MEGA BRANDS INCREASES ITS FINANCIAL FLEXIBILITY

Debentureholders Approve Amendments to Debenture Indenture

MONTREAL, May 6 /CNW Telbec/ - MEGA Brands Inc. (TSX: MB) announces that holders of its 10% senior secured debentures passed an extraordinary resolution today approving amendments to the indenture governing the debentures. The amendments, among other things, allow the Corporation to increase available borrowings for working capital purposes under its existing asset-based credit agreement and are effective as of today. The extraordinary resolution was approved by approximately 92% of the votes cast in person or represented by proxy at the special meeting of debentureholders.

About MEGA Brands
MEGA Brands Inc. is a trusted family of leading global brands in construction toys, games & puzzles, arts & crafts and stationery. They offer engaging creative experiences for children and families through innovative, well-designed, affordable and high-quality products. Visit http://www.megabrands.com for more information.

The MEGA logo, Mega Bloks, Rose Art, MEGA Games, MEGA Puzzles and Board Dudes are trademarks of MEGA Brands Inc. or its affiliates.

Forward-Looking Statements
All statements in this press release that do not directly and exclusively relate to historical facts constitute "forward-looking information" within the meaning of applicable Canadian securities laws. These statements represent the Corporation's intentions, plans, expectations and beliefs. Readers are cautioned not to place undue reliance on these forward-looking statements. Forward-looking information and statements are based on a number of assumptions and involve risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by them, including, but not limited to risks, assumptions and uncertainties described in the Corporation's MD&A for the year ended December 31, 2010, which is available at www.sedar.com. The Corporation disclaims any intention or obligation to publicly update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by applicable law.

SOURCE MEGA BRANDS INC.

For further information:

Investor Contact:
Peter Ferrante
Chief Financial Officer
Tel: (514) 333-5555 ext. 2283

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MEGA BRANDS INC.

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