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Multimedia Nova Announces an Update With Respect to Its 2011 AGM and Its Stock Option Plan

(February 09, 2012)

TORONTO, ONTARIO -- (Marketwire) -- 02/09/12 -- Multimedia Nova Corporation (TSX VENTURE:MNC.A) ("Multimedia") announces an update with respect to its 2011 annual general shareholders' meeting (the "AGM") and a correction with respect to the number of shares issuable under its stock option plan (the "Plan").

Multimedia held its 2011 AGM on Friday, September 30, 2011 at its head office located at 105 Wingold Avenue, Toronto, Ontario M6B 1P8 at 3:00 o'clock in the afternoon (Toronto time). The purposes of the meeting were to table the financial statements of Multimedia for the year ended March 31, 2011 and the auditor's report thereon, to re-appoint auditors for the ensuing year and to elect directors for the ensuing year. Multimedia's auditors, Soberman LLP, Chartered Accountants, were re-appointed at the AGM. Lori Abittan, C. Patrick Gossage, Doreen Iannuzzi and Guy Jarvis were re-elected as directors and Knox M. Henry was elected as a new director. No other business came before the AGM. Meeting materials for the AGM were sent to all registered and beneficial shareholders as at August 29, 2011, directors and the auditors on September 2, 2011, all in accordance with Multimedia's by-laws and its governing corporate statute, and were filed on SEDAR on January 26, 2012.

The Plan provides for the grant of incentive options to purchase Participating Class A Subordinate voting shares ("Class A Shares") to directors, officers, employees and consultants of Multimedia. There are currently no issued and outstanding options to purchase Class A shares under the Plan. Multimedia last received TSX Venture Exchange ("TSXV") approval of the Plan and the grant of stock options to purchase up to 678,905 Class A Shares on October 8, 2008. Since such date, Multimedia has not requested the TSXV to approve an increase in the number of options which may be granted under the Plan. Multimedia received shareholder approval for an increase in options to purchase up to 1,089,226 Class A Shares at its annual and special meeting held on September 25, 2009. The financial statements of Multimedia for the fiscal year ended March 31, 2011 and its interim financial statements for the fiscal periods ending June 30, 2011 and September 30, 2011 state that Multimedia is authorized to grant options to purchase up to 1,089,226 Class A Shares pursuant to the Plan. In the absence of regulatory approval, the increase in stock options is not authorized. At this time, Multimedia has decided not to seek regulatory approval for the increase because there is no need for the increase. The disclosure in the notes to the financial statements respecting the number of Class A shares reserved for issuance under the Plan will be corrected in the forthcoming interim financial statements for the fiscal quarter ended December 31, 2011.

Multimedia Nova Corporation is an integrated communications enterprise based in Toronto, Ontario.

The TSXV has neither approved nor disapproved of the contents of this press release and it does not accept responsibility for the adequacy or accuracy of the contents hereof.

Multimedia Nova Corporation
Ms. Lori Abittan
President and Chief Executive Officer
(416) 785-4300
(416) 785-4303 (FAX)

Multimedia Nova Corporation
Mr. Joe Mastrogiacomo
Chief Financial Officer
(416) 785-4300
(416) 785-4303 (FAX)

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