Innovium Announces Third Quarter Results

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(R) (seedmagazine.com)
and ScienceBlogs(R) (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: [e-mail].