Exhibit
99.1





RADIANT
LOGISTICS ANNOUNCES RESULTS


FOR
THE FISCAL THIRD QUARTER ENDED MARCH 31, 2010





Posts
Double Digit Earnings Growth for the Quarter with Adjusted EBITDA


of
$1,065,000, Up 40.5% over Prior Year Quarter










BELLEVUE,
WA, May 17, 2010 – Radiant Logistics, Inc. (OTC BB: RLGT), a domestic and
international freight forwarding and logistics services company, today
reportedfinancial
results for the three and nine months ended March 31, 2010.





For the
three months ended March 31, 2010,
Radiant reported net income of $449,000 on $32.9 million of revenues, or $0.01
per basic and fully diluted share, including a $395,000 benefit resulting from a
refund of state business and occupancy taxes.  For the three months
ended March 31,
2009, Radiant reported net income of $293,000 on $29.7 million of
revenues, or $0.01 per basic and fully diluted share, including a $190,000 gain
on early extinguishment of debt.





For the
nine months ended March 31, 2010, Radiant
reported net income of $1,114,000 on $106.0 million of revenues, or $0.03 per
basic and fully diluted share, including a $395,000 benefit resulting from a
refund of state business and occupancy taxes and a $355,000 gain on litigation
settlement.  For the nine months ended March 31, 2009,
Radiant reported a net loss of $9,672,000 on $104.6 million of revenues, or
$0.28 per basic and fully diluted share, including a non-cash charge of $11.4
million for impairment of goodwill.





In March
of 2010, the Company recognized a benefit of $395,000 resulting from a refund of
overpayments made to the State of Washington in connection with business and
occupancy taxes.





In
December 2009, the Company recorded a gain of $355,000 in connection with the
favorable settlement of a dispute with the former owner of Adcom Worldwide
related to the calculation and payment of working capital and certain related
post closing items.








In
December 2008, the Company recorded a non-cash charge of $11.4 million for
impairment of goodwill. The goodwill charge was a result of the material decline
in the market value of the Company's equity during the fourth quarter of
2008.  The non-cash charge has not had any impacton its financial condition
or affected the financial covenants of the Company’s credit
facility.





The
Company also reported adjusted EBITDA (earnings before interest, taxes,
depreciation amortization), excluding the non-recurring items, of $1,065,000 for
the three months endedMarch 31, 2010,
compared to adjusted EBITDA of $758,000 for the comparable prior year
period.





The
Company also reported adjusted EBITDA (earnings before interest, taxes,
depreciation amortization), excluding the non-recurring items, of $2,815,000 for
the nine months endedMarch 31, 2010
compared to adjusted EBITDA of $2,934,000  for the comparable prior
year period. A reconciliation of our adjusted EBITDA to the most directly
comparable GAAP measure appears at the end of this release.





The
Company has also provided additional prior period analysis using pro forma
results of operations presented as if Radiant had acquired Adcom as of July 1,
2008 which is included in the Company’s Form 10-Q for the quarter ended March
31, 2010 and filed May 17, 2010.





“We
remain very pleased with our continued revenue growth and our improved
profitability in what continues to be a tough market,” said Bohn Crain, Chairman
and CEO. “For the quarter ended March 31, 2010, our revenues increased 10.6% to
$32.9 million as compared to $29.7 million for the comparable prior year
period.  Net transportation revenues, however, decreased 3.8% to $10.3
million as compared to $10.7 million for the comparable prior year
period.  The margin regression was attributed to proportionately
higher international sales, which typically yield lower margins, coupled with
pricing pressures from competitors. Ultimately, it was the cost synergies
available to us through the Adcom acquisition that have enabled us to continue
to expand our earnings. As the economy continues to recover, we believe that the
scalable nature of our business model will translate into further improvement in
profitability.”





Mr. Crain
continued, “Also included in this quarter’s results is a nonrecurring benefit of
$395,000 associated with a refund of business and occupancy taxes paid to the
State of Washington as it was concluded that only our intra state services
were subject to the tax.”


