Jordon:</B>
                      Theoretically  if it were a stand-alone  company,  it would show,
what did you say, 1.4 million? I&#146;m sorry I forgot what you said. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Jim McCubbin:</B> If the Mobile
TEM segment at iSYS stood by itself, it would show, not counting non-cash charges and
taxes, approximately $1.4 million. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>David Jordon: </B> Well, I think
you&#146;re doing so great in every area, I tell you it&#146;s just terrific to be on
board right now as the ship leaves the port. Just terrific. Thank you very much. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Operator:</B> Thank you sir. And
once again ladies and gentlemen if there are any additional questions please press the
star followed by the one at this time. As a reminder if you&#146;re using speaker
equipment you&#146;ll need to lift the handset before making your selection. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;And
our next question comes from the line of John Seebald as a private investor. Please go  ahead. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>John Seebald:</B>
                      Hello.  I want to  also  offer  my  congratulations  to the
 company  for  their  financial  and operating report. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I
have been an investor going back before Y2K so, I&#146;ve been hanging around for a long
time but, what crossed my mind, I think you had some sort of a statement that, a PR
release earlier in the year relative to the political, climate and that you thought it
would be favorable, favorable for, WidePoint. Do you have any comments on that issue? </FONT></P>




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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Steve Komar:</B> Candidly, I
don&#146;t recall, I don&#146;t recall the press release statement, but I&#146;ll take a
little bit of a gamble here and say that sometimes we feel that matters such as
administration change and other transitions can cause, negative events for us or some kind
of slow down. Our perception today is that, the political transition process has moved
through extremely smoothly, that in fact the new administration is pushing seriously
several of the initiatives that are dead on into our target sector. And we really believe
that this will translate into an excellent opportunity for us as 2009 progresses. I hope
that answers your question. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>John Seebald:</B>
                      It does and, I do thank you for that. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Steve Komar:</B>
                       You&#146;re very welcome John, thank you. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Operator:</B>
                          Thank you sir.  And our next  question  comes from the line of
Steve  Mazur with Mazur  Capital. Please go ahead.  </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Steve Mazur:</B> Gentlemen, an
observation with a question followed. I noticed basically that looking at your company on
a quarterly basis I&#146;d noticed that your corporate overhead has been pretty much
static or flat for the last four quarters. I&#146;ve also noticed that basically in light
of the fact that your MTEMs business increased by $2 million from first quarter to fourth
quarter, about 45%. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;And
then I saw in your K that  basically  consulting  and PKI are at least break even.
 Assuming that is all correct, and the MTEMs is a annuity business with 100% renewal, we
had more contracts pending, is it a safe assumption, to say that every quarter going here
on forward should be profitable, and not only that but of course EBITDA positive but also
profitable? You know, maybe with, you know, the only adjustment out there might be your
tax situation here.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Steve Komar:</B> I would just make
one comment to that Steve, and by the way hi. We are not confident enough to agree with a
statement that would say that every quarter is going to be profitable in the near term.
However, I will defer to Jim on that and see what his thoughts are. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
are kind of looking at 2009 as a year given that there is some government seasonality from
quarter to quarter, but clearly our goal is consistent with what you&#146;re talking
about, but our level of confidence is much higher that 2009 will in fact be solidly
profitable. That&#146;s the management comment but I will defer to the financial comment
on that one. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Jim McCubbin:</B>
                      Hi Steve, thanks for calling in. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Steve Mazur:</B>
                       Hey Jimmy. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Jim McCubbin:</B> One, again we
tend to look at all of &#145;09, and on a comparison basis, our goal, our view is the
first quarter of this year will be greater than the first quarter of last year. We are
going to have some seasonality. Our goal is to make sure that we&#146;re EBITDA positive,
quarter in quarter out. </FONT></P>




