IN Innovium Media Properties Corp.

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

Innovium had a 2010 third quarter net loss of $814,000 compared to a third quarter net loss of $1,179,000 in 2009 (a loss of $1,243,000 for the first nine months of 2010 compared to a loss of $1,887,000 for the same period in 2009). For the three months ended September 30, 2010, the Company recorded a negative operating cash flow, after changes in non-cash working capital items, of $95,000 compared to a negative operating cash flow of $145,000 for the third quarter of 2009 (negative operating cash flow of $568,000 for the first nine months of 2010 compared to a negative cash flow of $800,000 for the first nine months of 2009).

In the third quarter of 2010, the Company recorded an unrealized foreign exchange loss of $500,000 (unrealized foreign exchange loss of $1,139,000 for the third quarter of 2009) on its investment in Seed. For the first nine months of 2010, the Company recorded an unrealized foreign exchange loss of $298,000 (unrealized foreign exchange loss of $1,741,000 for the same period in 2009) on its investment in Seed.

Compared to the third quarter of 2009, the Company experienced a 28% decrease in general and administrative costs in the third quarter of 2010 (an 18% decrease for the first nine months of 2010 compared to the same period in 2009).

In the third quarter of 2010, Innovium advanced an additional US$70,665 to Seed Media Group LLC as part of a bridge facility. Subsequent to the quarter end, an additional US$35,000 was advanced as part of this bridge.

In the third quarter of 2010, Innovium received advances totaling $160,000 in the form of 3-year term loans bearing interest at 12% per annum. The Company has the option of repaying these loans in full, without penalty, after six months from the date of the advances.

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® (seedmagazine.com) and ScienceBlogs® (scienceblogs.com). Innovium trades under the symbol IN on the TSX Venture Exchange ("TSX - V") and IH7 on the Frankfurt Stock Exchange ("FWB").

               Table of Highlights of the Financial Statements

                                  Three months ended    Nine months ended
                                     September 30          September 30
                                 -------------------------------------------
(Expressed in thousands of
 Canadian dollars, except per
 share amounts)                      2010       2009        2010       2009
                                  --------- ---------- ----------- ---------

Unrealized losses on investments $   (500) $  (1,139) $     (207) $  (1,741)
Interest and dividend income           --        303           2        907


General and administrative
 expenses                             219        303         789        966
Interest expense                       89         39         233         77
Depreciation and amortization           6          7          17         21
Foreign exchange gain                  --         (6)         (1)       (11)

Net loss                         $   (814) $  (1,179) $   (1,243) $  (1,887)

Net loss per share               $  (0.01) $   (0.01) $    (0.01) $   (0.02)

Cash used in operating
 activities (after net change in
 working capital balances)       $    (97) $    (145) $     (570) $    (800)



                                                               As At
                                                       ---------------------
(Expressed in thousands of                             Sept. 30,    Dec.31,
 Canadian dollars)                                        2010       2009
                                                       ----------- ---------

Cash and cash equivalents                             $       --  $      10
Accounts receivable and other
 assets                                                       20         40
Short-term investments                                        59         58

Total current assets                                          79        108

Venture investments                                       14,514     14,328
Capital assets, net                                          104        121

Total assets                                          $   14,697  $  14,557

Bank indebtedness                                     $       31  $      --
Accounts payable and accrued
 liabilities                                                 308        108
Term loans                                                 2,981      1,829
Future tax liability                                         103        103

Total liabilities                                     $    3,423  $   2,040

Shareholders' equity                                  $   11,274  $  12,517

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

For additional information contact: innovium@innovium.ca.

Neither The TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

Contacts: Innovium Media Properties Corp. Neil Raymond Chairman and CEO (514) 281-0481 ceo@innovium.ca Innovium Media Properties Corp. James Macintosh President and COO (416) 862-7444 coo@innovium.ca Innovium Media Properties Corp. Julio DiGirolamo CFO and Corporate Secretary (416) 862-7444 cfo@innovium.ca