Metamedia Capital Corp.

Metamedia Capital Corp.

January 07, 2005 13:04 ET

Metamedia Corporate Update




JANUARY 7, 2005 - 13:04 ET

Metamedia Corporate Update

CALGARY, ALBERTA--(CCNMatthews - Jan. 7, 2005) - Metamedia Capital Corp.
(TSX VENTURE:MME)("Metamedia" or the "Company") announces that it has
established its publication schedule for Metohos Business Magazine for
the 2005 year. Ten regular issues are to be published, with the January
2005 issue slated to circulate during the third week of January.
Additional issues are planned monthly except for July/August which will
be a combined issue.

The Company also announces that Mr. Charles (Chuck) Jenkins has joined
Metamedia as controller. Mr. Jenkins has been a Certified General
Accountant for over twenty years, and has extensive experience in
corporate finance, accounting, and administration.

Metamedia received shareholder approval for its 2004 stock option plan
at the special and annual shareholders meeting held on November 30,
2004. Under the 2004 stock option plan, the board of directors of
Metamedia may grant options in respect of a maximum of 1,660,610 common
shares to directors, officers and employees of, and consultants to,
Metamedia. The shares reserved for issuance under the 2004 stock option
plan represent less than 10% of the common shares of Metamedia currently
issued and outstanding.

Under the 2004 plan, the exercise price of options is determined by the
board of directors at the time option are granted, but cannot be lower
than the closing price of Metamedia's shares on the TSX Venture Exchange
on the business day immediately preceding the day on which an option is
granted. The maximum period during which an option may be exercised is
five years from the date of grant.

The 2004 stock option plan is subject to regulatory approval, including
that of the TSX Venture Exchange and the Autorite des Marches
Financiers. The 2004 stock option plan has to be approved at the date of
shareholder approval by disinterested shareholders of stock options.

Metamedia also announces that its board of directors has granted stock
options in respect of a total of 1,625,000 common shares under the 2004
stock option plan. Of these, options in respect of 300,000 shares were
granted to three directors of the company; options in respect of 50,000
shares were granted to the Chief Financial Officer and 150,000 shares
were granted to the Chief Executive Officer of the company. The exercise
price of the options is $0.305 per share, representing the closing price
of the common shares of Metamedia on the TSX Venture Exchange on January
6, 2005.


Contact Information

    Metamedia Capital Corp. or Metohos Business Magazine
    Mr. Alexandros Kostis
    (403) 333-3000
    The TSX Venture Exchange has neither approved nor disapproved the
    contents of this press release.