SouthPeak Interactive Closes First Round of Institutional Financing

SouthPeak Interactive Corporation (OTC Bulletin Board: GSPA; GSPAW; GSPAZ) announced today the company has secured $6.5 million in its first round of institutional financing.

Melanie Mroz, CEO of SouthPeak, said “We continue to build momentum in the investment community. This financing helps further the company’s goal of providing shareholder value through the combination of our unique business model and strong product offering.”

The company also announced that it is to present today at the 6th Annual Wedbush Morgan New York Management Access Conference for Micro-Small-Mid-Cap Companies.

SouthPeak is a fast-growing videogame publisher with a unique production model that exclusively utilizes independent studios to source and produce innovative videogames. This model allows the company to leverage leading-edge development talent and minimize fixed overhead, thereby maximizing operational flexibility and profitability. More information about the company’s products can be found at www.southpeakgames.com.

The videogame industry is growing rapidly with U.S. videogame software sales expected to grow from $6.5 billion in 2006 to $13.6 billion in 2009, according to Goldman Sachs. Global videogame software sales are expected to grow to $55 billion by 2009 as reported by PriceWaterhouseCoopers.

About SouthPeak Interactive Corporation

SouthPeak Interactive Corporation develops and publishes interactive entertainment software for all current hardware platforms including: PLAYSTATION(R)3 computer entertainment system, PSP(R) (PlayStation(R) Portable) system, PlayStation(R)2 computer entertainment system, Xbox 360(TM) videogame and entertainment system, Wii(TM), Nintendo DS(TM) and PC. SouthPeak’s games cover all major genres including action/adventure, role playing, racing, puzzle strategy, fighting and combat. SouthPeak’s products are sold in retail outlets in North America, Europe, Australia and Asia. SouthPeak is headquartered in Midlothian, Virginia, and has offices in Grapevine, Texas and London, England. www.southpeakgames.com

This press release contains “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are inherently subject to risks and uncertainties, and actual results and outcomes may differ materially from the results and outcomes discussed in the forward-looking statements. Factors that could cause or contribute to such differences in results and outcomes include, but are not limited to: market conditions for SouthPeak’s published videogames; market performance of SouthPeak’s videogames and the related impact on revenue and funds inflows/outflows and operational risks; and market conditions for the videogame industry. Forward-looking statements are made only as of the date hereof, and we undertake no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.

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