2





Crain
concluded, “As we look forward to the balance of our fiscal year ending June 30,
2010, we are beginning to see some signs of improvement although margin
pressures persist. For the fiscal year ending June 30, 2010, we are updating our
prior guidance and expect to generate approximately $3.8 million in adjusted
EBITDA on $142 million in annual revenues.  Looking forward, our
strategy remains unchanged. From our current platform, we believe profitable
growth can be best achieved by continuing to bring value to the agent-based
forwarder community and continuing to execute our three-prong strategy of first,
providing continuous improvement to our existing network participants in terms
of technology, buy rates and enhanced service offerings;
second,  building upon the success of our organic growth initiative by
on-boarding additional agent stations; and third, opportunistically pursuing
acquisition opportunities, including strategic opportunities within the
community of agent-based forwarders.”





Supplemental Pro Forma
Information





We
believe that supplemental disclosure of our adjusted EBITDA, or earnings before
interest, taxes, depreciation and amortization adjusted for stock-based
compensation, goodwill impairment and other non-cash costs is a useful measure
for investors because it eliminates the effect of certain non-cash costs and
provides an important metric for our business.  Adjusted EBITDA is a
non-GAAP measure of income.  A reconciliation of adjusted EBITDA
amounts to Net income, the most directly comparable GAAP measure, for the three
and nine months ended March 31, 2010 and 2009 is shown below:


3





(Amounts in 000’s)
                      
                      THREE MONTHS ENDED
                        MARCH 31,
                      
                      
                      NINE MONTHS ENDED
                        MARCH 31,2010
                      
                      
                      2009
                      
                      
                      2010
                      
                      
                      2009Net
      income (loss)
                      
                      $
                      449
                      
                      
                      $
                      293
                      
                      
                      $
                      1,114
                      
                      
                      $
                      (9,672
                      )Interest
      expense – net
                      
                      
                      21
                      
                      
                      
                      66
                      
                      
                      
                      104
                      
                      
                      
                      157Income
      tax expense (benefit)
                      
                      
                      511
                      
                      
                      
                      63
                      
                      
                      
                      919
                      
                      
                      
                      (167
                      )Depreciation
      and amortization
                      
                      
                      386
                      
                      
                      
                      479
                      
                      
                      
                      1,182
                      
                      
                      
                      1,267EBITDA
                      
                      
                      1,367
                      
                      
                      
                      901
                      
                      
                      
                      3,319
                      
                      
                      
                      (8,415
                      )Share-based
      compensation and other non-cash charges
                      
                      
                      93
                      
                      
                      
                      47
                      
                      
                      
                      246
                      
                      
                      
                      136Refund
      of Business & Occupancy tax (including interest)
                      
                      
                      (395
                      )
                      
                      
                      -
                      
                      
                      
                      (395
                      )
                      
                      
                      -Gain
      on litigation settlement
                      
                      
                      -
                      
                      
                      
                      -
                      
                      
                      
                      (355
                      )
                      
                      
                      -Gain
      on extinguishment of debt
                      
                      
                      -
                      
                      
                      
                      (190
                      )
                      
                      
                      -
                      
                      
                      
                      (190
                      )Goodwill
      impairment
                      
                      
                      -
                      
                      
                      
                      -
                      
                      
                      
                      -
                      
                      
                      
                      11,403Adjusted
      EBITDA
                      
                      $
                      1,065
                      
                      
                      $
                      758
                      
                      
                      $
                      2,815
                      
                      
                      $
                      2,934





This
supplemental pro forma financial information is presented for informational
purposes only and is not a substitute for the historical financial information
presented in accordance with accounting principles generally accepted in the
United States. A reconciliation of adjusted EBITDA amounts to net income, the
most directly comparable GAAP measure, for the fiscal year ending June 30, 2010
is shown below:


4




Financial
Outlook




(Amounts in 000’s)
                    
                    FISCAL YEAR
                      ENDED
                      JUNE 30, 2010Net
      income
                    
                    $
                    1,379Interest
      expense – net
                    
                    
                    160Income
      tax expense
                    
                    
                    1,082Depreciation
      and amortization
                    
                    
                    1,576EBITDA
                    
                    
                    4,197Stock-based
      compensation and othernon-cash
      charges
                    
                    
                    328Gain
      on litigation settlement
                    
                    
                    (355
                    )B&O
      tax refund
                    
                    
                    (395
                    )Adjusted
      EBITDA
                    
                    $
                    3,775





Investor Conference
Call





Radiant
will host a conference call for shareholders and the investing community on
Tuesday May 18, 2010 at 4:00 pm, ET to discuss the contents of the release. The
call can be accessed by dialing (877) 407-8031, or (201) 689-8031 for
international participants, and is expected to last approximately 30 minutes.
Callers are requested to dial in 5 minutes before the start of the call. An
audio replay will be available for one week after the teleconference by dialing
(877) 660-6853, or (201) 612-7415 for international callers, and using account
number 286 and conference ID number 350412. The call will also be webcast and
may be accessed via Radiant’s web site at www.radiant-logistics.com
or through www.InvestorCalendar.com.





