Mr. Chris Giordano reports

MIMEDIA APPOINTS LONG-TIME SENIOR TELECOM EXECUTIVE AND INDUSTRY LEADER, STEVE ANDREWS, AS BOARD DIRECTOR

Mimedia Holdings Inc. has appointed Stephen Andrews as a board director of the company, effective immediately.

Mr. Andrews is a highly experienced and respected international telecom, media and technology executive, board director, adviser and investor from the United Kingdom.

Mr. Andrews spent 25-plus years of his executive career at the largest telecom carrier in the U.K., British Telecom (BT PLC), serving in numerous commercial and technology roles, including president of global carrier business and networks, director of European businesses, managing director of group mobility and managing director of retail products and services. In addition to being charged with expanding BT's growth and business reach domestically and internationally, Mr. Andrews also helped manage BT's strategy, legal and regulatory teams.

In the past 10 years, Mr. Andrews has been a board chairman or non-executive director for various telecom, data centre and technology businesses, including experience with the TSX Venture Exchange. Mr. Andrews has also held chairman and board advisory roles for a number of the world's significant telco industry consortiums and organizations, where he collaborated with numerous global telcos and technology companies.

Mr. Andrews previously served as the former chairman of the Fixed Mobile Convergence Alliance (FMCA) as well as the Telco Futures Forum. He is currently a board adviser at the Wireless Broadband Alliance (WBA), a consortium of over 150 corporate and operator members globally, including major fixed and mobile operators, tech giants and software/hardware vendors that collectively serve over two billion subscribers globally.

Chris Giordano, chief executive officer of Mimedia, noted: "Steve has been an excellent investor and adviser to Mimedia over the years. We are now thrilled to call him Board director. Steve brings to Mimedia deep, wide-ranging and greatly respected experience in the telco industry globally."

Mr. Andrews added: "I have been a long-time investor in Mimedia and enjoyed watching and supporting the company's strategy formation, platform development and business progress. I believe this team has built something special with their consumer cloud platform that can greatly benefit and delight telco subscribers, while driving important strategic, competitive and financial benefits to the telco's business model."

Additional company matters

Grant of additional stock options and restricted share units: The board has also approved the grant of options to purchase up to 6.3 million subordinate voting shares of the company to certain directors and officers of the company, in accordance with its omnibus equity incentive compensation plan. Six million of the options will vest quarterly over a period of three years from the date of grant (with full acceleration upon a sale of the company) and will expire five years from the date of grant. Three hundred thousand of the options will vest quarterly over a period of one year from the date of grant (with full acceleration upon a sale of the company) and will expire five years from the date of grant. Each option is exercisable to acquire one subordinate voting share of the company at a price of 20 cents per subordinate voting share.

The board has also approved the grant of restricted share units to acquire up to 875,000 subordinate voting shares of the company to certain directors, officers and consultants of the company in accordance with its omnibus equity incentive compensation plan. The RSUs will vest quarterly over one year commencing on the first anniversary of the grant date (with full acceleration upon a sale of the company).

About Mimedia Holdings Inc.

Mimedia provides a next-generation consumer cloud platform that enables all types of personal media to be secured in the cloud, accessed seamlessly at any time, across all devices and on all operating systems. The company's platform differentiates with its rich media experience, robust organization tools, private sharing capabilities and features that drive content re-engagement. Mimedia partners with smart phone makers and telecom carriers globally, and provides its partners with recurring revenue streams, improved customer retention and market differentiation. The platform services engaged users all around the world.

We seek Safe Harbor.