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PLAINVIEW, NY -- (Marketwire) -- 08/14/12 -- NeuLion, Inc. (TSX: NLN), the leading technology provider for delivering live and on-demand content to any Internet-enabled device, today announced financial results for the three months and six months ended June 30, 2012. Revenue was $8.7 million for the three months ended June 30, 2012. (All amounts are in U.S. dollars.)

For the three months ended June 30, 2012:

• Revenue decreased by $1.3 million, or 13%, as compared to the same period a year ago.
  
  
• Non-GAAP Adjusted EBITDA Loss (as defined below) improved by $0.1 million, or 6%, as compared to the same period a year ago, and Consolidated Net Loss increased by $0.2 million, or 6%, as compared to the same period a year ago.
  
  

For the six months ended June 30, 2012:

• Revenue decreased by $0.8 million, or 4%, as compared to the same period a year ago.
  
  
• Non-GAAP Adjusted EBITDA Loss (as defined below) improved by $0.2 million, or 5%, as compared to the same period a year ago, and Consolidated Net Loss improved by $0.2 million, or 3%, as compared to the same period a year ago.
  
  

"During the second quarter, we de-emphasized certain business initiatives that were not part of our core business, resulting in reduced revenue in the quarter. Consistent with our core business, we are pleased that we have secured new sports-related customers in the United States and Canada. In addition, we are very focused on our expansion into China through our partnership with China Network Television which debuted successfully with streaming coverage in China of over 5,600 hours of Olympic programming," said Nancy Li, Chief Executive Officer of the Company. "Our partnership with China Network Television opens new opportunities to capitalize on the growing marketplace in China and provide content owners worldwide with our leading technology and video platform infrastructure to seamlessly deliver their content to one of the world's largest consumer markets."

Second Quarter Operational Highlights:

TV Everywhere
Multi-device content delivery

• Signed multi-year deal with China Network Television (CNTV), a new media agency of CCTV, to develop and deliver the new premium HD streaming service called CNTV 5+ VIP. CNTV 5+ VIP is China's first sports media platform that integrates the content of the number one Chinese sports TV platform, CCTV5, with exclusive distribution rights for 80% of the new media intellectual property resources that cover the top sporting events.
• Partnered with the Outdoor Channel to launch a new subscription service called My Outdoor TV (MOTV). Subscribers get unlimited access on multiple devices to current and back season television episodes featuring some of the most exciting outdoor enthusiast programming.

Professional Sports
Interactive video experience delivering live and on-demand video

• Unveiled a new online destination for Major League Soccer, called MLS Live, that features an enhanced user interface with easy navigation, scores and game selection as well as higher-quality live and on-demand game delivery with an option to re-watch the action in slow motion.
• Partnered with USTA to deliver live and on-demand coverage of the Davis Cup featuring a full screen HD video player with instantly available highlights and DVR functionality.

College Athletics
Scholastic athletic portal and online destination for fans

• Launched new partnerships with the University of North Carolina at Chapel Hill, the University of Miami and Clemson University to introduce a host of new interactive, digital services including revamped websites, live and on-demand video delivery to multiple devices with select events in HD, increased highlights and game content creation, new social media functionality and more.
• Held first annual NeuLion Collegiate Partner Summit in Orlando, Florida, which featured a welcome reception, advisory board dinner and a full day of collaborative, educational and instructional sessions designed to maximize the partnerships and available technology to increase fan engagement.

Financial Results for the Three Months Ended June 30, 2012:

Revenue was $8.7 million, as compared to $10.0 million for the three months ended June 30, 2011, marking a period-over-period decrease of $1.3 million, or 13%.

Cost of revenue, exclusive of depreciation and amortization, was $3.1 million (36% of revenue), as compared to $4.0 million (40% of revenue) for the three months ended June 30, 2011, marking a period-over-period decrease of $0.9 million (4% of revenue).

