/Not for dissemination in the United States of America/
TORONTO, March 19 /CNW/ - Brighter Minds Media, Inc. ("Brighter Minds" or
the "Company") (TSX: BRI.V) today announced its financial results for the
fourth quarter and fiscal year ended December 31, 2006.
Total revenue for the fourth quarter of 2006 was US$1,997,563 as compared
to US$1,426,547 for the same period in 2005 representing an increase of 40%.
For the fiscal year ended December 31, 2006 total revenues were US$5,010,668
as compared to US$4,075,028 for 2005 representing an increase of 23%.
Improved Financial Position:
At December 31st, 2006 the Company had $498,689 in cash and availability
on its Line of Credit as compared to $0 in cash and no availability on its
Line of Credit on December 31st, 2005. As of March 19, 2007 cash and
availability on its Line of Credit had improved to over $1 million.
Strong Operating Performance:
"We have achieved our goal of significantly increasing our distribution
for all three of our product lines. In 2006 we made the decision to slow our
launch of new products so that we can invest in securing licenses and building
product for 2007. In 2007 we anticipate having twice as many software and book
titles and intend to launch our first five DVD games. All these products will
be highly branded with the likes of Marvel, PBS Kids, Care Bears, Nancy Drew,
Jurassic Park, Brainquest and Cartoon Network" said Sam Ifergan, the Chairman
and CEO of the Company. He added that "we believe we have the financial
resources and a strong product and distribution platform to enable growth in
2007 and beyond".
This document may contain forward-looking statements relating to Brighter
Mind's operations which are based on Brighter Mind's operations, estimates,
forecasts and projections. These statements are not guarantees of future
performance and involve risks and uncertainties that are difficult to predict,
and/or are beyond Brighter Minds's control. A number of important factors
could cause actual outcomes and results to differ materially from those
expressed in these forward-looking statements including the Company's ability
to compete directly against North American and international companies in the
market segments in which it operates; seasonal variations in the Company's
revenues; its ability to expand its product lines; its ability to maintain
strategic relationships with third-party licensees, licensors and
distributors; its dependence on key customers and contracts; and its ability
to protect its intellectual property. This list is not exhaustive of the
factors that may affect any of the Company's forward-looking statements.
Consequently, readers should not place any undue reliance on such
forward-looking statements. Brighter Minds disclaims any intention or
obligation to update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise.
About Brighter Minds Media, Inc.
Brighter Minds Media, Inc. is the parent company of Brighter Minds Media,
LLC and is proud to offer a fun and educational line of products including
software, DVD games and books. It's products are available at major retailers
across the United States and Canada. Brighter Minds is publicly traded on the
TSX Venture Exchange (TSX: BRI.V) and is a Hargan Ventures (www.harganvc.com)
investee company. More information about Brighter Minds can be found at
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
For further information:
For further information: Sam Ifergan, Chairman, CEO and CFO, (416)
923-0660 ext. 229, email@example.com