Exhibit 99.1


YP CORP. ANNOUNCES RESIGNATION OF ANGELO TULLO AND APPOINTS PETER J. BERGMANN AS
CHAIRMAN, PRESIDENT AND CHIEF EXECUTIVE OFFICER

MESA, Ariz.--(BUSINESS WIRE)--May 30, 2004--YP Corp., (OTCBB:YPNT - News) a
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leading provider of Internet-based yellow pages and related services, announced
today that, effective immediately, Angelo Tullo has resigned as an officer and
director of the Company. The Company's Board of Directors appointed Peter J.
Bergmann, a current director of the Company, to succeed him as Chairman,
President and Chief Executive Officer. This change was prompted in part by the
fact that on Friday, May 28, 2004, indictments were handed down on the former
management of American Business Funding Corp., including Angelo Tullo.

Mr. Bergmann has been a board member since April 2002. He is quite familiar with
the business operations of the Company and brings to the position public company
experience. Mr. Bergmann's background in advertising and marketing will be
helpful to the Company, which is essentially an advertising company. "We regret
this drastic turn of events for Mr. Tullo who has done amazing work with YP,"
said Mr. Bergmann. "It is important, however, for the public to understand that
YP and its other officers, directors and employees were not named in the
indictment or involved with the matters for which Mr. Tullo has been charged.
With the excellent team that is in place here at YP, including our Chief
Operating Officer, Penny Spaeth and Chief Technology Officer John Raven it will
be business as usual for us." The Company has shown record revenues and profits
for fourteen consecutive quarters.

According to John Langdon, one of the Company's recently appointed independent
directors, "Peter adds a level of stability and credibility to the Company at a
time of great challenge. We all believe in the business model. It is time to put
the distractions this Company has experienced behind us and refocus on that
business model that has brought us our consistent success."


About YP Corp.

YP Corp., a leading provider of Internet-based Yellow Pages services, offers an
Internet Advertising Package(TM) ("IAP") that includes a Mini-WebPage(TM) and
Preferred Listing through its Yellow Pages web site at www.YP.Com. The Company's
web site contains listings for approximately 18 million businesses in the United
States and 150 million individuals in the United States and Canada. As of March
31, 2004, YP Corp. had approximately 305,000 IAP advertisers.

YP Corp. also provides an array of other Internet services that complement its
Yellow Pages web site, including an Internet Dial-Up Package(TM) (dial-up
Internet access) and QuickSite(TM) (web site design & hosting services).

YP Corp. is a longstanding member, exhibitor and sponsor of the two major Yellow
Pages trade associations - Yellow Page Integrated Media Association "YPIMA," the
major trade association of Yellow Pages publishers throughout the world, and the
Association of Directory Publishers "ADP," which mostly represents independent
Yellow Pages publishers. YP Corp. is based in Mesa, AZ. For more information,
visit the web site at www.YP.Com.


Forward-Looking Disclaimer

This press release includes statements that constitute "forward-looking
statements," which are often characterized by the terms "may," "believes,"
"projects," "expects," or "anticipates," and do not reflect historical facts.
Forward-looking statements involve risks, uncertainties and other factors that
may cause actual results, performance or achievements of YP Corp. and its
subsidiary to be materially different from those expressed or implied by such
forward-looking statements.

Factors that may affect forward-looking statements and the Company's business
generally include but are not limited to: (i) the success of existing
competitors and the introduction of new competitors in the market; (ii) the
impact of existing or new regulation on the Company's marketing and solicitation
efforts; (iii) risk factors and


cautionary statements made in the Company's Annual Report on Form 10-KSB for the
period ended September 30, 2003; and (iv) other factors that YP Corp. is
currently unable to identify or quantify, but may exist in the future.

Forward-looking statements speak only as of the date the statement was made. YP
Corp. does not undertake and specifically declines any obligation to update any
forward-looking statements.


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Contact:
     YP Corp.
     Roger Bedier, 480-325-4339 (IR)
     rogerb@ypcorp.com
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