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Multiplied Media reports first quarter 2009 results

^{Published on 2009-06-01 18:55:06, Last Modified on 2009-06-01 18:57:08 - Market Wire}
 

 CALGARY, June 1 /CNW/ - Multiplied Media Corporation (TSX-V: MMC), a Calgary-based provider of mobile local search services, today reported results for its first quarter ended March 31, 2009. Total revenues for the quarter ended March 31, 2009 were $16,170 compared to $654 for the same period in 2008. The net loss for the quarter ended March 31, 2009 was $462,255, or $0.01 per basic share, compared to a net loss of $1,702,096, or $0.03 per basic share, in the same period of 2008. ------------------------------------------------------------------------- Summary of Quarterly Results of Operations - For Quarters Ended March 31 ------------------------------------------------------------------------- 2009 2008 ------------------------------------------------------------------------- Total Revenue $16,170 $654 ------------------------------------------------------------------------- Net loss from operations $(462,255) $(1,702,096) ------------------------------------------------------------------------- Loss per share - Basic $(0.01) $(0.03) ------------------------------------------------------------------------- Total assets $710,125 $4,918,216 ------------------------------------------------------------------------- Total liabilities $659,775 $585,618 ------------------------------------------------------------------------- Outstanding Shares - Basic 83,522,296 59,978,296 ------------------------------------------------------------------------- Outstanding Shares - Fully Diluted 97,704,994 66,377,079 ------------------------------------------------------------------------- On January 6, 2009, the Company announced an agreement with OpenTable to deliver real-time dining reservations to Poynt users in Canada and the United States. The Company also announced an agreement with Lycos, Inc. to integrate Poynt local search with Lycos's WhoWhere.com people search. In February, Poynt became available for the BlackBerry(R) Storm(TM). The second and final closing of a previously announced non-brokered private placement occurred resulting in gross proceeds of $498,200. The Company has worked diligently to dramatically reduce costs. They have also achieved operational milestones and are seeing first revenues from use of the Poynt application. Poynt's mobile user base continues its upward trend, having recently surpassed 440,000 customers. On average, ten percent of Poynt's user base performs at least two searches every day. Weekly repeat usage averages 40 percent of the total user base and monthly repeat usage in May reached 72 percent of the mobile user base who performed over 3,000,000 searches for movie and business information. The recent launch of Poynt into the German market is expected to positively impact user numbers. The Company plans to work with Research In Motion to market the application in Germany to both carriers and consumers. A strong blogger outreach program is also planned to raise awareness among the BlackBerry user community. It is expected that the recent nomination for Most Innovative Consumer Application in GSMA's Mobile Innovation EMEA event will bring additional recognition to the German launch of the application. Development continues on people and restaurant search sections for the Poynt application, with deployment of those features expected during the second quarter. The Company anticipates the additional functionality will increase repeat usage and contribute to revenue growth. About Multiplied Media Corporation ---------------------------------- Multiplied Media ([ www.multiplied.com ]) has developed the award-winning application Poynt ([ www.mypoynt.com ]), the mobile local search service available over BlackBerry smartphones. Through agreements with directory and vertical content providers in Canada, the United States and Europe, Poynt simplifies finding and connecting with businesses, retailers and events wherever and whenever it is most convenient for the consumer. Headquartered in Calgary, AB, Canada, Multiplied Media trades on the TSX Venture Exchange under the symbol MMC. Forward-looking Statements -------------------------- This news release contains forward-looking statements relating to the anticipated impact on user numbers relating to the recent launch of Poynt into the German market, plans to work with Research In Motion to market the application in Germany to both carriers and consumers, plans to create a strong blogger outreach program to raise awareness among the BlackBerry user community, increasing recognition of the German launch of the application as a result of the recent nomination for Most Innovative Consumer Application in GSMA's Mobile Innovation EMEA event, deployment of the people and restaurant search sections for the Poynt application and increases in repeat usage and revenue growth as a result of such additional functionality and other statements that are not historical facts. Such forward-looking statements are subject to important risks, uncertainties and assumptions. The results or events predicated in these forward-looking statements may differ materially from actual results or events. As a result, you are cautioned not to place undue reliance on these forward-looking statements. These forward-looking statements are based on certain key assumptions regarding, among other things: future technological developments; the cost of expanding product lines; the impact of increasing competition; the continuity of existing business relationships; conditions in general economic and financial markets; and our ability to obtain financing on acceptable terms. Material risk factors that could cause actual results to differ materially from the forward-looking information include, but are not limited to: the deteriorating economic and market conditions that could lead to reduced spending on information technology products; competition in our target markets; potential capital needs; management of future growth and expansion; the development, implementation and execution of the Company's strategic vision; risk of third-party claims of infringement; protection of proprietary information; customer acceptance of the Company's existing and newly introduced products; and the success of the Company's brand development efforts; risks associated with strategic alliances; reliance on distribution channels; product concentration; need to develop new and enhanced products; potential product defects; our ability to hire and retain qualified employees and key management personnel; and risks associated with changes in domestic and international market conditions and the entry into and development of new markets for the Company's products. The forward-looking statements contained in this press release are made as of the date of this press release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Additionally, the Company undertakes no obligation to comment on expectations of, or statements made by, third parties in respect of the forward-looking statements identified above. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. 

For further information: Andrew Osis, CEO & Director, Multiplied Media Corporation, (403) 444-4102, [ andrew.osis@multiplied.com ]