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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
it goes to profitability, we can&#146;t control some changes and fluctuations between one
quarter and another quarter, because we&#146;re subcontractors in some of these programs.
We could have some timing differences. Quite possibly it could be correct and quite
possibly we could have some slippage from one quarter to another, so that year overall,
that&#146;s where we have a higher level of comfort. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Steve Mazur:</B>
                       And your comfort with year overall is that, and what&#146;s your
comfort with year overall? </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Jim McCubbin:</B>
                      That we will be profitable. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Steve Mazur:</B>
                       Okay, great. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Jim McCubbin:</B>
                      We can compare  year-to-year,  quarter-to-quarter.  We&#146;re just not
quite in the position because we&#146;re not in control of our Revenue timing. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Steve Mazur:</B> I mean I just see
your corporate overhead being pretty static, you know, and it looks like MTEMs could
continue growing at, you know, let&#146;s say a million a quarter or something like that.
And there&#146;s a high contribution margin for that business again. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Jim McCubbin:</B> But no that may
not be the truth either. It has grown quarter in quarter out, but you have slower growth,
usually quarter in quarter out, first quarter second quarter, just because you&#146;re
waiting for contract awards. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Steve Mazur:</B>
                       Got you. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Jim McCubbin:</B> Okay because the
government doesn&#146;t really, issue a lot of contracts in the first quarter.
They&#146;re putting their budgets together and doing things like that, that&#146;s the only reason there&#146;s some seasonality. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;And,
we just, we&#146;re really trying to be conservative Steve, and not, you know, do anything
that&#146;s going to mislead anyone. We feel very comfortable for the year. Okay quarter
on quarter, who knows? It could happen. I just would rather just, not bet anything on it
yet. Just because first quarter tends to be weak. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Steve Mazur:</B>
                       Hey Jimmy when&#146;s the related-party note due? </FONT></P>




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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Jim McCubbin:</B>
                      The related-party note was due March 31st and the related-party
note was paid. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Steve Mazur:</B>
                       Okay got you, okay. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Jim McCubbin:</B>
                      We did reduce our debt.  That&#146;s a subsequent event, you&#146;ll
see that in the first quarter. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Steve Mazur:</B>
                       Okay, great.  Okay, thanks a lot guys. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Jim McCubbin:</B>
                      Thanks Steve. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Steve Komar:</B>
                       Thank you Steve. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Operator:</B>
                          Thank  you  sir.  And our  next  question  comes  from the line
of Alan  Cohen  with  Special  K Capital.  Please go ahead. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Alan Cohen:</B>
                        Hi guys.  I guess I should congratulate you because everybody
else has so I feel compelled to. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I&#146;ve
got a couple of questions.  In the beginning of the call you referenced a contract,
 valued at $90 million, I think Steve did that.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Steve Komar:</B>
                       That would be the FSSI account. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Alan Cohen:</B>
                        Yeah,  right.  Can you define what this means to
WidePoint and over what period of time? </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Ron Oxley:</B>
                         I can address it but... </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Steve Komar:</B>
                       You want a second? </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Jim McCubbin:</B> Yeah hey, how
you doing? It&#146;s Jim. The FSSI contract, we call it &#147;fizzy&#148; because
it&#146;s easier than saying, Federal Strategic Sourcing Initiative, contract vehicle. The
FSSI contract vehicle was awarded last year by the General Services Administration. This
is an indefinite IDIQ contract. It&#146;s a contract vehicle that allows the federal
agencies to procure straight to us without going through competitive bidding.  </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Alan Cohen:</B>
                        I understand the nature of that. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Jim McCubbin:</B>
                      It has a ceiling of $93 million,  and that ceiling can be expanded.
 That was the GSA&#146;s, initial estimate of the value. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>David Jordon:</B>
                      When was that contract put in place, with the GSA? </FONT></P>




