Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
SHWORAN DAVID
   2. Issuer Name and Ticker or Trading Symbol
QUOTEMEDIA INC [QMCI] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
President and CEO
(Last)
(First)
(Middle)
17100 E. SHEA BLVD., SUITE 230		 3. Date of Earliest Transaction (Month/Day/Year)
06/05/2008
(Street)

SCOTTSDALE, AZ 85268		 4. If Amendment, Date Original Filed(Month/Day/Year)
 6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)		 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)		 4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)		 5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)		 6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)		 7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Stock               21,011,800 D  
Common Stock               1,037,500 I Owned by Bravenet (1)
Common Stock               6,502,500 I Wife

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)		 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)		 5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)		 6. Date Exercisable and Expiration Date
(Month/Day/Year)		 7. Title and Amount of Underlying Securities
(Instr. 3 and 4)		 8. Price of Derivative Security
(Instr. 5)		 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)		 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)		 11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Options $ 0.05 06/05/2008   D     200,000 02/28/2003 06/06/2008 Common Stock 200,000 $ 0 0 D  
Options $ 0.07 06/05/2008   A   200,000   06/05/2008 06/06/2008 Common Stock 200,000 $ 0 200,000 D  
Warrants $ 0.05 06/05/2008   D     2,000,000 05/08/2003 06/06/2008 Common Stock 2,000,000 $ 0 0 D  
Warrants $ 0.07 06/05/2008   A   2,000,000   06/05/2008 06/06/2008 Common Stock 2,000,000 $ 0 2,000,000 D  
Warrants $ 0.075 06/05/2008   D     3,000,000 05/08/2003 06/06/2008 Common Stock 3,000,000 $ 0 0 D  
Warrants $ 0.095 06/05/2008   A   3,000,000   06/05/2008 06/06/2008 Common Stock 3,000,000 $ 0 3,000,000 D  
Warrants $ 0.19             09/12/2007 08/01/2015 Common Stock 2,400,000   2,400,000 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
SHWORAN DAVID
17100 E. SHEA BLVD., SUITE 230
SCOTTSDALE, AZ 85268		       President and CEO  

Signatures

 /s/ David M. Shworan   06/09/2008
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) The reporting person is a control person of Bravenet Web Services Inc. The reporting person disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interest.
 
Remarks:
The reporting person agreed to the following transactions:  the cancellation of 200,00 stock options with an exercise price of $0.05 and a expiration date of June 6, 2008, in exchange for 200,000 new stock options with an exercise price of $0.07 and a expiration date of June 5, 2010;  the cancellation of 2,000,000 warrants with an exercise price of $0.05 and a expiration date of June 6, 2008, in exchange for 2,000,000 new warrants with an exercise price of $0.07 and a expiration date of June 5, 2010; and the cancellation of 3,000,000 warrants with an exercise price of $0.075 and a expiration date of June 6, 2008, in exchange for 3,000,000 new warrants with an exercise price of $0.095 and a expiration date of June 5, 2010.

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