Multiplied Media reports second quarter 2008 results and operations update



    CALGARY, Aug. 29 /CNW/ - Multiplied Media Corporation (the "Company")
(TSX-V: MMC), a Calgary-based provider of local search services, today
reported results for its second quarter ended June 30, 2008.

    2nd QUARTER HIGHLIGHTS

    Several agreements were signed during the second quarter, marking the
beginning of Multiplied Media's expansion into European markets. The first, an
agreement with t-info, a joint venture between Deutsche Telekom Medien GmbH
(DeTeMedien) and directory publishers in Germany, was announced on May 15. The
agreement allows the integration of t-info's local search information into the
Poynt platform to be delivered over Multiplied Media's existing Windows
Live(TM) Messenger and AIM instant messenger platforms as well as the
BlackBerry and other delivery mechanisms as they are deployed. The Company
anticipates, with an October release date, that the service should generate
limited revenue before year end. The second agreement, announced June 3, is
with Infobel, a provider of directory information for over 30 countries in
Europe, to integrate their data into the Poynt local search platform. On June
25, a revenue-share agreement with Livebookings Network was announced.
Livebookings Network operates a restaurant-booking engine featuring 17,000
restaurants in more than ten European countries. Once integrated, Poynt's
users will have access to rich content on local restaurants and have the
ability to make reservations through the Poynt service, resulting in revenue
for the Company.
    Further developments in the North American market were also announced
including the Poynt beta application for the BlackBerry which has received
considerable user praise and media recognition. The availability of movie
ticket purchase from within Poynt was also announced. This feature is
currently generating limited revenue.
    The user count for Poynt surpassed 50,000 in June and has grown to
approximately 98,000 to this date.
    Also in June, a non-brokered private placement was closed for gross
proceeds of $474,000.
    Work on the BlackBerry platform continues to progress and the Company
expects to release additional beta mobile applications in the fall.

    BUSINESS AND OPERATIONS UPDATE

    Development on the t-info project is nearing completion and deployment in
the German market is expected to take place in October. The product will
initially be available on Windows Live Messenger followed by BlackBerry.
    The Company's international business development group is working towards
securing agreements to deploy local search services in both Mexico and Brazil.
They are also negotiating to assume an existing online local search business
in the Netherlands. The business development team is also working on a
potential joint venture in the U.S. that could result in revenue as early as
the fourth quarter this year.
    It is expected that Poynt for the BlackBerry will be released into
commercial deployment in Canada in October 2008. The commercial release will
include support for the newly released BlackBerry Bold. Following on the
success of the Poynt beta for the BlackBerry, support for additional mobile
devices is anticipated for release mid- to late-September this year. The
additional devices will include the iPhone and Windows Mobile - Poynt will
initially be released as private beta on these devices.
    Finally, signing of a new agreement with Yellow Pages Group in Canada is
expected in the near term. The new agreement incorporates revenue
opportunities for the Poynt service across multiple delivery channels.

    FINANCIAL HIGHLIGHTS

    Subsequent to June 30, the Company arranged a promissory note of
$300,000, secured by the Company's Scientific Research and Experimental
Development claims for the 2006 taxation year. Principal and interest are due
in full on January 31, 2009 when the Company expects to receive its SR&ED
refunds.
    The Company continues to minimize costs and expects to reduce monthly
expenditures to approximately $300,000. The capital markets have been
challenging during the first half of 2008 and the Company expects the
remainder of the year to be challenging. Efforts are being made to complete an
equity financing to enable the Company to execute on its business plan well
into 2009. The Company is putting considerable efforts into completing the
financing during the month of September.

    
    -------------------------------------------------------------------------
    FINANCIAL SUMMARY, QUARTER ENDED                    June 30,     June 30,
                                                           2008         2007
    -------------------------------------------------------------------------
    Liquidity and Capital Resources
    -------------------------------------------------------------------------
    Current Assets                                  $   899,352  $   197,973
    Current Liabilities                             $   771,120  $   753,607
    Total Assets                                    $ 4,028,461  $ 2,267,657
    -------------------------------------------------------------------------
    Quarterly Results
    -------------------------------------------------------------------------
    Revenues                                        $    21,018  $     6,004
    Salaries & Consulting                           $   717,200  $   464,711
    Total Expenses                                  $ 1,690,897  $ 1,178,421
    Capital Expenditures                            $   325,721  $   142,386
    -------------------------------------------------------------------------
    Shares Outstanding
    -------------------------------------------------------------------------
    Basic                                            69,458,298   45,622,451
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    

    Total revenues for the quarter ended June 30, 2008 were $13,660 along
with interest income of $7,358 compared to $1,680 and $4,324 respectively for
the same period in the prior year. The net loss for the quarter ended June 30,
2008 was $1,669,879, compared to $1,172,417 for the same period of 2007.
    Additional information about Multiplied Media Corporation is available on
SEDAR and on the Company's website at www.multiplied.com.

    About Multiplied Media Corporation
    ----------------------------------
    Multiplied Media Corp. (www.multiplied.com) has developed Poynt
(www.mypoynt.com), the first multimedia local search service available over
Microsoft's Windows Live Messenger and AOL's AIM instant messaging networks.
Through agreements with Yellow Pages Group in Canada and Idearc Media
(Superpages.com) in the United States, Poynt connects consumers with the
facility, retail and consumer goods information that assists decision making
and purchasing. Headquartered in Calgary, AB, Canada, Multiplied Media trades
on the TSX Venture Exchange under the symbol MMC.

    Forward Looking Statements
    --------------------------
    Certain statements in this release, other than statements of historical
fact, may include forward-looking information that involves various risks and
uncertainties. There can be no assurance that such forward-looking statements
will prove to be accurate. Actual result and future events could differ
materially from those anticipated in such statements. These and all subsequent
written and oral forward-looking statements are based on the estimates and
opinions of management on the dates they are made and expressly qualified in
their entirety by this notice. The Company assumes no obligation to update
forward-looking statements should circumstances or management's estimates or
opinions change, other than as required pursuant to applicable securities
laws.

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





For further information:

For further information: Andrew Osis, CFO & Director, Multiplied Media
Corporation, (403) 313-3719, andrew.osis@multiplied.com; MEDIA CONTACT:
Margaret Glover-Campbell, Director, Communications, Multiplied Media
Corporation, (403) 313-3719, margaret.glover-campbell@multiplied.com

Organization Profile

MULTIPLIED MEDIA CORPORATION

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