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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Jim McCubbin:</B> That contract
was awarded and put into place and we won the first two contracts against that contract
vehicle, last year. We are also now looking at additional awards with a number of federal
agencies and departments presently, in which case we&#146;re in advanced discussions with
those agencies and departments already. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Alan Cohen:</B>
                        Okay.  There&#146;s no way to, gauge what that would mean in
&#145;09 or going forward. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Jim McCubbin:</B>
                      Well you&#146;ll see it as contract awards. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Alan Cohen:</B>
                        No I understand  but yeah,  you said,  you don&#146;t control how
much they award over a given period of time. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Jim McCubbin:</B>
                      Well no.  And you know those, the IDIQ contract awards can also be
expanded in size. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Alan Cohen:</B>
                        Yes. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>David Jordon:</B>
                      All right.  Are you guys giving any ideas as to &#145;09 revenue? </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Jim McCubbin:</B>
                      Well we hope it to be greater than &#145;08. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>David Jordon:</B>
                      Okay. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Jim McCubbin:</B>
                      But we&#146;re not giving guidance at this point. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>David Jordon:</B>
                      Okay.  Any comments on the first quarter numbers
preliminarily? </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Jim McCubbin:</B> The first
quarter we&#146;re hoping to be stronger than our first quarter comparatives of last year.
We do anticipate them being a little weaker than the fourth quarter, because the fourth
quarter tends to also be a seasonally strong performance period. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>David Jordon:</B>
                      Is your stronger quarter, yeah. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Jim McCubbin:</B>
                    Correct, both the  third and fourth strong quarters.  What we are
doing is we've budgeted around a slightly weaker quarter, that is, you know, has positive
EBITDA at the minimum. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>David Jordon:</B>
                      Well that&#146;s great.  And my last question I guess refers to that
but,  Steve used the term twice, meaningful bottom line income. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Steve Komar:</B>
                       That&#146;s correct I did. </FONT></P>




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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>David Jordon:</B>
                      Okay.  Can you  define,  what,  you know,  you  would,  I&#146;m not
 asking  for a number  because I understand you're not giving guidance, but what does
meaningful mean? </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Steve Komar:</B>
                       Well David,  I really wish I could be specific with you but I
can&#146;t.  And, you know,  we've said we're not going to give guidance on these things. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>David Jordon:</B>
                      No I understand  that but I&#146;m just,  you know, is  meaningful,
 a number that&#146;s higher than last year?  </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Steve Komar:</B>
                       Meaningful is a number that is substantially higher than last year. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>David Jordon:</B>
                      Okay great.  Looking forward to &#145;09. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Steve Komar:</B>
                       Thanks David, appreciate it. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Operator:</B>
                          Thank  you  sir.  And our  next  question  comes  from  the
line of Tim  Ewing  with  Ewing  and Partners.  Please go ahead. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Tim Ewing:</B>
                         Yes.  Hello Steve and Jim and Ron. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Ron Oxley:</B>
                         Hi Tim.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Tim Ewing:</B> Okay. This begins,
you know, with a bit of a comment and I&#146;m happy to hear your comments. First thing
I&#146;m very appreciative of the bottom line, closer to economic earnings, which were
positive in the fourth quarter. And, my comments relate to that as well as the long-term
bottom line earnings, with respect to the options programs that the company has, the
current one that&#146;s under way. I see that the outstanding options total, that have
already been issued are equal, almost 15% of your common stock outstanding and it&#146;s
fully paid for. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;And
if we include what is remaining for future award, it&#146;s equal to 22.6% of the
outstanding common stock, which I would regard as an unusually large percentage for our
company, for any company and certainly, you know, a company with this history. And of
course there&#146;s a cost to that that&#146;s always been there economically but now as
companies have to record and it was, you know, had a material impact on your recent,
year&#146;s numbers which would have been closer to break even, had you not had, $600,000
roughly in, options expense for the year. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I
guess my comment is, you did obtain a recent approval of the increase and some of them
have already been awarded, of this 2008 stock incentive plan, but it was not an
overwhelming endorsement given that, really those that did not vote for it but rather
withheld, or abstained or voted against it, were 2.6 to 1 against the votes that approved
it. </FONT></P>




