ZoomerMedia Limited

ZoomerMedia Limited

May 29, 2009 14:51 ET

ZoomerMedia Limited (Formerly Fifty-Plus.Net International Inc.) Announces Third Quarter Financial Results

TORONTO, ONTARIO--(Marketwire - May 29, 2009) - ZoomerMedia Limited (formerly Fifty-Plus.Net International Inc.) (TSX VENTURE:ZUM) today announced financial results for the third quarter ended March 31, 2009.

On December 28, 2007, Olympus Management Limited ("OML"), a private Ontario corporation, acquired control of Fifty-Plus.Net International Inc. ("FPN") through a reverse take-over ("RTO").

As a result of the RTO, the former controlling shareholder of Kemur (i.e. OML) acquired control of FPN. Under the purchase method of accounting Kemur has been identified as the acquirer, and, accordingly, the entity is considered to be a continuation of Kemur with the net assets of FPN at the date of the RTO deemed to have been acquired by Kemur. Since the RTO is accounted for as a reverse take-over, the comparative figures are those of Kemur. The earnings of Fifty-Plus.Net International Inc. and its wholly owned subsidiary, Fifty-Plus.Net Inc. have been included in the statements of loss and comprehensive loss from the date of acquisition, December 28, 2007. On June 10, 2008, Kemur was continued as a Federal corporation and changed its name to ZoomerMedia Limited ("ZoomerMedia"). On July 1, 2008, Fifty-Plus.Net International Inc. and its wholly-owned subsidiaries Fifty-Plus.Net Inc. and ZoomerMedia Limited amalgamated and now carry on business under the name ZoomerMedia Limited.

Third Quarter Results

For the quarter ended March 31, 2009, the Company had revenue of $2,222,716 and expenses of $3,783,632 with a net loss after tax of $1,143,522 after reflecting a recovery of future income taxes in the amount of $417,394. These results are in line with the Company's business plan for 2009 as it invests in the development of ZOOMER magazine and accompanying Zoomer-branded websites, to ensure that the Company maximizes its share of the growing media expenditures anticipated in 2009 and beyond aimed at the aging baby boomer cohort. For the comparable quarter ended March 31, 2008, the Company had revenue of $2,126,833 and expenses of $2,611,114 with a net loss after tax of $447,173 after reflecting a net recovery of current and future income taxes of $37,108.

Year-to-Date Results

For the nine months ended March 31, 2009, The Company had revenue of $7,576,509 and expenses of $11,269,805 with a net loss of $2,626,749 after reflecting a recovery of future income taxes in the amount of $1,066,547. For the comparable nine-month period ended March 31, 2008, The Company had revenue of $4,519,911 and expenses of $4,889,721 with a net loss after tax of $377,702 after reflecting a net expense of current and future income taxes of $7,892.

Additional Information

Detailed financial information and Management's Discussion and Analysis of Results and Financial Condition for the nine months ended March 31, 2009 can be found on SEDAR's website at www.sedar.com. The financial information included in this release is qualified in its entirety and should be read together with the audited financials statements for the year ended June 30, 2008, including the notes thereto.

About ZoomerMedia Limited

ZoomerMedia Limited (ZUM) publishes ZOOMER magazine, the largest paid circulation magazine in Canada for the mature market. Published nine times a year, ZOOMER magazine has a paid circulation of approximately 180,000 and places a further 50,000 copies on newsstands.

ZUM also derives royalty revenue through the provision of exclusive marketing and membership services to CARP, A New Vision of Aging for Canada.

ZUM is also Canada's leading provider of online content targeting the 45+ age group. The portfolio of web sites and electronic newsletters delivers over 2 million page per views per month. The key property is www.50plus.com, delivering a wide range of information, entertainment, community (forums, dating, blogs) and commerce together with four electronic newsletters (health, money, travel, lifestyle), each of which has over 120,000 opt-in subscribers.

ZUM also produces and manages www.carp.ca, the online home of CARP. With 350,000 members, CARP is Canada's largest association for the 45+. ZUM also produces CARP Action Online, an electronic newsletter for CARP members.

Cautionary note on forward looking statements

Certain statements made in this report are 'forward-looking statements' which may include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and may contain the words 'believe', 'anticipate', 'expect', 'estimate', 'project', 'will be', 'will continue', 'will likely result' or similar words or phrases. Forward-looking statements involve risks and uncertainties, which may cause actual results to differ materially from the forward-looking statements. The risks and uncertainties are detailed from time to time in filings by ZoomerMedia Limited with provincial securities commissions. New risk factors emerge from time to time and it is not possible for management to predict all such risk factors, nor can it assess the impact of all such risk factors on the Company's business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Such risks, uncertainties and other factors include, but are not limited to, the following:

- the risks inherent in magazine publishing generally;

- the risks inherent in the operation of Internet media properties generally;

- the Company's dependency on a few large customers;

- the competition within the media industry for the baby boom generation's business;

- the risks associated with governmental regulation of the publishing and internet businesses;

- the results of legal claims made by or against the Company;

- the risk of managing the current revenue growth rate;

- the dependence of the business on the continuing operation of its computer systems; and

- the dependence on key personnel.

Given these risks, and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results. ZoomerMedia Limited does not intend and does not assume any obligation to update these forward-looking statements.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

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