About Radiant Logistics (OTC
BB: RLGT)


Radiant
Logistics (www.radiant-logistics.com)
is a non-asset based logistics company providing domestic and international
freight forwarding and related services through a network of approximately 70
company owned and exclusive agent offices across North America. Operating under
the Airgroup, Adcom Worldwide and Radiant Logistics brands, the company services
a diversified account base including manufacturers, distributors and retailers
using a network of independent carriers and international agents positioned
strategically around the world. For more information about Radiant Logistics,
please contact Bohn Crain at (425) 943-4599.


5




This
press release includes forward-looking statements within the meaning of Section
27A of the Securities Act of 1933 as amended, and Section 21E of the Securities
Exchange Act of 1934, as amended, regarding future operating performance,
events, trends and plans. All statements other than statements of
historical fact contained herein, including, without limitation, statements
regarding the our future financial position, business strategy, budgets,
projected revenues and costs, and plans and objectives of management for future
operations, are forward-looking statements.  Forward-looking
statements generally can be identified by the use of forward-looking terminology
such as “may,” “will,” “expects,” “intends,” “plans,” “projects,” “estimates,”
“anticipates,” or “believes” or the negative thereof or any variation thereon or
similar terminology or expressions. We have based these forward-looking
statements on our current expectations and projections about future events.
These forward-looking statements are not guarantees and are subject to known and
unknown risks, uncertainties and assumptions about us that may cause our actual
results, levels of activity, performance or achievements to be materially
different from any future results, levels of activity, performance or
achievements expressed or implied by such forward-looking statements. Important
factors that could cause our actual results to differ from our expectations,
include but are not limited to, our ability to: use Airgroup as a “platform”
upon which we can build a profitable global transportation and supply chain
management company; retain and build upon the relationships we have with our
exclusive agency offices; continue the development of our back office
infrastructure and transportation and accounting systems in a manner sufficient
to service our expanding revenues and base of exclusive agency locations;
maintain the future operations of Adcom in a manner consistent with its past
practices, integrate the operations of Adcom with our existing operations,
continue growing our business and maintain historical or increased gross profit
margins; locate suitable acquisition opportunities; secure the financing
necessary to complete any acquisition opportunities we locate; assess and
respond to competitive practices in the industries in which we compete,
mitigate, to the best extent possible, our dependence on current management and
certain of our larger exclusive agency locations; assess and respond to the
impact of current and future laws and governmental regulations affecting the
transportation industry in general and our operations in
particular;  as well as those risk factors disclosed in Item 1A
of  our Report on Form 10-K for the year ended June 30, 2009 and other
filings with the Securities and Exchange Commission and other public documents
and press releases which can be found on our web-site
(www.radiant-logistics.com). Readers are cautioned not to place undue reliance
on our forward-looking statements, as they speak only as of the date made. Such
statements are not guarantees of future performance or events and we undertake
no obligation to disclose any revision to these forward-looking statements to
reflect events or circumstances occurring after the date
hereof.


6




RADIANT
LOGISTICS, INC.


Consolidated
Balance Sheets





March
      31,
                
                
                June
      30,2010
                
                
                2009ASSETSCurrent
      assets -Cash
      and cash equivalents
                
                $
                -
                
                
                $
                890,572Accounts
      receivable, net of allowance of $669,759 and $754,578
      respectively
                
                
                18,471,694
                
                
                
                17,275,387Current
      portion of employee loan receivable
                
                
                12,600
                
                
                
                53,700Current
      portion of station and other receivables
                
                
                802,129
                
                
                
                522,088Income
      tax deposit
                
                
                -
                
                
                
                535,074Prepaid
      expenses and other current assets
                
                
                451,273
                
                
                
                305,643Deferred
      tax asset
                
                
                504,430
                
                
                
                427,713Total
      current assets
                
                
                20,242,126
                
                
                
                20,010,177Furniture
      and equipment, net
                
                
                500,379
                
                
                
                760,507Acquired
      intangibles, net
                
                
                2,303,411
                
                
                
