As of March 31, 2006, the Company had approximately $6.9 million in cash and cash equivalents, working capital of $4.1 million and stockholders' equity of approximately $7.2 million.

During the first quarter of 2006, SmartPros made the following fundamental improvements that are expected to help strengthen its future financial performance and market position:

• Completed the acquisition of Sage Online Learning and initiated the migration of its content library into SmartPros' core offerings and onto its delivery platform. Sage's library is comprised of 58 nationally certified, accredited courses in the areas of banking compliance, general banking, general bank management, insurance, lending, retirement and estate planning, and industry-related sales and services.
• Completed the acquisition of Skye Multimedia, which is now operating as a wholly owned subsidiary of SmartPros responsible for developing custom interactive marketing and training applications for CD, DVD, Internet and Learning Management Systems.
• Expanded Working Values' library of off-the-shelf ethics and compliance training modules with the market introduction of its new Integrity Toolkit – FastTrack^TM, a collection of interactive web-based tools to help organizations readily deploy and update integrated ethics and compliance training programs.
• In collaboration with The Network of Trial Law Firms, Inc. (TRIAL.com®), a not-for-profit association of 27 leading trial and litigation law firms, SmartPros released a new online Professional Education Center and Learning Management System (LMS) to support The Network's Continuing Legal Education (CLE) efforts. The system is a prototype for state-of-the-art delivery of streaming video CLE in the broader legal industry.
  

Allen Greene, Chairman and Chief Executive Officer of SmartPros, stated, "The first quarter of 2006 has indeed been a period of tremendous activity for SmartPros, highlighted by the completion of two strategic acquisitions. Collectively, the investments we have been making in building upon our Company's proven and profitable platform should significantly enhance our long term growth prospects and help to further strengthen SmartPros' leadership in the professional education market place."

SmartPros will host a teleconference Monday, May 15, 2006 beginning at 4:15 p.m. Eastern, and invites all interested parties to join management in a discussion regarding the Company's financial results, corporate progression and other meaningful developments. The conference call can be accessed via telephone by dialing toll free 1-800-366-7417. A replay of the call will be available on the Company's Web site approximately one hour after the live broadcast at http://ir.smartpros.com. A copy of this news announcement is immediately accessible via http://ir.smartpros.com.

About SmartPros Ltd.
Founded in 1981, SmartPros Ltd. is an industry leader in the field of accredited professional education and corporate training. Its products and services are primarily focused in the accredited professional areas of corporate accounting, financial management, public accounting, governmental and not-for-profit accounting, banking, engineering, and ethics and compliance. SmartPros is a leading provider of professional education products to Fortune 500 companies, as well as the major firms and associations in each of its professional markets. SmartPros provides education and content publishing and development services in a variety of media including Web, CD-ROM and video. Our subscription libraries feature hundreds of course titles and 1,000+ hours of accredited education. SmartPros' proprietary Professional Education Center (PEC) Learning Management System (LMS) offers enterprise distribution and administration of education content and information. In addition, SmartPros produces a popular news and information portal for accounting and finance professionals that services 300,000+ visitors and 100,000+ subscribers per month. Visit: www.smartpros.com.

Safe Harbor Statement
Statements in this press release that are not statements of historical or current fact constitute "forward-looking statements." Results reported within this press release should not be considered an indication of future performance. Except for any historical information, the matters discussed in this press release contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements involve risks and uncertainties, including activities, events or developments that the Company expects, believes or anticipates will or may occur in the future. In addition to statements that explicitly describe these risks and uncertainties, readers are urged to consider statements that contain terms such as "believes," "belief," "expects," "expect," "intends," "intend," "anticipate," "anticipates," "plans," "plan," to be uncertain and forward-looking. The forward-looking statements contained herein are also subject generally to other risks and uncertainties that are described from time to time in our filings with Securities and Exchange Commission.

Visit SmartPros' Investor Relations section for additional information.


For more information, please contact:
Shane Gillispie
Marketing and eCommerce
SmartPros Ltd.
253-863-8280
shanegillispie@smartpros.com

Dodi Handy
CEO and President
Elite Financial Communications Group, LLC
407-585-1080
ped@efcg.net