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SoMedia Files Financial Results for the Year Ending December 31, 2013

SoMedia Networks Inc. (TSX-V:VID) (“SoMedia,” “the Company”), the pioneer of globally scalable cloud-based video production solutions, today announced it has filed financial results for the year ended December 31, 2013.

HIGHLIGHTS

  • The Company completed an IPO on the TSX Venture Exchange
  • Added 3,351 new reseller partners during the year of which 588 integrated video marketing materials within their business
  • Recorded video orders from 331 separate reseller partners over the year, a 151% increase over the number of total active reseller partners in 2012
  • Officially launched SoMedia Enterprise Platform designed specifically for larger clients
  • During the fourth quarter appointed Ben Pickering as President and COO
  • Officially launched integrated Video Players, Campaign Management and Analytics Platforms
  • During the fourth quarter reduced headcount by approximately 30%

“2013 was the most pivotal year in our development to date” stated George Fleming, SoMedia’s Chief Executive Officer. “We completed an IPO giving us access to new sources of capital, signed over 3,000 reseller partners - with growth in new partner signups of over 400%, launched SoMedia Enterprise allowing us to focus on large corporate partners, developed and launched state of the art video players, campaign management and analytics platforms, and hired a new President and COO who possesses the experience necessary to not only oversee our continued progress on current initiatives, but also drive SoMedia’s future operational growth.

 

FINANCIAL PERFORMANCE

   
    2013   2012
Fourth quarter   Full year Fourth quarter   Full year
Revenues $ 77,579 $ 215,723 $ 46,278 113,373
Employment expenses 820,787 3,082,868 497,926 2,142,833
Other operating expenses 386,044 2,196,593 437,349 861,429
Non-operating expenses 73,589 1,726,321 465,561 1,133,219
Comprehensive loss for the period (1,026,896 ) (6,783,395 ) $ (1,354,557 ) $ (4,024,108 )
Loss per share (basic and diluted) (0.05 ) (0.36 ) $ (0.13 ) $ (0.37 )
 
                 
          As at December 31, 2013           As at December 31, 2012
Total assets $ 658,460 $ 563,596
Long-term financial liabilities $ 0 $ 2,635,721
 
 

KEY PERFORMANCE INDICATORS

       
      2013     2012
      Fourth quarter     Full Year     Fourth quarter     Full Year
Sales orders received     $ 117,366     $ 432,172     $ 76,665     $ 230,588
Total Partner Signups       216       3,351       327       668
New Activations in Period       80       300       26       96
Total Activated Resellers       511       511       132       132
Resellers Active in Period       112       331       33       132
 

The measures described in this table are not intended to be measures that should be regarded as an alternative to other financial operating performance measures prepared in accordance with IFRS. Those measures do not have a standardized meaning prescribed by IFRS and may not be comparable to similar measures presented by other companies. They are provided to assist investors in determining the Company’s ability to generate profitability from its operations and to evaluate its financial performance. For further descriptions of these terms, please refer to either the Company’s Management’s Discussion and Analysis for the period or to the ‘Definition of Key Performance Indicators’ section at the conclusion of this document.

DEFINITIONS OF KEY PERFORMANCE INDICATORS

Reseller Signups: Denotes a reseller that has accepted the terms and conditions of the reseller relationship through an online digital acceptance form. The reseller agreement includes terms related to payment, scope of offerings, confidentiality, dispute resolution and corporate conduct.

New Activations: A reseller is considered active upon the completion of their initial video purchase.

Resellers Active: A reseller is considered active during a period if that reseller has purchased at least one video during that period.

Partner integration: The process of training and equipping a reseller to enable them to effectively market videos. The act of integration is considered completed when the partner updates their website to include video production as a service they offer to their clients.

ABOUT SOMEDIA NETWORKS

SoMedia Networks is a pioneer of integrated video content production, marketing and analytics solutions. Our scalable cloud-based video content production platforms provide resale, white-label, and on demand video production services to thousands of web marketers, digital agencies, corporate brands and media companies across North America.

Our technology first approach allows us to provide a range of ground breaking video production and marketing services and products that break down the traditional barriers of cost, volume and reach; making it easy for partners to deliver online video solutions to their clients simply and affordably, anywhere, at scale.

For more information visit: www.somedia.net

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

This news release includes forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements. This news release does not constitute an offer to sell or a solicitation of an offer to sell any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

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