                3,179,043Goodwill
                
                
                494,291
                
                
                
                337,000Employee
      loan receivable, net of current portion
                
                
                38,000
                
                
                
                40,000Station
      and other receivables, net of current portion
                
                
                162,636
                
                
                
                37,500Investment
      in real estate
                
                
                40,000
                
                
                
                40,000Deposits
      and other assets
                
                
                211,693
                
                
                
                359,606Total
      long term assets
                
                
                3,250,031
                
                
                
                3,993,149Total
      assets
                
                $
                23,992,536
                
                
                $
                24,763,833LIABILITIES
      AND STOCKHOLDERS' EQUITY (DEFICIT)Current
      liabilities -Checks
      issued in excess of funds
                
                $
                44,148
                
                
                
                -Accounts
      payable and accrued transportation costs
                
                
                13,058,103
                
                
                
                13,249,628Commissions
      payable
                
                
                1,422,517
                
                
                
                1,323,004Other
      accrued costs
                
                
                603,278
                
                
                
                472,202Income
      taxes payable
                
                
                276,612
                
                
                
                -Due
      to former Adcom shareholder
                
                
                947,466
                
                
                
                2,153,721Total
      current liabilities
                
                
                16,352,124
                
                
                
                17,198,555Long
      term debt
                
                
                7,448,662
                
                
                
                7,869,110Other
      long term liabilities
                
                
                23,544
                
                
                
                -Deferred
      tax liability
                
                
                -
                
                
                
                352,387Total
      long term liabilities
                
                
                7,472,206
                
                
                
                8,221,497Total
      liabilities
                
                
                23,824,330
                
                
                
                25,420,052Stockholders'
      equity (deficit):Preferred
      stock, $0.001 par value, 5,000,000 shares authorized; no shares issued or
      outstanding
                
                
                -
                
                
                
                -Common
      stock, $0.001 par value, 50,000,000 shares authorized.  Issued
      and outstanding:  March 31, 2010 – 32,334,811; June 30, 2009 –
      34,106,960
                
                
                16,157
                
                
                
                16,157Additional
      paid-in capital
                
                
                8,053,300
                
                
                
                7,889,458Treasury
      stock, at cost, 2,367,149 and 595,000 shares, respectively
                
                
                (645,163
                )
                
                
                (138,250
                )Retained
      deficit
                
                
                (7,311,224
                )
                
                
                (8,425,491
                )Total
      Radiant Logistics, Inc. stockholders’ equity (deficit)
                
                
                113,070
                
                
                
                (658,126
                )Non-controlling
      interest
                
                
                55,136
                
                
                
                1,907Total
      stockholders’ equity (deficit)
                
                
                168,206
                
                
                
                (656,219
                )Total
      liabilities and stockholders’ equity (deficit)
                
                $
                23,992,536
                
                
                $
                24,763,833





7





RADIANT
LOGISTICS, INC.


Consolidated
Statements of Income (Operations)





THREE MONTHS ENDED
                        MARCH 31,
                      
                      
                      NINE MONTHS ENDED
                        MARCH 31,2010
                      
                      
                      2009
                      
                      
                      2010
                      
                      
                      2009Revenue
                      
                      $
                      32,863,624
                      
                      
                      $
                      29,718,852
                      
                      
                      $
                      106,007,803
                      
                      
                      $
                      104,626,813Cost
      of transportation
                      
                      
                      22,522,506
                      
                      
                      
                      18,971,855
                      
                      
                      
                      73,613,523
                      
                      
                      
                      69,207,198Net
      revenues
                      
                      
                      10,341,118
                      
                      
                      
                      10,746,997
                      
                      
                      
                      32,394,280
                      
                      
                      
                      35,419,615Agent
      commissions
                      
                      
                      7,104,883
                      
                      
                      
                      6,981,916
                      
                      
                      
                      22,398,448
                      
                      
                      
                      23,535,316Personnel
      costs
                      
                      
                      1,448,374
                      
                      
                      
                      1,825,106
                      
                      
                      
                      4,402,236
                      
                      
                      
                      5,548,465Selling,
      general and administrative expenses
                      
                      
                      551,139
                      
                      
                      
                      1,188,977
                      
                      
                      
                      2,800,572
                      
                      
                      
                      3,309,679Depreciation
      and amortization
                      
                      
                      386,145
                      
                      
                      
                      479,061
                      
                      
                      
