1074909--3/17/2008--WIZZARD_SOFTWARE_CORP

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{system, service, information}

{stock, price, share}

{property, intellectual, protect}

{customer, product, revenue}

{acquisition, growth, future}

{regulation, government, change}

{control, financial, internal}

{personnel, key, retain}

{loan, real, estate}

{competitive, industry, competition}

{stock, price, operating}

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We have a history of losses and expect to incur losses in the future, and we may never achieve profitability. We face a higher risk of failure because we cannot accurately forecast our future revenues and operating results. We face a higher risk of failure because the podcasting and voice-recognition businesses are in their infancy. If we cannot show that our speech recognition technologies are commercially viable, our business may fail. If we do not achieve the brand recognition necessary to succeed in the podcasting and speech recognition technology markets, we will not be able to compete. We are exposed to the business risks inherent in the podcasting industry. Our expansion plans may not be cost-effective. Our limited resources may make it harder for us to manage growth. If we become unable to obtain component products from our vendors, our sales may not be able to keep up with demand. If we can not compete successfully, we may have to go out of business. Our business would be seriously impaired if our rights in our technology were compromised in any way. We depend on two primary suppliers for software integrated into our system, and the loss of any could prevent us from making our products. Any unintentional infringement on the proprietary rights of others could be expensive and could cut our revenues. If we do not respond effectively to technological change, our products and services could become obsolete. If we fail to develop new products, or if we incur unexpected expenses or delays in product development, we may lose our competitive position. We could incur significant expenses if our technologies and products contain defects. Any changes in reimbursement levels under Medicare, Medicaid or insurance reimbursement programs and any changes in applicable government regulations could have a material adverse effect on Wizzard's net revenues. If we lose our key personnel or are unable to hire additional personnel, we will have trouble growing our business. System and online security failures could harm our business and operating results. Our operating results could be impaired if we become subject to burdensome government regulation and legal uncertainties. Our industry is experiencing consolidation that may intensify competition. There Are Substantial Risks Related to Our Common Stock and Management's Percentage of Ownership of Our Common Stock Due to the instability in our common stock price, you may not be able to sell your shares at a profit. Because our common stock is penny stock, you may have greater difficulty selling your shares. The sale of already outstanding shares of our common stock could hurt our common stock market price.

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1074909--3/17/2008--WIZZARD_SOFTWARE_CORP_/CO