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Headline Media changes name to Score Media
2/22/2005

 
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TORONTO - Headline Media Group Inc. (HMG) today held its annual and special meeting of shareholders at the TSX Gallery, in Toronto, Ontario, and received shareholder approval to change the name of the corporation from Headline Media Group Inc. to Score Media Inc.
The company also announced that it has filed to change its trading symbol on the Toronto Stock Exchange from "HMG.sv" to "SCR.sv."

"Over the past 24 months, the corporation has significantly restructured its operations and is now predominantly focused on sports media properties through its main asset -- The Score Television Network," said John Levy, Chairman and chief executive officer of Score Media. "This new name better reflects the Corporation's business focus, and captures the substantial brand equity of the Corporation's main operating asset."

"2004 was another remarkable year for Score Media, and its principal asset, The Score Television Network, continuing the steady growth that we demonstrated in 2003," added Mr. Levy. "Sports broadcasting continues to lead the expanding multi-channel universe as the prime genre of choice, by delivering viewers live sports, and real time sports news, information and highlights."

Score Media also released forward-looking guidance for Fiscal 2005. A copy of Management's presentation is available at www.scoremedia.ca.

"As is our tradition at each Annual Meeting, we report on our progress against objectives set in the prior year. We continued to increase revenue and profitability; we implemented several initiatives including the restructuring and sale of two business units; and we continued to streamline our corporate expenses. We are pleased to report that we delivered on each of those goals," said Patrick Michaud, Executive Vice President and Chief Financial Officer.

Michaud added: "During the past year, we improved consolidated EBITDA by $2.4 million. In addition, The Score's revenues increased, largely due to the implementation of the first stages of a 40% increase in The Score's basic monthly wholesale rate. We anticipate the full benefit of that rate increase will be realized in 2005. Our financial position improved again for the third year in a row, and last year's earnings momentum is continuing into 2005."

"Moving forward, Score Media is well positioned to take advantage of new growth opportunities," added Levy. "We will continue building on the successes of this past year, and look forward to a very exciting 2005 and beyond."



 
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