The Company ended the quarter with cash and cash equivalents of $4,473,000, net working capital of $1,786,000 and stockholder's equity of $2,350,000.

The company's CEO, Alan Margerison, said, "We are pleased with the results of our business for the first quarter. We acquired our 60.5% interest in Rex Tokyo on March 18, 2004 and their results were included in operations for thirteen days. The Company strengthened its balance sheet during the quarter with a $1,500,000 convertible loan from a related party. We expect second quarter consolidated revenues of $5,500,000 - $6,000,000 and believe the Company is positioned for growth."

About IA Global Inc.

IA Global, Inc. is a public holding company focused on acquiring companies that operate in the entertainment, media and technology areas. Through our 67% equity interest in Fan Club Entertainment Ltd., we provide advertising, merchandising, publishing, website and data management services to Cyberbred Ltd., which manages the fan club in Japan for Marvel Entertainment Inc. and Marvel Characters Inc. We have developed an Internet acceleration product and service and market these products and services through our joint venture company, QuikCAT Australia, in the Australia and New Zealand markets. We also recently acquired a 60.5% equity interest in Rex Tokyo Ltd., a supplier and maintenance contractor of parts to the Pachinko and slot machine gaming industry in Japan.

For further information, contact:
Mark Scott, CFO
IA Global Inc.
533 Airport Blvd. Suite 400
Burlingame CA 94010
650-685-2402 (t)
650-685-2404 (f)
scott@iaglobalinc.com
www.iaglobalinc.com
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding IA Global Inc.'s business, which are not historical facts, are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company's Prospectus. Investors and prospective investors should read this press release in conjunction with the Company's reports on Form 10-K, Forms 10-Q and other forms as filed with the SEC.

IA GLOBAL, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET

March 31, December 31,
2004 2003
------------ ------------
(unaudited) (audited)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents....... $ 4,472,935 $ 676,782
Accounts receivable, net of
allowance for doubtful
accounts of $100,620 and $0,
respectively................... 3,468,015 1,266,335
Consumption and deferred
tax receivable................. 17,394 49,482
Notes receivable................ 29,222 --
Inventories ................... 767,789 --
Prepaid costs................... 126,834 438,142
Subscription receivable......... -- 400,000
Other current assets ........... 62,134 296,163
------------ ------------
Total current assets........... 8,944,323 3,126,904

EQUIPMENT, NET................... 265,193 812

OTHER ASSETS
Intangible assets, net.......... 875,368 1,014,685
Deferred tax asset.............. 331,447 --
Loan to QuikCAT
Australia Pty Ltd.............. 100,168 74,849
Investment in QuikCAT
Australia Pty Ltd.............. 50,819 --
Loan to Innovative
Computing Group, Inc........... 100,629 --
Other assets.................... 120,734 --
------------ ------------

$ 10,788,680 $ 4,217,250
============ ============

LIABILITIES AND STOCKHOLDER'S EQUITY

CURRENT LIABILITIES:
Accounts payable - trade........ $ 4,953,036 $ 861,149
Accrued liabilities............. 522,095 138,580
Convertible loan payable
- related party................ 1,500,000 --
Deferred revenue................ -- 463,119
Investment in QuikCAT
Australia Pty Ltd.............. -- 1,137
Income taxes payable - foreign.. 183,615 23,754
------------ ------------
Total current liabilities...... 7,158,746 1,487,739
------------ ------------
LONG TERM LIABILITIES:
Other........................... 23,899 --
------------ ------------

MINORITY INTERESTS............... 1,255,658 44,706
------------ ------------

STOCKHOLDER'S EQUITY:
Series B Preferred stock,
$.01 par value, 5,000 shares
authorized 1,158 and 0
issued and outstanding,
respectively (liquidation
value $1,158,000).............. 12 12
Common stock, $.01 par
value, 75,000,000 shares
authorized, 72,356,324 and
71,894,324, issued and
outstanding, respectively...... 723,563 718,943
Paid in capital................. 26,183,266 26,049,286
Accumulated deficit............. (24,616,747) (24,147,785)
Treasury stock.................. (50,000) (50,000)
Foreign currency
translation adjustment......... 110,283 114,349
------------ ------------
Total stockholder's equity..... 2,350,377 2,684,805
------------ ------------

$ 10,788,680 $ 4,217,250
============ ============

IA GLOBAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF OPERATIONS

Three Months Ended March 31,
-----------------------------------
2004 2003
------------ ------------
(unaudited) (unaudited)

REVENUE................... $ 2,030,746 $ 5,149

COST OF SALES............. 1,511,018 109,186
------------ ------------

GROSS PROFIT.............. 519,729 (104,037)
------------ ------------

EXPENSES:
Selling, general
and administrative
expenses................. 883,168 531,727
------------ ------------
Total expenses....... 883,168 531,727
------------ ------------

