TRANSNET REPORTS THIRD QUARTER
AND NINE MONTH RESULTS
/FOR IMMEDIATE RELEASE/ Contact: Steven J. Wilk (908) 253-0500
BRANCHBURG, NEW JERSEY, May 14, 2010 -- TransNet Corporation (OTCBB: TRNT), a leading unified
communications and IT sales and support provider for corporate, governmental, and educational clients, today
announced its results for the quarter and nine month period ended March 31, 2010. For the third quarter of fiscal
2010, it reported a net loss of $499,702, or $0.10 per share, on revenue of $4,892,908, as compared to a net
loss of $585,190, or $0.12 per share, on revenue of $5,176,608 for the third quarter of fiscal 2009.
For the nine months ended March 31, 2010, the Corporation reported a net loss of $396,503, or $0.08 per
share. This compares to a net loss of $1,765,607, or $0.37 per share, for the first nine months of fiscal 2009.
Revenue for the nine-month period in fiscal 2010 was $16,532,943, as compared to $18,885,844 in fiscal 2009.
Steven J. Wilk, President, said, "Our results for the quarter ended March 31, 2010 were significantly and
negatively impacted by two unanticipated factors. One was the freeze on purchases of products and services
instituted by the State of New Jersey during the first few months of the Christie administration. Subsequent to
March 31, we have seen a resumption in purchases from the State. In fact, during the month of April we received
a significant amount of new orders that had been pending. Our new orders included a contract for $1.1 million
from a school district in Monmouth County, New Jersey, for implementation of an IT system over the next two
quarters. Accompanying the freeze was a further extension of payment cycles by the State, which resulted in an
increase in our receivables from the State. We believe this situation will be resolved as the State's restriction on
the flow of orders relaxes. The second factor affecting our operations was product shortages at Cisco Systems,
Inc. Cisco cut its manufacturing levels in re