Tony Roth, CEO of Commerce Planet, stated, “The purpose of the upcoming investor conference call is to discuss the action steps the management team and Board of Directors have taken over the past four months to reposition the company.”

Roth continued, “Our current independent registered public accounting firm has identified errors in our annual financial statements contained in our annual report for the fiscal year ended December 31, 2006. Based on our discussions with them, our board of directors concluded that the errors were material enough to require restatement of each of the annual 2006 and quarterly 2006 and 2007 financial statements. Given the non-reliance on the prior auditor’s work, we have had to condense four years of accounting review and analysis and re-audit effort into a very tight timeline.”

The conference call is scheduled to begin at 5:30 am Pacific Time on Friday, May 30, 2008. Participants may access the call by dialing 800-762-9441 (domestic) or 480-629-9041 (international). In addition, the call will be webcast via the Company's Web site at www.commerceplanet.com, Investor Relations, where it will also be archived. A telephone replay will be available through Friday, June 13, 2008. To access the replay, please dial 800-406-7325 (domestic) or 303-590-3030 (international), passcode 3877531.

About Commerce Planet, Inc.

Commerce Planet, Inc. is a technology-driven online media, marketing, and fully integrated e-commerce provider that offers media products, lead generation services, list database management, e-commerce solutions, web marketing, call center support and CRM tools to its client partners as well as through its own direct selling businesses. Commerce Planet offers turn-key business solutions through Legacy Media, its marketing and media division, and membership sales companies, customer care and call center facility, and its newly acquired E-Commerce Dashboard™ System by Iventa. In combination these services address the needs of small – medium size businesses, B2B and B2C marketing programs, and custom solutions for enterprise clients worldwide. For more about Commerce Planet (OTCBB:CPNE - News), visit our website at http://www.commerceplanet.com.

Forward Looking Statements

Except for the historical information contained herein, the matters set forth in this press release, including statements as to management's intentions, hopes, beliefs, expectations, representations, projections, plans or predictions of the future, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. This release contains forward-looking statements, including, without limitation, statements concerning our business and possible or assumed future results of operations. Our actual results could differ materially from those anticipated in the forward-looking statements for many reasons including: our ability to continue as a going concern, adverse economic changes affecting markets we serve; competition in our markets and industry segments; our timing and the profitability of entering new markets; greater than expected costs, customer acceptance of our products and services or difficulties related to our integration of the businesses we may acquire; and other risks and uncertainties as may be detailed from time to time in our public announcements and SEC filings. Although we believe the expectations reflected in the forward-looking statements are reasonable, they relate only to events as of the date on which the statements are made, and our future results, levels of activity, performance or achievements may not meet these expectations. We do not intend to update any of the forward-looking statements after the date of this document to conform these statements to actual results or to changes in our expectations, except as required by law.

ICR
											Investor Relations:
											John Mills/Anne Rakunas, 310-954-1100