Innovium Media Properties Corp V.IN

INNOVIUM UPDATE

[loonie4bucks]

Innovium Update8/26/2011 9:57:46 AM - Market WireTORONTO, ONTARIO, Aug 26, 2011 (MARKETWIRE via COMTEX News Network) --On May 5, 2011, the TSX Venture Exchange (the "TSXV") suspended trading in the Innovium Media Properties Corp.'s ("Innovium" or the "Company") (TSX VENTURE: IN)(FRANKFURT: IH7) securities as a result of a Cease Trade Order ("CTO") issued by the Autorite des Marches Financiers ("AMF"). In order to remedy that circumstance, Innovium completed its audit of the December 31, 2010 financial statements and on July 12, 2011 Innovium's Board of Directors approved them, along with the Company's Management's Discussion and Analysis, upon the recommendation of the Audit Committee.At this time, these materials have been presented to the AMF for their consideration (all of this part and parcel of the AMF's continuous disclosure review program). Only after the AMF has approved Innovium's disclosures will the Company be able to file these materials.The TSXV has already provided notice that Innovium has been reclassified as a Tier 2 company. Innovium must remain in Tier 2 for a minimum of six months prior to the TSXV accepting application for graduation to Tier 1. If Innovium does not meet the continued Listing Requirements, the Company will be placed on notice of transfer to NEX.The TSXV has advised Innovium that "reinstatement to trading can occur only when the CTO is revoked and the TSXV has concluded its reinstatement review to ensure the Company has satisfactorily complied with all TSXV requirements".Since the Company's investment in New York-based Seed Media Group ("Seed") does not generate dividends or payout interest to its investors, for Innovium to maintain its viability as an ongoing public entity it will need a going-forward business strategy and the funds to achieve it. Innovium's Board has deliberated and has agreed that the Company could follow one of two strategies, both of which it has been pursuing:1. Access a minimal amount of money to allow the Company to maintain its viability as a public entity and to allow its minority position in Seed to mature and achieve a more notable value; or 2. Access new capital to fund a new business model of pursuing new business opportunities.It is Innovium's intention to provide more updates as circumstances allow.Innovium regrets to inform its shareholders that David Rittenhouse, a long time Director died. His obituary appeared in the Montreal Gazette on Tuesday August 23, 2011. David's counsel and calm demeanor will be sorely missed.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(R) (www.seedmagazine.com) and ScienceBlogs(R) (www.scienceblogs.com). Innovium trades under the symbol IN on the TSX Venture Exchange ("TSX - V") and IH7 on the Frankfurt Stock Exchange ("FWB").Neither The TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.Contacts:Innovium Media Properties Corp.Neil RaymondChairman and CEO(514) [e-mail] Media Properties Corp.James MacintoshPresident and COO(416) [e-mail] Media Properties Corp.Julio DiGirolamoCFO and Corporate Secretary(416) [e-mail]@innovium.ca SOURCE: Innovium Media Properties Corp.mailto:[e-mail] mailto:[e-mail] mailto:[e-mail] mailto:[e-mail] 2011 Marketwire, Inc., All rights reserved