QuePasa Corporation Files Amended Annual Report on Form 10-KSB

QuePasa Corporation today announced that it has filed its Form 10-KSB, as amended, on October 30, 2007 with the Securities & Exchange Commission (SEC) and, as disclosed in the Form 10-KSB, as amended, and the Form 8-K filed with the SEC on November 2, 2007, and as required by Nasdaq Marketplace Rule 4350(b)(B), the unqualified audit report contained in the Form 10-KSB, as amended, issued by Perelson Wiener LLP, the Company’s former independent registered accounting firm, included an explanatory paragraph indicating that the Company’s cash balances as of October 23, 2007 and its recurring negative operating cash flows raised substantial doubt about the Company’s ability to continue as a going concern for a reasonable time.

As previously disclosed, Company has appointed a new executive team. This new executive team has begun a program to reduce expenses, increase revenue, and improve overall liquidity.”*

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