                      1,181,862
                      
                      
                      
                      1,267,124Goodwill
      impairment
                      
                      
                      -
                      
                      
                      
                      -
                      
                      
                      
                      -
                      
                      
                      
                      11,403,342Restructuring
      charges
                      
                      
                      -
                      
                      
                      
                      -
                      
                      
                      
                      -
                      
                      
                      
                      220,000Total
      operating expenses
                      
                      
                      9,490,541
                      
                      
                      
                      10,475,060
                      
                      
                      
                      30,783,118
                      
                      
                      
                      45,283,926Income
      (loss) from operations
                      
                      
                      850,577
                      
                      
                      
                      271,937
                      
                      
                      
                      1,611,162
                      
                      
                      
                      (9,864,311
                      )Other
      income (expense):Interest
      income
                      
                      
                      35,130
                      
                      
                      
                      2,482
                      
                      
                      
                      38,403
                      
                      
                      
                      8,900Interest
      expense
                      
                      
                      (56,404
                      )
                      
                      
                      (68,392
                      )
                      
                      
                      (142,195
                      )
                      
                      
                      (166,471
                      )Other
                      
                      
                      155,406
                      
                      
                      
                      (18,089
                      )
                      
                      
                      254,171
                      
                      
                      
                      12,126Gain
      on extinguishment of debt
                      
                      
                      -
                      
                      
                      
                      190,000
                      
                      
                      
                      -
                      
                      
                      
                      190,000Gain
      on litigation settlement
                      
                      
                      -
                      
                      
                      
                      -
                      
                      
                      
                      354,670
                      
                      
                      
                      -Total
      other income (expense)
                      
                      
                      134,132
                      
                      
                      
                      106,001
                      
                      
                      
                      505,049
                      
                      
                      
                      44,555Income
      (loss) before income tax (expense) benefit
                      
                      
                      984,709
                      
                      
                      
                      377,938
                      
                      
                      
                      2,116,211
                      
                      
                      
                      (9,819,756
                      )Income
      tax (expense) benefit
                      
                      
                      (511,050
                      )
                      
                      
                      (63,150
                      )
                      
                      
                      (918,715
                      )
                      
                      
                      166,881Net
      income (loss)
                      
                      
                      473,659
                      
                      
                      
                      314,788
                      
                      
                      
                      1,197,496
                      
                      
                      
                      (9,652,875
                      )Less:
      Net income attributable to non-  controlling
      interest
                      
                      
                      (24,551
                      )
                      
                      
                      (21,750
                      )
                      
                      
                      (83,229
                      )
                      
                      
                      (19,604
                      )Net
      income (loss) attributable to Radiant Logistics, Inc.
                      
                      $
                      449,108
                      
                      
                      $
                      293,038
                      
                      
                      $
                      1,114,267
                      
                      
                      $
                      (9,672,479
                      )Net
      income (loss) per common share – basic
                      
                      $
                      .01
                      
                      
                      $
                      .01
                      
                      
                      $
                      .03
                      
                      
                      $
                      (.28
                      )Net
      income (loss) per common share – diluted
                      
                      $
                      .01
                      
                      
                      $
                      .01
                      
                      
                      $
                      .03
                      
                      
                      $
                      (.28
                      )Weighted
      average shares outstanding:Basic
      shares
                      
                      
                      32,391,859
                      
                      
                      
                      34,701,960
                      
                      
                      
                      32,767,213
                      
                      
                      
                      34,699,679Diluted
      shares
                      
                      
                      32,533,794
                      
                      
                      
                      34,701,960
                      
                      
                      
                      32,937,774
                      
                      
                      
                      34,699,679





The accompanying notes form an integral part of
these condensed consolidated financial statements.


8





RADIANT
LOGISTICS, INC.


Reconciliation
of EBITDA to Net Income and Net Cash Provided By Operating
Activities


(UNAUDITED)





As used
in this report, adjusted EBITDA means earnings before interest, income taxes,
depreciation and amortization adjusted for stock-based compensation and other
non-cash charges.  We believe that adjusted EBITDA, as presented,
represents a useful method of assessing the performance of our operating
activities, as it reflects our earnings trends without the impact of certain
non-cash charges.  Adjusted EBITDA is also used by our creditors in
assessing debt covenant compliance.  We understand that although
securities analysts frequently use EBITDA in their evaluation of companies, it
is not necessarily comparable to other similarly titled captions of other
companies due to potential inconsistencies in the method of
calculation.  EBITDA is not intended as an alternative to cash flow
provided by operating activities as a measure of liquidity, as an alternative to
net income as an indicator of our operating performance, nor as an alternative
to any other measure of performance in conformity with accounting principles
generally accepted in the United States of America.





