N@N

Multiplied Media reports second quarter 2009 results

^{Published on 2009-08-28 16:33:24 - Market Wire}
 

 CALGARY, Aug. 28 /CNW/ - Multiplied Media Corporation (TSX-V: MMC), a Calgary-based provider of mobile local search services, today reported results for its second quarter ended June 30, 2009. Total revenues for the quarter ended June 30, 2009 were $101,200 compared to $21,018 for the same period in 2008. The net loss for the quarter ended June 30, 2009 was $523,205, or $0.006 per basic share, compared to a net loss of $1,669,879, or $0.03 per basic share, in the same period of 2008. ------------------------------------------------------------------------- Summary of Quarterly Results of Operations - For Quarters Ended June 30 ------------------------------------------------------------------------- 2009 2008 ------------------------------------------------------------------------- Total Revenue $101,200 $21,018 ------------------------------------------------------------------------- Net loss from operations $(523,205) $(1,669,879) ------------------------------------------------------------------------- Loss per share - Basic $(0.006) $(0.03) ------------------------------------------------------------------------- Total assets $814,185 $899,352 ------------------------------------------------------------------------- Total liabilities $659,775 $771,120 ------------------------------------------------------------------------- Outstanding Shares - Basic 95,182,296 69,458,298 ------------------------------------------------------------------------- Outstanding Shares - Fully Diluted 114,341,296 76,895,580 ------------------------------------------------------------------------- On April 1, 2009, the Company announced a mobile distribution agreement with Idearc Media which commercialized the Poynt application in the United States. Distribution of Poynt through the newly launched BlackBerry App World also commenced on this date. In April, the Company announced a private placement that closed on May 15 and resulted in gross proceeds of $583,000. On May 21, the Company was named as an Innovator Nominee in the GSMA's Mobile Innovation Grand Prix, EMEA Tournament resulting in being awarded the Most Innovative Consumer Application for the EMEA region (Europe, the Middle East & Africa). Poynt was launched in two new geographic areas - Germany and the United Kingdom - during the quarter. People search functionality was also added to the application. The proposed acquisition of, and commencement of negotiations for, the UnoMobi Group was announced in June. A private placement, led by Research Capital Corporation, was announced on June 4, 2009. The Company continues to be diligent about reducing operating costs and expects to be revenue neutral this fiscal year. The total current mobile user base has just exceeded 880,000. During the month of July, active users performed, on average, 11.6 searches each for people, movie and business information. Daily repeat usage remains at, on average, ten percent of the active user base and weekly repeat usage remains strong at 35 percent of the active user base. The recent launch of the restaurant search functionality within Poynt is expected to grow the mobile user base as well as contribute to revenues. Industry awareness and marketing support from partners continues to assist in moving the Company's business plan forward through introductions to mobile carriers and mobile development companies with whom opportunities are being explored. Development of Poynt for the iPhone is on schedule with a private beta scheduled for Q3 and a commercial release expected in Q4 this year. Additional mobile platforms including Gphone from Google and Windows Mobile from Microsoft are being considered for future development efforts. No conclusive dates or implementation schedule has been announced. 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 and revenues relating to the recent launch of restaurant functionality in Poynt, industry awareness and marketing support providing additional opportunities, development for the iPhone and the planned private beta trial and commercial release as well as development for additional mobile platforms including Gphone from Google and Windows Mobile from Microsoft 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 the 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 ]