INVESTOR ALERT: KGS Informs Shareholders of Accurate Date to Move for Appointment as Lead Plaintiff in Securities Fraud Class Action Lawsuit Filed Against Inphonic, Inc.

NEW ORLEANS, LA -- (MARKET WIRE) -- May 8, 2007 -- Kahn Gauthier Swick, LLC ("KGS") announces that shareholders of Inphonic, Inc. ("Inphonic" or the "Company") (NASDAQ: INPC) who purchased shares of the Company between August 2, 2006 and May 3, 2007 (the "Class Period"), may now move for appointment as Lead Plaintiff in a securities class action lawsuit currently pending in the United States District Court for the District of Columbia.

INVESTOR ALERT: SHAREHOLDERS HAVE ONLY UNTIL JULY 6, 2007 IN WHICH TO MOVE FOR APPOINTMENT AS LEAD PLAINTIFF, CONTRARY TO A MISLEADING LAW FIRM PRESS RELEASE CIRCULATED YESTERDAY CLAIMING THAT INVESTORS HAD 90 DAYS, OR UNTIL AUGUST 6, 2007, TO MOVE FOR APPOINTMENT AS LEAD PLAINTIFF.

If you purchased shares of Inphonic between the announced Class Period dates of August 2, 2006 and May 3, 2007, you are urged to contact Lewis Kahn, Managing Partner, KGS, toll free 1-866-467-1400, ext. 100, via cell phone at 504-301-7900, or email to lewis.kahn@kgscounsel.com to learn about your legal rights and how this action may benefit you.

Inphonic and certain of its officers and directors are charged with issuing a series of materially false and misleading statements in violation of Section 10(b) and 20(a) of the Securities Exchange Act and Rule 10b-5 promulgated thereunder, as it relates to fiscal year 2006 financial results.

Shares of Inphonic fell from a Class Period high of $14.49 on February 8, 2007 to below $9.00 per share, after the Company admitted that it would be forced to restate revenues for 2006. On April 3, 2007, Inphonic issued a Form 8-K indicating that the Company's financial statements for the quarterly periods ended June 30, September 30, and December 31, 2006 could no longer be relied upon due to errors in the Company's revenue recognition process. The result of this restatement caused an aggregate net loss of at least $43 to $49 million for fiscal 2006, compared to the $17.3 million net loss previously reported. The restatement also caused Inphonic to delay regulatory filings.

The Complaint further alleges that certain officers and directors of the Company were able to sell tens of millions of dollars of their personally held Inphonic stock during the Class Period while in possession of material adverse, non-public information.

SPECIAL NOTICE: Because Courts generally appoint only one firm to prosecute a securities fraud action on behalf of the "lead plaintiffs," it is critically important that interested parties carefully evaluate any other firm that may be competing with KGS to prosecute the Inphonic class action. Critical components of a law firm's ability to successfully prosecute this action and obtain a strong recovery for you include its knowledge of applicable federal securities laws, the resources it will dedicate to prosecution of the case, including the number of lawyers the firm has available for the Inphonic class action, AND especially the quality of the firm's work. Interested shareholders are encouraged to call for consultation and to request more information about KGS.

Contact Information: Contact: Lewis Kahn KGS 1-866-467-1400, ext. 100 email: lewis.kahn@kgscounsel.com