Quepasa Corporation Confirms Compliance With the NASDAQ Marketplace Rules

“Quepasa Corporation NASDAQ: QPSA the “Company” today announced that The NASDAQ Stock Market has confirmed that the Company has regained compliance with the NASDAQ Marketplace Rules.

As previously disclosed on the Current Report on Form 8-K filed on January 24, 2007, on January 19, 2007, the Company was advised verbally by The NASDAQ Stock Market that it was not in full compliance with NASDAQ Marketplace Rule 4350c3, 4350c4, and 4350d2 because Mr. Lionel Sosa: i whom the Company had determined was an independent director; and ii who was a member of the Companys Compensation, Audit, and Corporate Governance and Nominating Committees, had received a $300,000 payment from the Company on December 28, 2006, as reported in the Companys Current Report on Form 8-K, filed on December 19, 2006.

On January 20, 2007, at a regularly scheduled meeting of the Companys Board of Directors, Mr. Sosa resigned from each of his Board committee positions and the Board appointed a new independent director, Malcolm Jozoff, to the Board and appointed him to serve on the Audit and Standards Committees and as the new Chairman of the Compensation Committee.

On January 22, 2007, the Company notified The NASDAQ Stock Market that: i Mr. Sosa had resigned from the Board committees that he served on; ii Malcolm Jozoff had been elected to the Board and appointed to serve on the Audit and Standards Committees and as the new Chairman of the Compensation Committee; and iii no Board or committee actions occurred during the Companys noncompliance period.

On January 29, 2007, the Company received a letter from the Listing Qualifications Department of The NASDAQ Stock Market advising the Company that it had regained compliance with the NASDAQ Marketplace Rules and that the matter was now closed.”

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