Bassett Media Group Corp (TSX-V: BMG) Announces Default on Filing of Annual Filings

  Bassett Media Group Corp. (the "Company")(TSX VENTURE: BMG) wishes to announce that in accordance with NI 51-102 Continuous Disclosure Obligations it will not be filing its Annual audited financial statements, annual management discussion and analysis or the Certificates of Disclosure of Annual Financial Statements of both the CEO and CFO on the due date of May 31, 2010.

This default by the Company is due solely to its current financial position and its ability to find an audit firm to perform the annual audit.

The Company is currently in negotiation with a new audit firm who will undertake to perform the annual audit for the Company and is now filing the necessary auditor change forms to be posted on SEDAR as soon as they are available. The Company anticipates being able to fulfill its obligation to file its annual financial statements by July 15, 2010.

The Company intends to satisfy the provisions of the alternative information guidelines - Default Status Reports so long as it remains in default of filing its annual financial statements.

"Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."

Contacts: Bassett Media Group Corp. Matthew Bassett President and CEO 416-214-5997 [e-mail]