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Pixman Announces Delay in the Filing of Financial Statements

^{Published on 2009-10-27 17:22:44 - Market Wire}
 

MONTREAL, QUEBEC--(Marketwire - Oct. 27, 2009) - Pixman Nomadic Media Inc. (TSX VENTURE:PMN) ("Pixman" or the "Corporation") announces that the filing of its annual audited financial statements and MD&A for the year ended June 30, 2009 will be delayed beyond the limit of October 28, 2009.

The late filing is caused by a delay in the preparation of an external report which is required in order to complete Pixman's annual financial statements. More precisely, Pixman must obtain an external report from an independent third party providing an opinion on the distribution and/or allocation of the purchase price of Pixnet Inc., information pertaining to assets purchased by the Corporation from Pixnet Inc., as well as the period and method of depreciation of those assets. The time required for the preparation of this external report is longer than initially anticipated by the Corporation. We remind you that, on December 30, 2008, Pixman acquired Pixnet Inc. and that the transaction was ratified by Pixman's disinterested shareholders.

Pixman has taken steps with an independent third party in order to obtain the required external report as soon as possible. Pixman anticipates that the annual audited financial statements and MD&A for the year ended June 30, 2009 will be filed on or before December 4, 2009, soon after it obtains the aforementioned report.

Pixman intends to satisfy the provisions of the alternative information guidelines so long as it remains in default of filing its annual audited financial statements and MD&A for the year ended June 30, 2009.

Pixman also mentions that the restructuring process which was previously announced October 7, 2009 is following through.

Forward-Looking Statements

This press release contains forward-looking statements. Words such as "can," "have," "should," "anticipate," "believe," "project," "estimate," "plan," "continue" or similar expressions are intended to identify forward-looking statements. These statements are about future and uncertain events and are based on current expectations and assumptions of the management based on currently available information to the management. Pixman cautions the reader that these assumptions regarding future events, many of which are beyond the control of management, may ultimately prove to be incorrect. Factors that could cause actual results to differ materially from those contemplated in forward looking statements include risks associated with economic conditions, risks associated with Pixman's business environment, and operational risk. These forward-looking statements are made as of the date hereof and Pixman disclaims any intention or undertaking to update or revise any forward-looking statements, even as a result of future events or otherwise, except as required by applicable law.

Neither TSX Venture Exchange nor its Regulatory 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.