Brighter Minds Media, Inc.

Brighter Minds Media, Inc.

May 01, 2009 16:05 ET

Brighter Minds Media, Inc.: Default Announcement

TORONTO, ONTARIO--(Marketwire - May 1, 2009) - Brighter Minds Media, Inc. ("Brighter Minds" or the "Company") (TSX VENTURE:BRI) announces that it is late in filing its annual financial statements for the year ended December 31, 2008. The annual financial statements were required to be filed no later than April 30, 2009. The late filing of the required statements is a result of recent changes in management and current negotiations between the Company and its major creditor, which are required to be finalized prior to completion of the financial statements. Based on the work completed to-date, the Company anticipates that the annual financial statements will be filed by June 5, 2009.

As a result in the delay in filing, the Company has requested that the Ontario Securities Commission and other Canadian securities regulatory authorities issue a temporary order that prohibits certain current and former directors, officers and insiders of the Company from trading in securities of the Company for so long as the annual financial statements are not filed. The issuance of such cease trade order does generally not affect the ability of persons who have not been directors, officers or insiders of the Company to trade in their securities.

The Company intends to provide information in accordance with National Policy 12-203 - Cease Trade Orders for Continuous Disclosure Defaults with respect to further developments in respect of this matter promptly following their occurrence, including the issuance of bi-weekly status update reports for so long as the annual financial statements are not filed. In the event that the annual financial statements are not filed by June 5, 2009 or bi-weekly status update reports are not filed on a timely basis, the Canadian securities regulatory authorities may impose an issuer cease trade order on the outstanding securities of the Company.

This press release contains certain forward-looking statements, which are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected. Brighter Minds undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on forward-looking statements.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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