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

Innovium Media Properties Corp.

May 08, 2008 10:19 ET

Innovium Completes Sale of Levucell Assets

TORONTO, ONTARIO--(Marketwire - May 8, 2008) - Innovium Media Properties Corp. (TSX VENTURE:IN)(FRANKFURT:IH7) ("Innovium") announces that it has completed the sale of its interest in the Levucell™ suite of products. Innovium's predecessor company, Agritek Bio Ingredients Corporation, the co-developer of Levucell, initiated the sale in February 1999 when it sold all inventory, rights and intellectual property to Danstar Ferment, SA, a Swiss company, for $1.7 million and a series of continuing payments related to the sales of Levucell. Over the past nine years the continuing payments have totalled $10.0 million, which in addition to the final accelerated continuing payment of $4.4 million brings the total sale price to over $16.1 million. The final net proceeds will be used for working capital purposes and in support of Innovium's investments.

About Innovium Media Properties Corp.

Innovium invests in innovative media opportunities. Its venture investment portfolio is focused on Seed Media Group, LLC, an emerging science media company that develops original science content, including www.scienceblogs.com. Innovium trades under the symbol IN on the TSX Venture Exchange ("TSX - V") and IH7 on the Frankfurt Stock Exchange ("FWB").

For additional information contact: innovium@innovium.ca

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Contact Information

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