Innovium Media Properties Corp.
TSX VENTURE : IN
FRANKFURT : IH7

Innovium Media Properties Corp.

November 27, 2009 10:40 ET

Innovium Announces Third Quarter Results

TORONTO, ONTARIO--(Marketwire - Nov. 27, 2009) - Innovium Media Properties Corp. (TSX VENTURE:IN)(FRANKFURT:IH7)("Innovium") is a public company with one investment.

- Innovium owns roughly 40% of Seed Media Group LLC ("Seed").

- Innovium trades on the TSX Venture Exchange and the Frankfurt Stock Exchange.

Seed Media Group LLC is a private company based in New York City.

-- Seed is headed by its Founder, Adam Bly.

-- Seed's goal is to be a dominant participant in the science information and technology sector.

-- Seed's global brand was built on the success of SEED magazine (print and online).

-- Seed's growth is provided by the following 3 distinct initiatives:

Seed Digital Media - ScienceBlogs, LLC is the world's largest science discussion.

-- Reaching over two million unique visitors per month.

-- Science Blogs is owned by Seed and Hubert Burda Media.

-- Blogs are in English, German and Portuguese.

Visualization is the dynamic and interactive graphic representation of information.

-- Develops software that is used by organizations to make their data more understandable and marketable.

-- Headed by Ben Fry, co-creator of Processing 1.0 software.

SEED Magazine - "Science is Culture" is an award-winning magazine that has printed 22 issues and also publishes online.

-- The magazine has created a significant global brand and continues its mission of advancing global science literacy.

Innovium had a 2009 third quarter net loss of $1,179,000 compared to net earnings of $414,000 in the third quarter of 2008 (a loss of $1,887,000 for the first nine months of 2009 compared to earnings of $4,152,000 for the same period in 2008). Interest and dividend income increased by 39% in the third quarter of 2009 compared to the third quarter of 2008 (an increase of 73% nine months versus nine months), attributable to the number of interest-bearing and dividend-bearing advances Innovium has made to Seed vis-a-vis comparable advances as of one year earlier.

As Innovium's investment in Seed is denominated in US dollars, in the third quarter of 2009 the Company recorded an unrealized foreign exchange ("forex") loss of $1,139,000 (third quarter of 2008 - unrealized forex gain of $342,000) on its Seed investment resulting in an unrealized forex loss of $1,741,000 for the first nine months of 2009 (first nine months of 2008 - unrealized forex gain of $526,000).

Compared to the third quarter of 2008, the Company experienced a $91,000 increase in general and administrative costs in the third quarter of 2009 due primarily to an increase in interest and stock option expenses (a $330,000 decrease for the first nine months of 2009 compared to the same period in 2008).

In the third quarter of 2009, Innovium advanced an additional US$362,000 under the Seed Bridge, converted US$50,000 of accounts receivable into the Seed Line of Credit and advanced US$1 million as part of a 12% Seed Series C preferred share financing.

For additional information please visit:

Innovium: innovium.ca; Seed: seedmediagroup.com; ScienceBlogs: scienceblogs.com, scienceblogs.de, and scienceblogs.com.br; Visualization: seedvisualization.com; and, SEED Magazine: seedmagazine.com

Or email us at: innovium@innovium.ca



Table of Highlights of the Financial Statements

Three months ended Nine months ended
September 30 September 30
(Expressed in thousands of Canadian ----------------------------------------
dollars, except per share amounts) 2009 2008 2009 2008
-------- -------- -------- --------

Interest and dividend income $ 303 $ 218 $ 907 $ 523
Unrealized gains (losses) on
investments (1,139) 342 (1,741) 526
Gains on investments -- -- -- 4,313
Agri-products revenue -- -- -- 60
Other income -- -- -- 17

General and administrative expenses 342 251 1,043 1,373
Depreciation 7 8 21 23
Foreign exchange gain (6) (113) (11) (109)

Net earnings (loss) $ (1,179) $ 414 $ (1,887) $ 4,152

Net earnings (loss) per share $ (0.01) $ 0.00 $ (0.02) $ 0.05

Cash used in operating activities
(after net change in working
capital balances) $ (145) $ (262) $ (800) $ (772)



As At
--------------------
Sept. 30, Dec.31,
(Expressed in thousands of Canadian dollars) 2009 2008
-------- --------
Cash and cash equivalents $ 61 $ 731
Accounts receivable and other assets 12 77
Short-term investments 58 113

Total current assets 131 921

Venture investments 13,737 11,631
Capital assets, net 128 149

Total assets $ 13,996 $ 12,701

Accounts payable and accrued liabilities $ 22 $ 11
Term loans 1,754 --

Total liabilities $ 1,776 $ 11

Shareholders' equity $ 12,220 $ 12,690


We seek safe harbour.

Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Innovium Media Properties Corp.
    Neil Raymond
    Chairman and CEO
    (514) 281-0481
    ceo@innovium.ca
    or
    Innovium Media Properties Corp.
    Jamie Macintosh
    President and COO
    (416) 862-7444
    coo@innovium.ca
    or
    Innovium Media Properties Corp.
    Julio DiGirolamo
    CFO and Corporate Secretary
    (416) 862-7444
    cfo@innovium.ca