Global IP Solutions (GIPS) today posted Second Quarter 2008 results with the following highlights:

• Net revenue of 2,697 TUSD, an increase of 25% over the first quarter of 2008; net revenue decreased 50% versus the prior year quarter
• Bookings of 4,768 TUSD, an increase of 42% over the first quarter of 2008
• EBITDA of -2,638 TUSD
• On April 21, 2007 the Company completed a new share issue that generated gross proceeds of approximately 10 MUSD
• The Company successfully completed a listing on Oslo Børs July 22, 2008.

Mr. Emerick Woods who officially joined the Company as Chief Executive Officer, on April 1, 2008 says that: “While booking numbers for the second quarter of 2008 increased 42 percent over the first quarter, the second quarter did not reflect the impact of the significant changes made within the company. The tightening of the product strategy and increased focus on sales efforts with our strategic accounts and core growth markets continues to be a high priority. The senior management team is actively engaged with all of our most important customers.”

For further information, please see attached report and presentation.

Global IP Solutions will hold a scheduled presentation of its second quarter earnings 2008 results at the Felix Konferansesenter, Aker Brygge, today 26 August at 08.30 CET. CEO Emerick Woods and CFO William Scharninghausen will present the results. The presentation will be given in English.

The presentation will also be available as webcast, please click on the following link to view the presentation. http://media01.smartcom.no/Microsite/start.aspx?eventid=3411

The quarterly report and presentation used during the press and analyst conference will in addition to be linked to this release, be made available on the website of GIPS www.gipscorp.com