TORONTO, ON., May 29th, 2007 – Brighter Minds Media, Inc. (“Brighter Minds” or the “Company”) (TSX: BRI.V) today announced its financial results for the first quarter of 2007.
Increased Revenues, Gross Profit and Margins:
Total revenue for the first quarter was US$1,092,660 as compared to US$883,660 for the same period in 2006 representing an increase of 24%. Gross Profit was $505,704 as compared to $357,101 for the same period in 2006, representing an increase of 42%. Gross Margins for the period were 46% of sales up from 40% in Q1 2006. Net loss for the period was $332,321 compared to a net loss of $341,653 for the comparable period in 2006.
New Director:
Brighter Minds is pleased to announce that Gregory Bestick has joined the board of directors. Mr. Bestick has had a distinguished career in the software industry. His previous roles included CEO of Broderbund (a leading productivity software company) and Creative Wonders (a leading children’s Edutainment software company). Mr. Bestick was also the President of The Learning Company, helping build it to over $1 Billion in sales prior to it’s sale to a leading toy company.
Sam Ifergan, the Chairman and CEO, commented on the Q1 results: “We are pleased with our Q1 results and are off to a fast start in Q2 and see our growth accelerating. We eagerly anticipate the Q3 launch of our new DVD Games which include Marvel Heroes and Nancy Drew which are brands with summer movies including Spider Man 3, Fantastic Four 2 and the Nancy Drew Movie. We are also very excited to add Greg to our board as he has had experience in building children’s software companies from $5 Million to $1 Billion. He will provide additional strong guidance to the Company.”
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. 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
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, online games, 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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