Mamma.com Inc.

Mamma.com Inc.

March 18, 2005 11:41 ET

Mamma.com Engages New Auditor and Reconfirms Late Filing of Financial Statements


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: MAMMA.COM INC.

NASDAQ SYMBOL: MAMA

MARCH 18, 2005 - 11:41 ET

Mamma.com Engages New Auditor and Reconfirms Late
Filing of Financial Statements

MONTREAL, CANADA--(CCNMatthews - March 18, 2005) - Mamma.com Inc. (the
"Company") (NASDAQ:MAMA) announced today it has engaged independent
accounting firm RSM Richter LLP to audit the Company's year ended
December 31, 2004. As previously announced, the Company and its former
auditors could not reach agreement on the terms of engagement
necessitating the appointment of new auditors for the 2004 year-end
audit.

The selection of new auditors at this time will result in the reporting
of year-end results beyond the March 31, 2005 reporting date applicable
to reporting issuers in the Province of Ontario, Canada. The Company
will advise on the anticipated release of the 2004 financial results as
soon as practicable.

In accordance with Ontario Securities Commission requirements, the
Company has timely notified the Ontario Securities Commission of the
late filing of the financial statements. Nevertheless, due to the late
filing, under applicable Ontario Securities Commission procedures, the
Company's securities may be subject to a cease trade order issued by the
Ontario Securities Commission affecting certain members of management
and insiders of the Company. In addition, if the Company fails to file
its financial statements by May 31, 2005, a cease trade order may be
issued affecting all of the Company's securities. The Company expects
that RSM Richter will complete its audit in time for the Company to file
its required financial information with Canadian regulators prior to the
May 31, 2005 deadline. Further, the Company expects to file its annual
report on Form 20-F with the United States Securities and Exchange
Commission prior to its June 30, 2005 due date. The Company will
announce any changes in these timelines as the audit progresses. In
accordance with Ontario Securities Commission Policy 57-603, the Company
intends to satisfy the provisions of the alternate information
guidelines until it has satisfied its financial statement filing
requirements in Ontario.

About RSM Richter LLP

Located in Montreal, Toronto and Calgary, RSM Richter is a member of RSM
International, the sixth largest worldwide accounting and consulting
organization.

RSM Richter has a respected and successful public company practice built
on years of experience in assisting clients with a wide variety of
public and private capital transactions. RSM Richter's public company
practice key strengths include OSC and SEC experience, depth of national
and international resources, client service excellence, commitment to
quality, frequent communications with audit committees, compliance with
the Canadian equivalent of the Sarbanes-Oxley Act, and access to capital
markets.

About Mamma.com Inc.

Mamma Media Solutions™ is focused on providing quality information
retrieval on the Internet through its metasearch engine and is a leading
provider of integrated marketing solutions to online advertisers. For
more information, visit www.mammamediasolutions.com.

Statements contained in this press release, which are not historical
facts, are forward-looking statements as that term is defined in the
Private Securities Litigation Reform Act of 1995. Such forward-looking
statements are subject to risks and uncertainties that can cause actual
results to differ materially from estimated results. Such risks and
uncertainties are detailed in the Company's filing with the Securities
and Exchange Commission and also include but are not limited to whether
the Company will appoint a new auditor, whether 2004 financial
statements will be issued and filed and if so when, whether prior year
audit reports will be withdrawn and whether the investigation being
carried out under the Audit Committee's supervision will be completed.

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Mamma.com Inc.
    Guy Faure
    President and CEO
    (888) 844-2372 (Toll Free)
    (514) 908-4346
    Email: guy@mamma.com
    www.mammainc.com