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Montreal, Canada
April 12, 2005
Mamma.com Inc. (the "Company") (NASDAQ: MAMA)
announced today that a previously disclosed informal investigation being
conducted by the Securities and Exchange Commission (SEC) has recently been
converted to a formal investigation. The Company believes that as part of
its investigation, the SEC may consider matters related to trading in the
Company's securities and whether an individual and persons acting jointly or
in concert with him may have had a significant influence on the Company in
the past as a result of undisclosed shareholdings. These questions regarding
significant influence are also being investigated under the supervision of a
Special Independent Committee of the Company's Audit Committee. The Company
also believes that the Commission staff may consider matters relating to the
Company's financial reporting and internal controls. The scope, focus and
subject matter of the inquiries by the SEC and the Company may change from
time to time and the Company may be unaware of matters under consideration
by the SEC.
About Mamma.com Inc.
Mamma Media Solutions™ is focused on providing quality information
retrieval on the Internet through its metasearch engine and is a leading
provider of integrated marketing solutions to online advertisers. For more
information, visit www.mammamediasolutions.com.
Statements contained in this press release, which
are not historical facts, are forward-looking statements as that term is
defined in the Private Securities Litigation Reform Act of 1995. Such
forward-looking statements are subject to risks and uncertainties that can
cause actual results to differ materially from estimated results. Such
risks and uncertainties are detailed in the Company's filing with the
Securities and Exchange Commission and also include but are not limited to,
when 2004 financial statements will be issued and filed, whether prior year
audit reports will be withdrawn and whether the investigation being carried
out under the Audit Committee's supervision will be completed. The Company
expressly disclaims any intent or obligation to update any description of
the scope, focus or subject matter of the inquiries described above or any
other statements in this press release.
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