"But
our investigation also revealed reasons for hope.
Wolf Haldenstein has extensive experience in the prosecution of securities
class actions and derivative litigation in state and federal trial and
appellate courts across the country.

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The Banking Department will also issue new policies to define dishonest,
fraudulent, unfair, unethical and illegal mortgage lending practices.

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Rendell's Task Force for
Working Families.
The subprime loan market is designed to serve people who do not qualify
for "prime" loans, primarily due to impaired or limited credit histories. On April 28th,
the Company issued a press release stating, "iMergent Reports Record Fiscal
Third Quarter Revenue, Pre-Tax Earnings and Cash Flows.

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Over the course of the investigation, the Department of Banking worked
with consumer and financial industry leaders in the development of the report.

" Your ability to share in any recovery is not,
however, affected by the decision whether or not to serve as a lead plaintiff.

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All e-mail
correspondence should make reference to iMergent.

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Our case name is Enuganti v.whafh.com.

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A statewide study of
foreclosures by The Reinvestment Fund (TRF ), also released today, found that
Pennsylvania experienced an estimated 14 percent increase in sheriff sales, or
approximately 55,000 homes, between 2000 and 2003. Policymakers, financial
industry leaders and consumer advocates recognize the problem and are united
in their commitment to protecting vulnerable consumers."
Abusive lending practices usually involve some form of deception, fraud or
manipulation of borrowers and may include but are not limited to: making a
loan without regard to a borrower's ability to repay; charging excessive fees;
using aggressive and deceptive marketing; and operating home improvement
scams." Our class action
lawsuit is continuing and the last day to join is Monday, May 9, 2005.
You may retain Wolf Haldenstein, or other counsel of your choice , to serve as
your counsel in this action., or Derek Behnke), via e-mail at
classmember@whafh.

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"
"We are building the enforcement capability of the Banking Department,
initiated and fully supported by Governor Rendell, by adding an investigative
unit and increasing the staff in the licensing and examinations bureaus to
provide more consumer protection," said Secretary Schenck.
The complaint alleges that defendants violated the federal securities laws
by issuing materially false and misleading statements throughout the Class
Period that had the effect of artificially inflating the market price of the
Company's securities. Under certain circumstances, one or more class members may together
serve as "lead plaintiff., Gregory
M.

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The
Department will institute a "best practices " program for mortgage brokers,
lenders and servicers. In addition, the Department has identified several ways
in which the General Assembly can strengthen laws to protect consumers,
including creating a new licensing category for individual mortgage loan
solicitors."
Secretary Schenck is grateful for the many volunteers who spent hours
sharing their expertise about mortgage issues in Pennsylvania. A lead
plaintiff is a representative party that acts on behalf of other class members
in directing the litigation.

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The report also outlines a series of steps by which the Commonwealth can
better protect vulnerable consumers, mirroring some recent recommendations for
financial education and dialogue between financial service providers and
consumer groups in a report by Governor Edward G.85 percent.
"It is the intent of the Department of Banking and, I believe, all other
representative groups, to work together to solve the foreclosure problems in
the Commonwealth," said Secretary Schenck .

CONTACT: Carol Gifford
(717) 772-2318

Nespole, Esq.

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The firm has approximately 60 attorneys
in various practice areas; and offices in Chicago, New York City, San Diego,
and West Palm Beach.