Consolidated net loss was $3.5 million, which includes $2.0 million of non-cash and/or non-operating charges, netting a non-GAAP Adjusted EBITDA Loss of $1.5 million, as compared to a consolidated net loss of $3.3 million, which includes $1.7 million of non-cash and/or non-operating charges, netting a non-GAAP Adjusted EBITDA Loss of $1.6 million for the three months ended June 30, 2011, marking a period-over-period improvement in non-GAAP Adjusted EBITDA Loss of $0.1 million, or 6%. Non-cash and/or non-operating charges consist of depreciation and amortization, stock-based compensation, interest income, income taxes and foreign exchange loss.

Financial Results for the Six Months Ended June 30, 2012:

Revenue was $19.1 million, as compared to $19.9 million for the six months ended June 30, 2011, marking a period-over-period decrease of $0.8 million, or 4%.

Cost of revenue, exclusive of depreciation and amortization, was $7.6 million (40% of revenue), as compared to $8.0 million (40% of revenue) for the six months ended June 30, 2011, marking a period-over-period decrease of $0.4 million (no change as a percentage of revenue).

Consolidated net loss was $7.0 million, which includes $3.5 million of non-cash and/or non-operating charges, netting a non-GAAP Adjusted EBITDA Loss of $3.5 million, as compared to a consolidated net loss of $7.2 million, which includes $3.5 million of non-cash and/or non-operating charges, netting a non-GAAP Adjusted EBITDA Loss of $3.7 million for the six months ended June 30, 2011, marking a period-over-period improvement in non-GAAP Adjusted EBITDA Loss of $0.2 million, or 5%.

As of June 30, 2012, we had $5.1 million in cash and cash equivalents.

Use of Non-GAAP Measures

We report non-GAAP Adjusted EBITDA Loss because it is a key measure used by management to evaluate our results and make strategic decisions about our company, including potential acquisitions. Non-GAAP Adjusted EBITDA Loss represents consolidated net loss before interest, income taxes, depreciation and amortization, stock-based compensation, unrealized gain/loss on derivatives, investment income, non-controlling interests, loss on dissolution of majority-owned subsidiary and foreign exchange gain/loss. This measure does not have any standardized meaning prescribed by U.S. generally accepted accounting principles (U.S. GAAP) and therefore is unlikely to be comparable to the calculation of similar measures used by other companies, and should not be viewed as an alternative to measures of financial performance or changes in cash flows calculated in accordance with U.S. GAAP.

The below table reconciles our non-GAAP Adjusted EBITDA Loss to its most directly comparable U.S. GAAP measure, consolidated net loss:

Consolidated Statement of Operations Reconciliation:

                               Three months ended,      Six months ended,
                                    June 30,                June 30,
                                2012        2011        2012        2011
                                      $           $           $           $
                             ----------  ----------  ----------  ----------

Consolidated net loss on a
 GAAP basis                  (3,485,657) (3,323,196) (7,030,020) (7,226,250)

Depreciation and
 amortization                 1,182,217   1,378,592   2,420,818   2,824,011
Stock-based compensation        681,445     334,183     914,869     729,397
Income taxes                     90,000           0     217,000           0
Interest income and foreign
 exchange loss                   14,728      (3,113)     26,362      21,073
                             ----------  ----------  ----------  ----------

Non-GAAP Adjusted EBITDA
 Loss                        (1,517,267) (1,613,534) (3,450,971) (3,651,769)
                             ==========  ==========  ==========  ==========

About NeuLion
Founded in 2000, NeuLion, Inc. (TSX: NLN) offers the true end-to-end solution for delivering live and on-demand content to any Internet-enabled device. NeuLion enables content owners and distributors, cable operators and telecommunications companies to capitalize on consumer demand for viewing video content on PCs, smartphones, iPads and other similar devices. NeuLion's customers include major entertainment, sports, global content and news companies. NeuLion is based in Plainview, NY. For more information about NeuLion, visit www.neulion.com.