OPERATING LOSS............ (363,440) (635,764)
------------ ------------

OTHER INCOME (EXPENSE):
Interest income.......... 2,528 1,054
Interest expense......... (5,007) (79,071)
Other income
(expense)............... 2,648 (4,676)
Foreign currency
translation
adjustment.............. 2,255 (189)
Gain on equity
investment in
QuikCAT
Australia Pty Ltd..... 1,956 --
------------ ------------
Total other
income (expense)..... 4,379 (82,882)
------------ ------------

LOSS BEFORE MINORITY
INTERESTS AND
INCOME TAXES............. (359,060) (718,646)

MINORITY INTERESTS........ 34,364 --
------------ ------------

LOSS BEFORE
INCOME TAXES............. (393,424) (718,646)

INCOME TAXES:
Current.................. 64,123 332
Deferred................. 11,415 --
------------ ------------

NET LOSS.................. $ (468,962) $ (718,978)
============ ============

Per share of Common-
Basic net loss
per share.............. $ (0.01) $ (0.01)
============ ============
Diluted net loss
per share............... $ (0.01) $ (0.01)
============ ============
Weighted average shares
of common stock
outstanding............. 71,965,401 51,797,556
Weighted average
shares of common stock
and common equivalent
shares outstanding....... 71,965,401 51,797,556

IA GLOBAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS

Three Months Ended
------------------------------
2004 2003
----------- -----------
(unaudited) (unaudited)

CASH FLOWS FROM
OPERATING ACTIVITIES:
Net loss................... $ (468,962) $ (718,978)
Adjustments to reconcile
net loss to net cash used
in operating activities:
Depreciation and
amortization.............. 66,270 90,687
Equity based compensation.. -- 80,000
Equity gain from
investment in
QuickCAT Australia
Pty Ltd................... (1,956) --
Minority interests......... 443,844 --
Accrued interest on
notes/loans payable....... (948) --
Accounts receivable........ 731,605 (265,330)
Consumption and
deferred tax receivable... 32,088 --
Inventory.................. 60,426 --
Prepaid costs.............. 311,308 --
Deferred license fee
receivable................ -- (145,396)
Other current assets....... 467,040 (290,653)
Deferred tax assets........ (8,171) --
Other assets............... 2,009 --
Accounts payable........... (50,144) 111,962
Accrued liabilities......... (115,562) 425,821
Other liabilities.......... 23,899 --
Income taxes
payable - foreign......... 159,862 47,330
Deferred revenue........... (463,119) 830,011
----------- -----------

NET CASH PROVIDED
BY OPERATIONS.............. 1,189,490 165,454
----------- -----------

CASH FLOWS FROM
INVESTING ACTIVITIES:
Investment in QuikCAT
Australia Pty Ltd......... (50,000) --
Cash of Rex Tokyo Co
Ltd immediately
following acquisition..... 1,934,839 --
Purchase of Rex
Tokyo Co Ltd.............. (941,000) --
Purchase of iAccele
Co Ltd.................... -- (1,085,711)
Purchases of
capital expenditures...... (111,656) --
Proceeds from sale
of equipment.............. -- (200,496)
Other assets............... 18,428 5,477
----------- -----------

NET CASH PROVIDED BY
(USED IN) INVESTING
ACTIVITIES................. 850,611 (1,280,730)
----------- -----------

CASH PROVIDED BY
FINANCING ACTIVITIES:
Proceeds from loan
payable - related party... 1,500,000 834,167
Loan to Innovative
Computing Group, Inc...... (100,000) --
Loan to QuikCAT
Australia Pty Ltd......... (25,000) --
Proceeds from issuance
of common stock........... 400,000 --
Contribution of capital.... -- 277,311
----------- -----------

NET CASH PROVIDED BY
FINANCING ACTIVITIES....... 1,775,000 1,111,478
----------- -----------

NET INCREASE (DECREASE)
IN CASH AND CASH
EQUIVALENTS................ 3,815,101 (3,798)

EFFECT OF EXCHANGE
RATE CHANGES ON CASH....... (18,948) --

CASH AND CASH EQUIVALENTS,
beginning of the period.... 676,782 444,383
----------- -----------

CASH AND CASH EQUIVALENTS,
end of the period.......... $ 4,472,935 $ 440,585
=========== ===========

Supplemental disclosures
of cash flow information:
Interest paid.............. $ -- $ --
Taxes paid................. $ -- $ --
Non-cash financing
activities:
Common stock issued
for Rex Tokyo Co Ltd...... $ 138,600 $ --
Common stock and options
issued for services....... $ -- $ 172,250
Contribution of
debt to equity............ $ -- $ 64,719
Conversion of preferred
stock to common stock..... $ -- $ 200,000

SOURCE IA Global Inc.

Mark Scott, CFO of IA Global Inc., +1-650-685-2402,
Fax: +1-650-685-2404, scott@iaglobalinc.com http://www.iaglobalinc.com

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