MULTIMEDIA NOVA ANNOUNCES MAJOR FINANCING

TORONTO, Dec. 17 /CNW/ - Multimedia Nova Corporation (TSXV: MNC.A) ("Multimedia") announced today that it has completed two financing transactions.

Multimedia completed a financing transaction with a Toronto based institutional lender, which comprises of a $3,075,000 reducing demand loan and a $1,000,000 demand revolving loan for a total financing facility not to exceed $4,075,000, which matures on January 31, 2012.  The reducing demand loan has scheduled principal repayments of $1,000,000 are due on each of January 31, 2011 and 2012.  The demand revolving loan can fluctuate over the term of the facility subject to availability under the Borrowing Base Certificate, which is based on accounts receivables of Multimedia.  This combined facility is secured by a general security agreement over all assets of the company and a third mortgage on the land and building owed by Multimedia.

In addition, Multimedia completed a $975,000 second mortgage, secured by a second mortgage over the land and building owned by Multimedia.  This mortgage matures on February 5, 2012. 

The proceeds of these two financings were used to repay existing debt and for working capital purposes.  The original loan from a US based lender of US $4,000,000.00 has now been fully repaid and replaced with a Canadian lender. 

This press release shall not constitute an offer to sell or solicitation of an offer to buy securities in any jurisdiction.  The Class A Subordinated Voting Shares will not be and have not been registered under the United States Securities Act of 1933 and may not be offered or sold in the United States absent an applicable exemption from the registration requirements.

The TSXV has neither approved nor disapproved of the contents of this press release and it does not accept responsibility for the adequacy or accuracy of the contents hereof.

SOURCE MULTIMEDIA NOVA CORPORATION

For further information: For further information:

Ms. Lori Abittan, President and Chief Executive Officer or Mr. Joe Mastrogiacomo, Chief Financial Officer at (416) 785-4300, fax (416) 785-4303

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MULTIMEDIA NOVA CORPORATION

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