TORONTO, ON., March 19th, 2007 – Brighter Minds Media, Inc. (“Brighter Minds” or the “Company”) (TSX: BRI.V) today announced its financial results for the fourth quarter and fiscal year ended December 31, 2006.
Increased Revenues:
Total revenue for the fourth quarter of 2006 was US$1,997,563 as compared to US$1,426,547 for the same period in 2005 representing an increase of 40%. For the fiscal year ended December 31, 2006 total revenues were US$5,010,668 as compared to US$4,075,028 for 2005 representing an increase of 23%.
Improved Financial Position:
At December 31st, 2006 the Company had $498,689 in cash and availability on its Line of Credit as compared to $0 in cash and no availability on its Line of Credit on December 31st, 2005. As of March 19, 2007 cash and availability on its Line of Credit had improved to over $1 million.
Strong Operating Performance:
“We have achieved our goal of significantly increasing our distribution for all three of our product lines. In 2006 we made the decision to slow our launch of new products so that we can invest in securing licenses and building product for 2007. In 2007 we anticipate having twice as many software and book titles and intend to launch our first five DVD games. All these products will be highly branded with the likes of Marvel, PBS Kids, Care Bears, Nancy Drew, Jurassic Park, Brain Quest and Cartoon Network” said Sam Ifergan, the Chairman and CEO of the Company. He added that “we believe we have the financial resources and a strong product and distribution platform to enable growth in 2007 and beyond”.
Forward-looking Statements
This document may contain forward-looking statements relating to Brighter Mind’s operations which are based on Brighter Mind’s operations, estimates, forecasts and projections. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict, and/or are beyond Brighter Minds’s control. A number of important factors could cause actual outcomes and results to differ materially from those expressed in these forward-looking statements including the Company’s ability to compete directly against North American and international companies in the market segments in which it operates; seasonal variations in the Company’s revenues; its ability to expand its product lines; its ability to maintain strategic relationships with third-party licensees, licensors and distributors; its dependence on key customers and contracts; and its ability to protect its intellectual property. This list is not exhaustive of the factors that may affect any of the Company’s forward-looking statements. Consequently, readers should not place any undue reliance on such forward-looking statements. Brighter Minds disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
About Brighter Minds Media, Inc.
Brighter Minds Media, Inc. is the parent company of Brighter Minds Media, LLC and is proud to offer a fun and educational line of products including software, DVD games and books.. It’s products are available at major retailers across the United States and Canada. Brighter Minds is publicly traded on the TSX Venture Exchange (TSX: BRI.V) and is a Hargan Ventures (www.harganvc.com) investee company. More information about Brighter Minds can be found at www.brightermindsmedia.com.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
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