IN Innovium Media Properties Corp.

Innovium Media Properties Corp.'s ("Innovium" or the "Company") (TSX
VENTURE:IN)(FRANKFURT:IH7) first quarter 2010 results are discussed below.


Innovium had a 2010 first quarter net loss of $717,000 compared to net earnings
of $379,000 in the first quarter of 2009. For the three months ended March 31,
2010, the Company recorded a negative operating cash flow, after changes in
non-cash working capital items, of $215,000 compared to a negative operating
cash flow of $277,000 for the first three months of 2009. 


Effective January 1, 2010 Management ceased accruing interest and dividends from
its investment in Seed Media Group LLC ("Seed") for financial statement
purposes. However, these amounts continue to accrue economically (i.e. these
amounts are still owed to Innovium by Seed) to the Company. As a result, while
$341,000 of accrued dividends were earned by the Company, in the first quarter
of 2010 Innovium recorded interest of only $2,000 compared to $302,000 of
accrued dividends and interest recorded in the first quarter of 2009.


As Innovium's investment in Seed is denominated in US dollars, in the first
quarter of 2010 the Company recorded an unrealized foreign exchange loss of
$482,000 (unrealized foreign exchange gain of $436,000 for the first three
months of 2009) on its investment. Innovium also recorded an unrealized gain of
$91,000 upon the conversion of its accrued interest balance into Seed Series C
Preferred equity.


Compared to the first quarter of 2009, the Company experienced a 22% decrease in
general and administrative costs in 2010 as consultants had been engaged for the
purpose of accessing capital in 2009 as well as the irregularity of quarter
versus quarter expenses.


In the first quarter of 2010, Innovium advanced US$137,500 to Seed as a Series C
Preferred advance. These advances accrue interest at 12% per annum and, upon the
second closing of the Series C Preferred financing, will accrue dividends at 12%
per annum.


Table of Highlights of the Financial Statements



                                                    Three months ended      
                                              ------------------------------
(Expressed in thousands of Canadian dollars,                                
 except per share amounts)                    Mar. 31, 2010   Mar. 31, 2009 
                                              --------------- --------------
                                                                            
Unrealized gains (losses) on investments     $         (391) $          436 
Interest and dividend income                              2             302 
                                                                            
General and administrative expenses                     273             352 
Interest expense                                         65               8 
Depreciation and amortization                             6               7 
Foreign exchange gain                                   (16)             (8)
                                                                            
Earnings (loss) before income taxes                    (717)            379 
                                                                            
Income taxes                                              -               - 
                                                                            
Net earnings (loss)                          $         (717) $          379 
                                                                            
Net earnings (loss) per share                $        (0.01) $         0.00 
                                                                            
Cash used in operating activities (after net                                
 change in non-cash working capital                                         
 balances)                                   $         (215) $         (277)
                                                                            
                                                                            
                                                          As at             
                                              ------------------------------
(Expressed in thousands of Canadian dollars)  Mar. 31, 2010   Dec. 31, 2009 
                                              --------------- --------------
                                                                            
Cash and cash equivalents                    $           34  $           10 
Accounts receivable and other assets                     21              40 
Short-term investments                                   59              58 
                                                                            
Venture investments                                  14,061          14,328 
Capital assets, net                                     115             121 
                                                                            
Total assets                                 $       14,290  $       14,557 
                                                                            
Accounts payable and accrued liabilities     $          131  $          108 
Term loans                                            2,256           1,829 
Future tax liability                                    103             103 
                                                                            
Total liabilities                            $        2,490  $        2,040 
                                                                            
Shareholders' equity                         $       11,800  $       12,517 



Full financial results are available on SEDAR at www.sedar.com. 

About Innovium Media Properties Corp. 

Innovium's venture investment portfolio is devoted to Seed Media Group LLC, a
private media and technology company focused on the professional and consumer
science markets. Seed's award winning brands include Seed(R)
(www.seedmagazine.com) and ScienceBlogs(R) (www.scienceblogs.com). Innovium
trades under the symbol IN on the TSX Venture Exchange ("TSX - V") and IH7 on
the Frankfurt Stock Exchange ("FWB").


We seek safe harbour.

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