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TORONTO, ONTARIO -- (Marketwired) -- 05/12/14 -- EQ Inc. (TSX: EQ) ("EQ Works") a leader in audience targeting for mobile, social, video and display advertising today announced its financial results for the first quarter-ended March 31, 2014. Total revenue from operations for the quarter was $2.0 million, an increase of 23% from the $1.6 million recorded in the first quarter of 2013. The adjusted EBITDA loss for the quarter was approximately $711,000, a 25% improvement as compared to a loss of $942,000 in the first quarter of 2013.

Highlights for the First Quarter ended March 31, 2014

--  Mobile and video partnerships created to form exclusive audience
    segments
--  13 new agency partners were added in the quarter
--  Redefined cross-device targeting in Canada using custom digital personas
--  Launched several new rich media ad units across all devices
--  Implemented an exclusive video offering that guarantees brand-
    appropriate content and messaging to further enhance Hercules™, the
    Company's safe-advertising platform

"This past quarter we demonstrated continued growth while delivering innovative products that our clients need to be successful." said Geoffrey Rotstein, President and CEO. "Industry attention has now shifted to quality, which remains one of our greatest strengths. Our focus on quality has enabled us to create extremely effective audience segments that perform better, and deliver insights that help our advertisers understand more about their audience at the end of every campaign." added Rotstein. "By combining the most advanced mobile and video audience segmentation with rich media applications for our clients, we are able to offer even more innovative solutions than before."

Non-IFRS Financial Measures

We measure the success of our strategies and performance based on Adjusted EBITDA, which is outlined and reconciled with net income (loss) in the section entitled "Reconciliation of Net Loss for the period to Adjusted EBITDA" in the MD&A. The Company defines Adjusted EBITDA as net income (loss) from operations before; (a) depreciation of property and equipment and amortization of domain properties and other intangible assets; (b) share-based payments, (c) restructuring, (d) impairment of goodwill and domain properties and other intangible assets, (e) Income tax expense and recovery, and (f) finance income and costs, net. Management uses Adjusted EBITDA as a measure of the Company's operating performance because it provides information related to the Company's ability to provide operating cash flows for working capital requirements, capital expenditures and potential acquisitions. The Company also believes that analysts and investors use Adjusted EBITDA as a supplemental measure to evaluate the overall operating performance of companies in its industry.

The non-IFRS financial measure is used in addition to and in conjunction with results presented in the Company's consolidated financial statements prepared in accordance with IFRS and should not be relied upon to the exclusion of IFRS financial measures. Management strongly encourages investors to review the Company's consolidated financial statements in their entirety and to not rely on any single financial measure. Because non-IFRS financial measures are not standardized, it may not be possible to compare these financial measures with other companies' non-IFRS financial measures having the same or similar names. In addition, the Company expects to continue to incur expenses similar to the non-IFRS adjustments described above, and exclusion of these items from the Company's non-IFRS measures should not be construed as an inference that these costs are unusual, infrequent or non-recurring.

The table below reconciles net loss from operations and Adjusted EBITDA for the periods presented:

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              Adjusted EBITDA for three months ended March 31,
(In thousands of Canadian dollars)                      2014           2013

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Net loss                                              (1,159)        (1,358)
Add:

Deferred Income tax recovery                               -            (65)
Finance cost, net                                        103            102
Depreciation of property and equipment                    60             75
Amortization of domain properties and other
 intangibles                                             274            283
Share-based payments                                      11             21

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Adjusted EBITDA                                         (711)          (942)
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About EQ Works

EQ Works (www.eqworks.com) provides a smarter way to target customers. The Company uses its real-time technology and advanced analytics to detect the actionable data that boosts performance for all web, mobile, social and video initiatives. EQ Works balances the many components that comprise the complex advertising ecosystem and establishes equilibrium for reaching the right audience at the right time through any web or mobile device.