The
following is a reconciliation of adjusted EBITDA to both net income and cash
flow provided by operating activities:





THREE MONTHS ENDED
                                                  MARCH 31,
                                                
                                                
                                                NINE MONTHS ENDED
                                                  MARCH 31,2010
                                                
                                                
                                                2009
                                                
                                                
                                                2010
                                                
                                                
                                                2009Adjusted
      EBITDA
                                                
                                                $
                                                1,065,607
                                                
                                                
                                                $
                                                758,458
                                                
                                                
                                                $
                                                2,815,714
                                                
                                                
                                                $
                                                2,934,647Stock-based
      compensation and other non-cash charges
                                                
                                                
                                                (92,775
                                                )
                                                
                                                
                                                (47,299
                                                )
                                                
                                                
                                                (246,493
                                                )
                                                
                                                
                                                (135,970
                                                )Refund
      of Business & Occupancy tax (including interest)
                                                
                                                
                                                394,745
                                                
                                                
                                                
                                                -
                                                
                                                
                                                
                                                394,745
                                                
                                                
                                                
                                                -Gain
      on litigation settlement
                                                
                                                
                                                -
                                                
                                                
                                                
                                                -
                                                
                                                
                                                
                                                354,668
                                                
                                                
                                                
                                                -Gain
      on extinguishment of debt
                                                
                                                
                                                -
                                                
                                                
                                                
                                                190,000
                                                
                                                
                                                
                                                -
                                                
                                                
                                                
                                                190,000Goodwill
      impairment
                                                
                                                
                                                -
                                                
                                                
                                                
                                                -
                                                
                                                
                                                
                                                -
                                                
                                                
                                                
                                                (11,403,342
                                                )EBITDA
                                                
                                                
                                                1,367,577
                                                
                                                
                                                
                                                901,159
                                                
                                                
                                                
                                                3,318,634
                                                
                                                
                                                
                                                (8,414,665
                                                )Depreciation
      and amortization
                                                
                                                
                                                (386,145
                                                )
                                                
                                                
                                                (479,061
                                                )
                                                
                                                
                                                (1,181,861
                                                )
                                                
                                                
                                                (1,267,124
                                                )Interest
      expense, net
                                                
                                                
                                                (21,274
                                                )
                                                
                                                
                                                (65,910
                                                )
                                                
                                                
                                                (103,791
                                                )
                                                
                                                
                                                (157,571
                                                )Income
      tax (expense) benefit
                                                
                                                
                                                (511,050
                                                )
                                                
                                                
                                                (63,150
                                                )
                                                
                                                
                                                (918,715
                                                )
                                                
                                                
                                                166,881Net
      income (loss)
                                                
                                                
                                                449,108
                                                
                                                
                                                
                                                293,038
                                                
                                                
                                                
                                                1,114,267
                                                
                                                
                                                
                                                (9,672,479
                                                )ADJUSTMENTS TO
      RECONCILE NET INCOME (LOSS) TO NET CASHPROVIDED
      BY (USED FOR) OPERATING ACTIVITIES:Non-cash
      compensation expense (stock options)
                                                
                                                
                                                54,938
                                                
                                                
                                                
                                                43,022
                                                
                                                
                                                
                                                163,842
                                                
                                                
                                                
                                                123,714Stock
      issued for investor relations services
                                                
                                                
                                                -
                                                
                                                
                                                
                                                -
                                                
                                                
                                                
                                                -
                                                
                                                
                                                
                                                12,084Amortization
      of intangibles
                                                
                                                
                                                283,654
                                                
                                                
                                                
                                                349,155
                                                
                                                
                                                
                                                875,632
                                                
                                                
                                                
                                                914,215Deferred
      income tax benefit
                                                
                                                
                                                (167,572
                                                )
                                                
                                                
                                                (1,834,900
                                                )
                                                
                                                
                                                (429,104
                                                )
                                                
                                                
                                                (1,268,034
                                                )Depreciation
      and amortization of bank fees
                                                
                                                
                                                120,773
                                                
                                                
                                                
