Quepasa Corporation Confirms Compliance With the NASDAQ Marketplace Rules

SCOTTSDALE, Ariz., Jan. 31 /PRNewswire-FirstCall/ -- 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 4350(c)(3), 4350(c)(4), and 4350(d)(2) because Mr. Lionel Sosa: (i) whom the Company had determined was an independent director; and (ii) who was a member of the Company's 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 Company's Current Report on Form 8-K, filed on December 19, 2006.

On January 20, 2007, at a regularly scheduled meeting of the Company's 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 Company's 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.

About Quepasa Corporation

Quepasa Corporation owns Quepasa.com, the largest bicultural, Hispanic internet community in the world. Quepasa is committed to providing entertaining, enriching, and empowering products and services to its community members. Quepasa provides services to millions of Hispanic and Latino users throughout the U.S. and certain areas of Latin America. Headquartered in Scottsdale, Arizona, Quepasa maintains sales offices in New York, NY and Miami, FL and technical operations in Hermosillo, Mexico.

For more information, visit http://www.quepasa.com/

Quepasa.com, Quepasa, and the Quepasa.com logo are registered trademarks of Quepasa Corporation and/or its affiliates in the United States and certain other countries.

  Contact:
  Quepasa Corporation
  Charles B. Mathews,
  480-348-2665 ext. 258
  Executive Vice President and
  Chief Financial Officer