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

Innovium Media Properties Corp.

May 05, 2011 10:49 ET

Innovium Update

TORONTO, ONTARIO--(Marketwire - May 5, 2011) - Innovium Media Properties Corp. (TSX VENTURE:IN)(FRANKFURT:IH7) ("Innovium" or the "Company") has been unable to complete its audit and file its 2010 year-end financial statements in time to meet its regulatory deadlines and, as a consequence, is now subject to a cease trade order. Innovium plans to complete its audit as expeditiously as possible. The Company will be applying for an extension to hold its Annual General Meeting of Shareholders at a later date.

Innovium has devoted its cash and personnel resources to assisting Seed Media Group LLC ("Seed"), a US-based private company, in which it maintains an approximate 33% interest. Seed is now operationally cash flow positive, reflecting the vibrant growth of its visualization business and a strategic partnership for ScienceBlogs.com with National Geographic. As a result, Innovium is actively seeking new capital to rejuvenate its own balance sheet.

About Innovium Media Properties Corp.

Innovium's venture investment portfolio is devoted to Seed Media Group LLC, a private media and technology company focused on the professional and consumer science markets. Seed's award winning brands include Seed® (seedmagazine.com) and ScienceBlogs® (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.

*** 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

    Innovium Media Properties Corp.
    James Macintosh
    President and COO
    (416) 862-7444
    coo@innovium.ca

    Innovium Media Properties Corp.
    Julio DiGirolamo
    CFO and Corporate Secretary
    (416) 862-7444
    cfo@innovium.ca