iseemedia restates financials and MD&A to recognize gain on sale and update disclosure



    TORONTO, June 15 /CNW/ - (TSX-V:IEE) - iseemedia Inc. today announced
that it has filed restated quarterly financial statements for fiscal year 2007
to recognize a gain on the sale of a former subsidiary and reclassify certain
line items in the statement of cash flows relating to the acquisition of the
same former subsidiary. Except for the accounting of the gain on sale in the
restated financial statements for the nine month period ending March 31, 2007
and shown in the Company's restated MD&A for the same period, there is no
other effect on the Company's restated Balance Sheets or Income Statements in
respect of the changes noted below. The specific adjustments made in the
restated financial statements are:

    
    -  the recognition of the sale of a subsidiary in return for the
       Company's own shares as a "Gain on Sale of Subsidiary" resulting in a
       $138,848 reduction in the net loss during the fiscal quarter ended
       March 31, 2007; and

    -  the reclassification of certain non-cash items from "Investing
       Activities" to "Operating Activities" during the fiscal quarter ended
       September 30, 2005.
    

    In addition, the Company announced today that it has filed restated
Management Discussion and Analysis (MD&A) for the fiscal quarter ending
March 31, 2007 to conform to the previous restatement of historical financial
statements. The Company has also filed updated MD&A for fiscal year 2006 to
update disclosure with respect to the Company's disclosure controls and
procedures.

    About iseemedia

    iseemedia Inc. is a software company focused on the commercialization of
advanced, rich content adaptation and delivery solutions for Web and wireless
applications. The Company has a portfolio of perpetual licenses to a group of
patents applicable to server-based imaging technology relating to image
streaming and interactive viewing and web authoring tools technology for
generating content distributed by an image server. There are also 3 additional
wireless and imaging patents pending. iseemedia is listed on the TSX Venture
Exchange (Symbol:IEE).

    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this press release.

    %SEDAR: 00020202E




For further information:

For further information: Investor Relations Contact: David Berman, CFO,
iseemedia Inc, DavidB@iseemedia.com

Organization Profile

ISEEMEDIA INC.

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