                                                121,924
                                                
                                                
                                                
                                                343,492
                                                
                                                
                                                
                                                352,908Goodwill
      impairment
                                                
                                                
                                                -
                                                
                                                
                                                
                                                -
                                                
                                                
                                                
                                                -
                                                
                                                
                                                
                                                11,403,342Gain
      on extinguishment of debt
                                                
                                                
                                                -
                                                
                                                
                                                
                                                (190,000
                                                )
                                                
                                                
                                                -
                                                
                                                
                                                
                                                (190,000
                                                )Gain
      on litigation settlement
                                                
                                                
                                                -
                                                
                                                
                                                
                                                -
                                                
                                                
                                                
                                                (354,670
                                                )
                                                
                                                
                                                -Change
      in non-controlling interest ofsubsidiary
                                                
                                                
                                                24,551
                                                
                                                
                                                
                                                21,751
                                                
                                                
                                                
                                                83,229
                                                
                                                
                                                
                                                19,604Provision
      for doubtful accounts
                                                
                                                
                                                (155,238
                                                )
                                                
                                                
                                                (14,994
                                                )
                                                
                                                
                                                (11,630
                                                )
                                                
                                                
                                                134,101CHANGE
      IN OPERATING ASSETS AND LIABILITIES:Accounts
      receivable
                                                
                                                
                                                3,325,168
                                                
                                                
                                                
                                                4,697,176
                                                
                                                
                                                
                                                (1,111,488
                                                )
                                                
                                                
                                                8,354,248Employee
      loan receivable
                                                
                                                
                                                (10,067
                                                )
                                                
                                                
                                                (3,100
                                                )
                                                
                                                
                                                43,100
                                                
                                                
                                                
                                                (10,033
                                                )Station
      and other receivables
                                                
                                                
                                                (559,519
                                                )
                                                
                                                
                                                (69,380
                                                )
                                                
                                                
                                                (393,945
                                                )
                                                
                                                
                                                (99,260
                                                )Prepaid
      expenses and other assets
                                                
                                                
                                                (38,246
                                                )
                                                
                                                
                                                22,271
                                                
                                                
                                                
                                                (137,317
                                                )
                                                
                                                
                                                183,941Checks
      issued in excess of funds
                                                
                                                
                                                44,148
                                                
                                                
                                                
                                                -
                                                
                                                
                                                
                                                44,148
                                                
                                                
                                                
                                                -Accounts
      payable & accrued transportation costs
                                                
                                                
                                                (2,579,014
                                                )
                                                
                                                
                                                (395,584
                                                )
                                                
                                                
                                                (195,800
                                                )
                                                
                                                
                                                (6,914,471
                                                )Commissions
      payable
                                                
                                                
                                                279,458
                                                
                                                
                                                
                                                7,987
                                                
                                                
                                                
                                                99,513
                                                
                                                
                                                
                                                232,188Other
      accrued costs
                                                
                                                
                                                24,257
                                                
                                                
                                                
                                                (98,562
                                                )
                                                
                                                
                                                (148,412
                                                )
                                                
                                                
                                                32,009Other
      long-term liabilities
                                                
                                                
                                                23,544
                                                
                                                
                                                
                                                -
                                                
                                                
                                                
                                                23,544
                                                
                                                
                                                
                                                -Income
      taxes payable
                                                
                                                
                                                276,612
                                                
                                                
                                                
                                                -
                                                
                                                
                                                
                                                276,612
                                                
                                                
                                                
                                                (498,142
                                                )Income
      tax deposit
                                                
                                                
                                                31,518
                                                
                                                
                                                
                                                1,162,360
                                                
                                                
                                                
                                                535,074
                                                
                                                
                                                
                                                (790,254
                                                )Due
      to former Adcom shareholder
                                                
                                                
                                                (20,834
                                                )
                                                
                                                
                                                -
                                                
                                                
                                                
                                                (20,834
                                                )
                                                
                                                
                                                -Total
      adjustments
                                                
                                                
                                                958,131
                                                
                                                
                                                
                                                3,819,126
                                                
                                                
                                                
                                                (315,014
                                                )
                                                
                                                
                                                11,992,160Net
      cash provided by operating  activities
                                                
                                                $
                                                1,407,239
                                                
                                                
                                                $
                                                4,112,164
                                                
                                                
                                                $
                                                799,253
                                                
                                                
                                                $
                                                2,319,681




9