Metamedia Capital Corp.

Metamedia Capital Corp.

October 28, 2005 18:37 ET

Metamedia Capital Corp. Report on Corporate Activities

CALGARY, ALBERTA--(CCNMatthews - Oct. 28, 2005) - Metamedia Capital Corp. (TSX VENTURE:MME) (the "Company") is pleased to report the Company issued an aggregate of 1,485,888 common shares for gross proceeds of $1,485,888 as a result of two (2) separate private placements which were completed in July and October, 2005 as previously announced in the press releases of the Company dated August 4, 2005 and October 19, 2005. A 10% commission was paid by way of $62,588 (cash) and 52,000 (common shares). All common shares issued pursuant to the Private Placements are subject to a hold period expiring four (4) months from the dates of closings.

In addition to its financing activities, the Company is pleased to report that it is commencing the assembly and integration of the hardware and software necessary to implement the CosmosIPTV global network ("Network"), it is expected that the Network will be operational and accessible to potential subscribers by the first quarter of 2006. It is intended that content for the network will consist of Company-sponsored programming as well as Greece-based television channels. Management has commenced negotiations with broadcasters in Greece and has set as a target for completion of these negotiations the month of January, 2006.

In addition to the existing TV channels, management has introduced the Network to Greek government organizations with the intent of presenting Greece to wider international audiences in the more cost-efficient way the World Wide Web provides as compared to existing satellite-based broadcasting. These include the Greek National Tourism Organization (operating under the Tourism Ministry mandate for promotion of Greece as a destination) and the Organization for the Promotion of Greek Exports (operating under the Ministries of the Economy and Economic Development as well as Agriculture and Tourism mandates for promotion of Greek agri-products and food products to international mainstream markets). The proposals put forward include the creation of specialty-interest television channels with themes such as travel documentaries, Greek cuisine cooking and culture-related content.

These proposals are currently being evaluated by senior officials of these organizations.

As part of the Company's World-wide market awareness campaign, the Company participated as official sponsor in 26 events in Canada, Greece, and Australia inclusive of the Benaki Museum Greek Treasures Exhibit in Melbourne, the Hellenic Export Promotions Organization event in Athens and many community activities across Canada. In addition, the Company entered into a barter agreement with Greece's major satellite-transmitted television channel "ANT1" (Antenna) for 140 television commercials relating to its print publication "Metohos" magazine to be aired in North America and Australia until the end of 2005.

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

Contact Information

  • Metamedia Capital Corp. or Metohos Business Magazine
    Mr. Alexandros Kostis
    (403) 333-3000