Ms. Lori Abittan reports

MULTIMEDIA NOVA RECEIVES CAUTIONARY ADVICE FROM ITS LARGEST CUSTOMER AND PLANS TO TEMPORARILY CEASE PUBLICATION OF CORRIERE CANADESE

Multimedia Nova Corp. has been advised by Italmedia Srl, the company's largest customer, which is based in Italy and represents approximately 39 per cent of the company's revenue base, that an anticipated payment of $3-million from Italmedia to the company has been substantially reduced for reasons that are being assessed. The company has also been advised that the expected timing of the reduced payment is also delayed.

Italmedia has been the recipient, under publishing law 250 (Italy), of an annual grant, since 1994, from the Italian government for the publishing of Corriere Canadese in Canada. Corriere Canadese is one five daily Italian language newspapers in the world, outside of Italy, which receive such grants. Costs associated with publishing Corriere Canadese have been borne by Multimedia, as the service provider in Canada, in anticipation of being paid by Italmedia as is customary each year.

The company, with its external professional advisers, is evaluating the impact of the delayed and reduced payment on the company's future operations. In the interim, the company plans to take immediate steps by temporarily ceasing the publishing of Corriere Canadese. The last edition is scheduled to be released on May 4, 2013. Further announcements will be made as information becomes available.

The company also announces the resignations of Guy Jarvis and Knox Henry as directors.

"We want to thank Guy and Knox for their dedication and service throughout their tenures as directors. Their advice and counsel will be missed," said Lori Abittan, president and chief executive officer of the company.

We seek Safe Harbor.