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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;My
comment is, that as an investor and one that&#146;s helped fund the company and remain
loyal to it for a number of years, I would like to see when the remainder of these options
are awarded, that they&#146;re awarded at strikes substantially higher, that the level of
the stock price now which is very depressed even though it&#146;s had a little bit of
resilience recently. And with, you know, a term of no greater than seven years, so that
you continue to award options that&#146;s done in a way that does not increase very
materially the economic expense to the company because at the end of the day it is, it is
a true economic expense and accounting expense. And, while it&#146;s not a cash flow
expense it is what&#146;s going to affect our ultimate value. I&#146;d be happy to hear,
you&#146;re all directors, what your thoughts are on the options plan, the size of it and
the remaining, awards and your plans for that. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Steve Komar:</B> Well Tim,
that&#146;s a pretty intuitive analysis number one and I don&#146;t disagree with any of
it. I will just say as a general comment that we&#146;re being, today extremely niggardly
about doing anything in the way of substantial option awards at this time. And, we are not
unfeeling of the pain to our bottom line, as you&#146;ve mentioned in
regard to the stock option expense. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There
is the factor obviously of motivating staff and we have to balance that as well, but
we&#146;re not unaware of the impact and the perceived business and bottom
line deterioration and dilution per se, so we&#146;re working very carefully with that.
What I&#146;d really like to do is ask Jim to share some of his thoughts and
comments with you on this as well. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Jim McCubbin:</B> Just as an FYI
for point of clarification, the 2008 plan that just was awarded, all that really did is
replace, the 1997 plan. We didn&#146;t expand the options at all, we just basically
swapped out one plan for the other. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Tim Ewing:</B>
                         Which is fine but I&#146;m dealing with the total amount
outstanding and available. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Jim McCubbin:</B>
                      Right,  Well I just know that. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Tim Ewing:</B>
                         The numbers that I&#146;m reading take that into account. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Jim McCubbin:</B>
                      It&#146;s just a point of clarification. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Also,
last year the options that were issued,  were almost all  attributable to, key
individuals  at iSYS, and most of the charges we saw were associated with that. I feel
that that was a very important thing that we did to reward and incentivize those people
at iSYS, because I believe they&#146;re a key to our future.  </FONT></P>




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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;And
then three, we really haven&#146;t been issuing, or coming up with any reasons to expand
the options that are in place without a meaningful reason or purpose, in which case there
is a return for us as shareholders as well. I think we&#146;re in tune with your feelings. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Tim Ewing:</B> Well thank you very
much. Yeah my concern mainly is with not what&#146;s been done. I understand the things
that you mentioned and appreciate them but, you know, with the remainder, and, because it,
in general it is an enormous plan in relation, to the paid for common stock that&#146;s
outstanding. And I just, you know, and there are ways to make stock awards in the future,
that are less of a gift, and more of a true incentive by placing the strike price higher
than the market, significantly higher, and shortening the time the expiration. And I hope
these are things that the board will consider but I, but I am delighted that, also in
Steve&#146;s comments that you&#146;re, being cautious with the award of stock that&#146;s
remaining in the plan. And I hope you continue to be so and, at the time you do award them
do it on a basis that&#146;s, that&#146;s logical for the shareholders. Thank you. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Steve Komar:</B>
                       Thank you Tim. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Operator:</B> Thank you sir. And
once again ladies and gentlemen if you would like to ask a question at this time please
press the star followed by the one. And as a reminder if you&#146;re using speaker
equipment you&#146;ll need to lift the handset before making your selection. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;And
our next question is a follow up from the line of David Jordon with Axiom Capital
Management. Please go ahead sir. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>David Jordon:</B>
                      Yeah I was  wondering  if, the payment that went to, I guess Mr.
Kang from iSYS,  the $2 million that was to him. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Steve Komar:</B>
                       That&#146;s correct. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>David Jordon:</B> And, a year ago
he would have if he took stock he would have been a lot under water. Now that he&#146;s
getting all this cash and the stock is, half the price it was, at least half the price it
was a year ago if he&#146;s going to take a, a significant part of that money and buy the
stock in the open market to, to make another killing. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Steve Komar:</B> Well, David I
don&#146;t know that I can comment on that. I think that&#146;s a topic for Mr. Kang, who
I&#146;m sure will act quite independently on that matter, which is a personal
financial issue. </FONT></P>




