Hummingbird acquires additional shares in IPlayco Corporation Ltd.

TORONTO, Feb. 12 /CNW/ - Hummingbird Management LLC ("Hummingbird") announced today that The Hummingbird Value Fund L.P. ("HVF"), a fund advised by it, has acquired an additional 67,000 Shares of IPlayco Corporation Ltd. (the "Company") on February 10, 2010. Together with Shares previously acquired, HVF currently holds 186,750 Shares of the Company. Based on 10,220,187 Shares outstanding, the Shares held by HVF represent approximately 1.83% of the issued and outstanding shares of IPlayco. The Shares were acquired through the TSX Venture Exchange.

In addition, the current holdings of other funds advised by Hummingbird (together with HVF, the "Funds"), in the Shares of IPlayco, are as follows:

The Tarsier Nanocap Value Fund, L.P. ("Tarsier") - 1,399,250 Shares, representing 13.69% of the issued and outstanding shares of IPlayco.

Lynx Onshore Partners L.P. ("Lynx LP") - 55,988 Shares, representing 0.55% of the issued and outstanding shares of IPlayco.

Lynx Offshore Partners Ltd. ("Lynx Ltd.") - 92,012 Shares, representing 0.90% of the issued and outstanding shares of IPlayco.

Hummingbird acts as an investment manager for Tarsier, HVF, Lynx LP and Lynx Ltd. and has been granted investment discretion over portfolio investments, including Shares, held by these funds, which discretion includes the power to direct the voting and disposition of those investments.

Paul D. Sonkin is the Managing Member of (a) Hummingbird Capital, LLC, the general partner of Tarsier, HVF, Lynx LP and Lynx Ltd. and (b) Hummingbird Management, LLC, the investment manager to Tarsier, HVF, Lynx LP and Lynx Ltd. Accordingly, each of Paul D. Sonkin, Hummingbird Capital LLC, and Hummingbird Management, LLC may be deemed to beneficially own for certain purposes the securities owned by Tarsier, HVF, Lynx LP and Lynx Ltd., reported herein, which collectively total 16.31%.

The Funds have acquired the Shares for investment purposes, and may acquire further Shares, or dispose of its holdings of Shares, both as investment conditions warrant. Hummingbird or any of the Funds may seek to influence decisions of management and the directors of the Company including, without limitation, by seeking representation whether by membership or through observer status on the board of directors or otherwise. Hummingbird or any of the Funds may also determine to approach the Company and ask it to explore strategic alternatives with a view to the enhancement of shareholder value. At the present time, neither Hummingbird any of the Funds intends to acquire control of the business of the Company or to acquire 20% or more of any class of outstanding voting or equity securities of the Company.

The Company is listed on the TSX Venture Exchange under the symbol "IPC".

Hummingbird, headquartered in New York, advises a family of funds focusing on value investments in microcap and nanocap issuers.


For further information: For further information: Paul D. Sonkin, The Hummingbird Value Funds, 460 Park Avenue - 12th Floor, New York, New York 10022, tel: (212) 750-7117,

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