Exhibit 99.1
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CONTACTS:    ED FLETCHER
             SENIOR VICE PRESIDENT, FINANCE
             (203) 428-3000
                  -OR-
             JEANNETTE WHITING
             LAFORCE & STEVENS
             (212) 242-9353 X 185



                i3 MOBILE RETAINS KAUFMAN BROS., L.P. TO EXPLORE
                             STRATEGIC ALTERNATIVES



STAMFORD, Conn., October 31, 2002 - i3 Mobile Inc. (NASDAQ: IIIM), announced it
has retained the services of the investment banking firm of Kaufman Bros., L.P.
to assist the Board of Directors in exploring a full range of strategic options
for the Company. i3 Mobile's goal is to enhance shareholder value through a
potential strategic alliance, joint venture, merger or acquisition, or possible
sale of the company.

i3 Mobile has no debt and approximately $25 million in cash as of the end of the
most recently reported quarter. With this financial foundation in place, the
Company is focusing on identifying attractive opportunities in the
telecommunications marketplace to leverage its position in providing premium
voice services. In addition, over the last quarter i3 Mobile has streamlined its
operations, increased financial efficiencies throughout the organization and
continued its development of significant new features and functionalities to the
Pronto offering.

John A. Lack, i3 Mobile's President and CEO, commented, "In taking this action,
the Company firmly believes that i3's value in the public market does not
adequately reflect the quality of its technology, people, product, and its
growth prospects. With our Pronto service, the Company is ideally positioned to
capitalize on the increasing consumer demand for voice services. We remain
dedicated to the innovation of cutting edge voice offerings, delivering high
quality services to our customers and creating value for our shareholders."


ABOUT i3 MOBILE

Since 1991, Stamford, Conn.-based i3 Mobile has pioneered the concept of
extending premium products and services to wireless users. In April 2002, the
Company began nationally rolling out Pronto, a premium mobile subscription
information and communication service for telephones. i3 Mobile also offers
premium information services in affiliation with major wireless network
operators, including US Cellular and VoiceStream Wireless. For information about
i3 Mobile and Pronto visit www.i3mobile.com.






ABOUT KAUFMAN BROS., L.P.

Kaufman Bros., L.P. (KBRO) is a leading communications focused investment bank
serving institutional, corporate, and individual clients. KBRO's businesses
include securities underwriting, sales and trading, investment banking,
financial advisory services, investment research, and venture capital. Founded
in 1995, KBRO maintains a leadership position in equity research and has
consistently ranked among the top research firms in the communication technology
sector. For more information on Kaufman Bros., L.P., please visit
http://www.kbro.com.


             1.      i3 Mobile Safe Harbor Disclaimer


This news release may be deemed to include forward-looking statements as defined
by applicable U.S. law and, as a result, may involve risks, uncertainties and
assumptions that could cause actual results to differ materially from those in
such forward-looking statements. The words "believe," "expect," "intend,"
"anticipate," variations of such words, and similar expressions identify
forward-looking statements, but their absence does not mean that the statement
is not forward-looking. These statements are not guarantees of future
performance and are subject to certain risks, uncertainties and assumptions that
are difficult to predict. Factors that could affect i3 Mobile's actual results
include the growth rate of the market for wireless products and content
services, consumer awareness of i3 Mobile's products, the timing of market
acceptance of its products and services, and i3 Mobile's ability to manage its
cash resources until it is able to generate revenues and profitable operations
from its Pronto product. Although i3 Mobile's management believes that the
assumptions made and expectations reflected in the forward-looking statements
are reasonable, there is no assurance that the underlying assumptions will in
fact prove to be correct or that actual results will be different from the
expectations expressed herein. A more detailed description of certain factors
that could affect actual results are those discussed in i3 Mobile's Annual
Report on Form 10-K. i3 Mobile undertakes no obligation to update publicly any
forward-looking statements or reflect new information, events or circumstances
after the date of this release or to reflect the occurrence of unanticipated
events.

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