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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I
would  point  out that he did take a  substantial  amount  of stock a year ago too at a
market price higher than today, substantially. I&#146;m not sure about killings, but I do
think that he is an invested senior manager in our company, and we&#146;re looking
forward to a long and fruitful relationship with him.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>David Jordon:</B>
                      Okay, thank you very much. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Operator:</B>
                          Thank you sir.  And our next  question  comes  from the line of
 Laurence  Ugell  with  Wachovia Securities.  Please go ahead. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Laurence Ugell:</B>
                    Hi. I&#146;d like to just ask you if you could  elaborate  a little
bit more on your  pipeline.  And, you know, and another comment is have you seen any
change in the patterns since the administration has changed? </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Steve Komar:</B> Hm, okay
that&#146;s a good one. I think in terms of changing patterns since the
administration change, I would just say that, my earlier comment was that we&#146;ve seen positive
signs, but I don&#146;t know that there&#146;s enough experience and track record out there
for us to, to make an effective statement about that. I think time will have to tell on
that. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
pipelines, I don&#146;t know, does anybody want to comment. I&#146;m trying to figure out, how we
can help you with that. </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Jim McCubbin:</B>
                      We budget things a little differently. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Laurence Ugell:</B>
                    Especially on the wireless business and... </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Jim McCubbin:</B>
                      Are you talking about backlog, pipeline, bookings? </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Laurence Ugell:</B>
                    Yes.  I mean well, the backlog and, the potential backlog. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Jim McCubbin:</B> On all of the
segments right now we&#146;re living off of our backlog from last year, and a lot of
that&#146;s going through renewals right now, so we are seeing a number of positive
events. It looks like there&#146;s going to be a lot of renewals of contracts or current
contracts. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Number
two, we are starting to see a lot of contract  activity,  future contract  activity.  Our
pipeline of opportunities has dramatically grown, both with PKI and with Mobile TEMs.  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Laurence Ugell:</B>
                    Yes. I guess it&#146;s much harder to, you know,  sort of pinpoint
 the PKI, of the  business.  Could you describe more, a little, go into a little more
detail on the, wireless and mobile area? </FONT></P>




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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Jim McCubbin:</B> PKI is difficult
because it&#146;s spread over many different places, and some of it&#146;s not contract
vehicle driven specifically. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
the mobile telecom segment, we continue to see backlog and potential backlog grow. We were
looking at this time last year greater than $90 million in backlog opportunity. And,
we&#146;ve been drawing that backlog down as we&#146;ve been producing revenue, but the
backlog that we&#146;re bidding on to replace it is either equal to or greater than that
because of the expansion in revenues. Is that what you&#146;re talking about? </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Laurence Ugell:</B>
                    Yes. And then also, the  renewals,  right are,  have
you lost any?  Have you seen any people that don&#146;t renew? </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Jim McCubbin:</B> Right now on the
mobile TEM side, we have been very fortunate, as you probably are aware, we actually save
these agencies and departments money. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Laurence Ugell:</B>
                    Right. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Jim McCubbin:</B> We have seen to
date 100% renewal across the board, and we&#146;ve seen expansion as we&#146;ve penetrated
into these various agencies and departments. As they&#146;ve handed them off, handed
themselves off to other, you know, groups within the agencies and departments that&#146;s
where the growth has been coming from. We&#146;ve been adding a couple of agencies,
we&#146;ve been expanding our agencies and our relationships with those agencies. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Laurence Ugell:</B>
                    Yes.  And within those agencies are, there is growth internally also. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Jim McCubbin:</B> We have,
that&#146;s what we&#146;ve been witnessing over the past year. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Laurence Ugell:</B>
                    Okay.  Thank you. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Steve Komar:</B>
                       All right, thank you. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Operator:</B>
                          Thank you sir.  And I have no further  questions  in the
 queue.  I&#146;d like to turn the call back over to management for any closing remarks. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Steve Komar:</B>
                       Thank  you  David,  and  thank  you all for  participating  in our
 call and we  appreciate  the questions and hopefully we gave you halfway decent answers. </FONT></P>




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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I
think in closing I would just say that, the management team here believes that it has
accomplished another threshold if you will, call it profitability during the fourth
quarter. And we believe we&#146;re really well positioned to grow this company and
generate significant earnings, and return on investment for all our shareholders. In the
interim we do truly appreciate your patience, commitment and support, as we work to
realize these corporate goals. Again thank you very much, and we wish you all a pleasant
evening. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Operator:</B> And ladies and
gentlemen this concludes the WidePoint Corporation 2008 Year End Conference Call. We thank
you for your participation and you may now disconnect. </FONT></P>


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