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, A report released today by the
Department of Banking, "Losing the American Dream: A Report on Residential
Mortgage Foreclosures and Abusive Lending Practices in Pennsylvania," confirms
a high foreclosure rate in Pennsylvania and finds that "subprime" mortgages
represent the majority of loans that result in foreclosure action. In particular,
The Coalition for Responsible Lending including the Pittsburgh Community
Reinvestment Group, ACORN, Community Legal Services and the Community Action
Committee of the Lehigh Valley, along with the Mortgage Bankers Association,
the Association of Mortgage Brokers and the Pennsylvania Bankers Association,
among others that shared their insights.
The complaint alleges that defendants were aware of but concealed from the
investing public during the Class Period, were as follows: (i) the Company's
storefront software was defective; (ii) iMergent was extorting from its
customers thousands of dollars in additional fees for technical support,
characterized as "executive mentoring," above and beyond what customers
contracted to pay as part of their service packages when they purchased the
storefront software; (iii) since at least 2000, numerous customers had lodged
complaints with various state agencies concerning defects with the storefront
software and the exorbitant "executive mentoring" fees charged; (iv) the
Company's storefront software and service packages were being illegally
marketed as "franchises " or "business opportunities" because iMergent was not
registered to engage in this type of business in the states in which it was
operating and was not following the statutes applicable to companies that
market franchises and business opportunities in those states; (v) the Company
was extending credit to customers with subprime credit without disclosing that
the Company did not require these customers to meet the Company's credit
criteria; (vi) the Company was entering into installment sale contracts for
defective storefront software packages, with the knowledge that the defects in
the software, the difficulty of its use, and the refusal of some customers to
purchase so-called "executive mentoring" (needed to operate the software)
would lead to higher customer dissatisfaction, product rejections, refusals to
pay for product packages being financed by the Company, and complaints to and
legal action by federal and state authorities; and (vii) defendants had
concealed that iMergent had been subjected to a lawsuit and a cease and desist
order by the State of Washington in early 2004 concerning misconduct similar
to that alleged by the State of Texas in its February 2005 lawsuit .

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The Department of Banking was asked by the state House of Representatives
to study residential lending practices in Pennsylvania, trends in
foreclosures, and lending practices, which are abusive to consumers. Hinton, Esq.

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com or visit our website at http://www.

The Complaints and Protection category has sites that are intended to help consumers identify and protect themselves from unethical or illegal practices in the marketplace, and to guide consumers in complaining and getting redress when they have been victimized.

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iMergent, Inc.
If you purchased iMergent securities during the Class Period, you may
request that the Court appoint you as lead plaintiff by May 9, 2005.com.

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, Christopher S.

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PA Department of Banking Releases Report on Statewide Mortgage Foreclosures; Outlines Ways to Protect Vulnerable Consumers

However, only three states have higher subprime foreclosure
rates, with Pennsylvania's standing at 11.

Wolf Haldenstein Adler Freeman + Herz LLP Continues Class Action Lawsuit on Behalf of Investors in iMergent Inc.

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Eight states have rates higher than Pennsylvania's 2003 prime foreclosure rate
of 0.whafh.

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HARRISBURG, Pa.9 percent, according to figures
reported by the Mortgage Bankers Association. "We need to commit to ensure that
the American dream of homeownership does not become the American nightmare of
foreclosure and financial ruin for a growing number of Pennsylvanians. In order to be appointed lead plaintiff, the
Court must determine that the class member's claim is typical of the claims of
other class members, and that the class member will adequately represent the
class.
If you wish to discuss this action or have any questions, please contact
Wolf Haldenstein Adler Freeman + Herz LLP at 270 Madison Avenue, New York, New
York 10016, by telephone at (800) 575-0735 (Fred Taylor Isquith, Esq.

complaint shams

"Our study revealed reasons for much concern in the Commonwealth - abusive
lending practices happen every day and we have one of the highest foreclosure
rates in the nation," said Pennsylvania Banking Secretary Bill Schenck.
"The Department of Banking has several recommendations - some already
underway - to address abusive lending practices and bring down the number of
foreclosures," said Secretary Schenck. "Our report offers significant
administrative and legislative changes as well as several topics for ongoing
study.

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NEW YORK , Wolf Haldenstein Adler Freeman + Herz
LLP filed a class action lawsuit in the United States District Court for the
District of Utah, on behalf of all persons who purchased the securities of
iMergent , Inc., et al. The reputation and expertise of this firm in shareholder
and other class litigation has been repeatedly recognized by the courts, which
have appointed it to major positions in complex securities multi-district and
consolidated litigation.

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("iMergent" or the "Company") (Amex: IIG) between October 26,
2004 and February 25, 2005, inclusive, (the "Class Period") against defendants
iMergent and certain officers and directors of the Company. A copy of the
complaint filed in this action is available from the Court, or can be viewed
on the Wolf Haldenstein Adler Freeman + Herz LLP website at
http://www.

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