Forward-Looking Statements

This news release may contain forward-looking statements that are based on management's current expectations and are subject to known and unknown uncertainties and risks, which could cause actual results to differ materially from those contemplated or implied by such forward-looking statements. EQ Inc. is under no obligation to update any forward-looking statements contained herein should material facts change due to new information, future events or otherwise.

EQ Inc.
Unaudited Condensed Consolidated Interim Statements of Financial Position
(In thousands of Canadian dollars)

                                          March 31, 2014   December 31, 2013
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Assets

Current assets:
Cash and cash equivalents               $          2,285 $             2,797
Accounts receivable                                1,417               2,231
Other current assets                                 295                 222
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                                                   3,997               5,250

Non-current assets:
Investment                                            50                  50
Property and equipment                               234                 281
Domain properties and other intangible
 assets                                            1,399               1,610
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                                                   1,683               1,941
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Total assets                            $          5,680 $             7,191
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Liabilities and Shareholders' Equity

Current liabilities:
Accounts payable and accrued
 liabilities                            $          2,044 $             2,316
Deferred lease inducement                              3                  14
Finance leases                                       103                 122
Deferred revenue                                     406                 602
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                                                   2,556               3,054

Non-current liabilities:
Finance leases                                        42                  64
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                                                      42                  64

Shareholders' Equity                               3,082               4,073
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Total liabilities and Shareholders'
 equity                                 $          5,680 $             7,191
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EQ Inc.
Unaudited Condensed Consolidated Interim Statements of Comprehensive Income
 (Loss)
(In thousands of Canadian dollars, except per share amounts)
Three months ended March 31, 2014 and 2013

                                                        2014           2013
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Revenue                                        $       2,015  $       1,637

Expenses:
  Publishing and advertising costs                     1,054            836
  Employee compensation and benefits                     989          1,036
  Other operating expenses                               694            728
  Depreciation of property and equipment                  60             75
  Amortization of domain properties and other
   intangible assets                                     274            283
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                                                       3,071          2,958
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Loss from operations                                  (1,056)        (1,321)

Finance income                                             6             15
Finance cost                                            (109)          (117)
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Loss before income taxes                              (1,159)        (1,423)

Deferred income tax recovery                               -             65
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Loss for the period                                   (1,159)        (1,358)

Other comprehensive income:
  Foreign currency translation adjustments to
   equity                                                157            181
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Other comprehensive income for the period, net
 of tax                                                  157            181
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Total comprehensive loss for the period               (1,002)        (1,177)
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Loss per share:
  Basic                                                (0.07)         (0.09)
  Diluted                                              (0.07)         (0.09)

EQ Inc.
Unaudited Condensed Consolidated Interim Statements of Cash Flows
(In thousands of Canadian dollars)
Three months ended March 31, 2014 and 2013

                                                        2014           2013
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Cash flows from operating activities:
  Loss for the period                                 (1,159)        (1,358)
  Adjustments to reconcile net loss to net
   cash flows from operating activities:
    Depreciation of property and equipment                60             75
    Amortization of domain properties and
     other intangible assets                             274            283
    Amortization of deferred lease inducement            (10)           (11)
    Share-based payment                                   11             21
    Foreign exchange loss                                103             96
    Finance income, net                                   (2)            (7)
    Deferred income tax recovery                           -            (65)
  Change in non-cash operating working capital           353            408
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  Cash used in operating activities                     (370)          (558)
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  Net cash used in operating activities                 (370)          (558)

Cash flows from financing activities:
  Repayment of finance leases                            (41)           (37)
  Interest paid                                           (4)            (8)
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  Net cash used in financing activities                  (45)           (45)

Cash flows from investing activities:
  Interest income received                                 6             15
  Additions to domain properties and other
   intangible assets                                       -            (51)
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  Net cash from (used in) investing activities             6            (36)

Foreign exchange loss on cash held in foreign
 currency                                               (103)           (96)
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Decrease in cash and cash equivalents                   (512)          (735)

Cash and cash equivalents, beginning of period         2,797          5,419
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Cash and cash equivalents, for the period      $       2,285  $       4,684
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