Exhibit 99.1


     i3 MOBILE Announces Non-Binding Letter of Intent to Merge With ACE*COMM

     STAMFORD, Conn. and GAITHERSBURG, Md. -- August 5, 2003 - i3 Mobile, Inc.
(NASDAQ: IIIM), today announced that it has signed a non-binding Letter of
Intent with ACE*COMM Corporation (NASDAQ: ACEC), to be acquired via a merger
with ACE*COMM or a wholly owned subsidiary of ACE*COMM. If such transaction is
consummated in accordance with the Letter of Intent, i3 Mobile stockholders will
receive shares of ACE*COMM common stock pursuant to a formula valuing ACE*COMM's
common stock at market value less a discount and valuing i3 Mobile at an amount
equal to its cash, net of specified liabilities and commitments at the closing
of the merger. The parties have agreed to work together to enter into a
definitive merger agreement as soon as practicable. Thereafter, the closing will
be contingent upon, among other things, shareholder and other customary
regulatory approvals by both companies. The non-binding Letter of Intent
prohibits i3 Mobile from actively negotiating with other parties for a specified
period. It is anticipated that the merger will close in the fourth quarter of
2003.

     J. William Grimes, Chairman of the Board and interim Chief Executive
Officer of i3 Mobile, said, "We are very enthusiastic about the progress of our
discussions for a proposed merger with ACE*COMM. We believe that ACE*COMM's
management, product offerings, and customer base are outstanding and that
ACE*COMM is well positioned for market leadership and growth." George Jimenez,
ACE*COMM's Chairman and Chief Executive Officer said, "The greater financial
resource base provided by i3 will create a stronger and more competitive company
better able to capture and maximize the opportunities in the OSS (operations
support systems) and BSS (business support systems) solution markets. In
addition, this merger will facilitate ACE*COMM's growth strategy which includes
the acquisition of complimentary technologies and businesses. We look forward to
working with i3 Mobile to reach a definitive agreement as soon as practicable."

About i3 Mobile

On March 25, 2003, i3 Mobile announced that it had terminated operation of its
premium mobile subscription information, communication service and other
businesses and taken other cost saving measures to continue to reduce recurring
operating losses, manage cash resources and working capital and facilitate a
potential transaction.

About ACE*COMM

ACE*COMM is a global provider of advanced Convergent Mediation(TM) products and
Enterprise Telemanagement software applications. ACE*COMM's solutions are
employed in wired and wireless networks that deliver voice, data, mixed media
and Internet communications. Their proven technology provides the ability to
capture, secure, validate, and enhance data from multiple networks. These
operations are performed interactively with a data warehouse, and processed
information is distributed in near real-time, to all types of carrier OSS
(operations support systems) and BSS (business support systems). Solutions are
matched to each customer's business


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environment. They provide the analytical tools required to extract knowledge
from operating networks - knowledge ACE*COMM's customers use to generate more
revenue, reduce costs, accelerate time-to-market for new services, and deliver
more effective customer support.

For more than 20 years, ACE*COMM technology has been effectively deployed in
over 3500 installations in more than 65 countries world-wide - including over
100 installations in China - enabling the success of customers and partners such
as AT&T, Cisco, Marconi, Motorola, Alcatel, General Dynamics, TRW, Unisys and
Siemens. ACE*COMM is a registered ISO 9001 quality standard company. For more
information, visit acecomm.com

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
in the short term include the ability to locate and consummate a transaction
with a suitable strategic investment partner, acquisition candidate or other
investment opportunity, and i3 Mobile's ability to manage its limited cash
resources until it is able to do so. 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 and its quarterly reports on Forms 10-Q. 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.

ACE*COMM Safe Harbor Disclaimer

Except for historical information, the matters discussed in this news release
include forward-looking statements that are subject to certain risks and
uncertainties that could cause the actual results to differ materially from
those projected, including, but not limited to: the failure of anticipated
demand to materialize, delays or cancellations of orders due to various factors,
including business and economic conditions in the U.S. and foreign countries;
industry-wide slowdowns, any limitations on customers' financial resources, the
continued convergence of voice and data networks, the continuing success of
ACE*COMM's strategic alliances for product development and marketing,
customer purchasing and budgetary patterns or lack thereof; pricing pressures
and the impact of competitive products; the timely development and acceptance of
new products; ACE*COMM's ability to adequately support its operations, and other
risks




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detailed from time to time in ACE*COMM's Report on Form 10-Q and other reports
filed with the Securities Exchange Commission.

Contacts:
             i3 Mobile
             Edward J. Fletcher
             (203) 353-0383

             ACE*COMM
             Marcie Weber
             (613) 730-4726
             Marcie.weber@acecomm.com