Forward-Looking Statements
Forward-looking statements involve significant risk, uncertainties and assumptions. Although the forward-looking statements contained in this release are based upon what management believes to be reasonable assumptions, we cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this release and we assume no obligation to update or revise them to reflect new events or circumstances, except as required by law. Many factors could cause our actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements, including: our ability to develop and execute on our business plan, including further diversifying our customer base; continuing to invest in and expand our sports-related business; our ability to increase revenue; general economic and market segment conditions; our customers' subscriber levels; the financial health of our customers; our ability to pursue and consummate acquisitions in a timely manner; our continued relationships with our customers; our ability to negotiate favorable terms for contract renewals; competitor activity; product capability and acceptance rates; technology changes; regulatory changes; foreign exchange risk; interest rate risk; and credit risk. These factors should be considered carefully and readers should not place undue reliance on the forward-looking statements. A more detailed assessment of the risks that could cause actual results to materially differ from current expectations is contained in Item 1A, "Risk Factors," in our Annual Report on Form 10-K for the fiscal year ended December 31, 2011, which is available on www.sec.gov and filed on www.sedar.com.

                               NEULION, INC.

                        CONSOLIDATED BALANCE SHEETS
            (Expressed in U.S. dollars, unless otherwise noted)

                                                     June 30,  December 31,
                                                         2012          2011
                                                  (unaudited)
                                                            $             $
                                                 ------------  ------------

ASSETS
Current
Cash and cash equivalents                           5,073,838    12,346,882
Accounts receivable, net of allowance for
 doubtful accounts of $78,736 and $64,132,
 respectively                                       2,170,295     3,494,077
Other receivables                                     315,457       309,764
Inventory                                             754,224       797,436
Prepaid expenses and deposits                       1,094,573     1,189,311
Due from related parties                            1,394,874       734,452
                                                 ------------  ------------
Total current assets                               10,803,261    18,871,922
Property, plant and equipment, net                  3,495,080     4,294,476
Intangible assets, net                              5,313,514     6,609,465
Goodwill                                           11,327,626    11,327,626
Other assets                                          169,622       226,266
                                                 ------------  ------------
Total assets                                       31,109,103    41,329,755
                                                 ============  ============

LIABILITIES AND EQUITY
Current
Accounts payable                                    7,881,085     9,597,359
Accrued liabilities                                 4,640,189     5,314,308
Due to related parties                                 10,221        13,298
Deferred revenue                                    4,727,683     6,624,693
                                                 ------------  ------------
Total current liabilities                          17,259,178    21,549,658
Long-term deferred revenue                          1,034,687     1,050,495
Other long-term liabilities                           389,754       432,159
Deferred tax liability                                516,094       299,094
                                                 ------------  ------------
Total liabilities                                  19,199,713    23,331,406
                                                 ------------  ------------

Redeemable preferred stock, net (par value:
 $0.01; authorized: 50,000,000; issued and
 outstanding: 28,089,083)
  Class 3 Preference Shares (par value: $0.01;
   authorized: 17,176,818; issued and
   outstanding: 17,176,818)                        10,000,000    10,000,000
  Class 4 Preference Shares (par value: $0.01;
   authorized: 10,912,265; issued and
   outstanding: 10,912,265)                         4,879,637     4,864,591
                                                 ------------  ------------
Total redeemable preferred stock                   14,879,637    14,864,591
                                                 ------------  ------------

Stockholders' equity
Common stock (par value: $0.01; authorized:
 300,000,000; issued and outstanding:
 141,185,130 and 140,012,310, respectively)         1,411,851     1,400,122
Additional paid-in capital                         78,171,810    77,257,524
Promissory notes receivable                          (209,250)     (209,250)
Accumulated deficit                               (82,344,658)  (75,314,638)
                                                 ------------  ------------
Total (deficit) equity                             (2,970,247)    3,133,758
                                                 ------------  ------------
Total liabilities and equity                       31,109,103    41,329,755
                                                 ============  ============



                               NEULION, INC.

                 CONSOLIDATED STATEMENTS OF OPERATIONS AND
                             COMPREHENSIVE LOSS
                                (unaudited)
            (Expressed in U.S. dollars, unless otherwise noted)

                               Three months               Six months
                                   ended                     ended
                                 June 30,                  June 30,
                         ------------------------  ------------------------
                                2012         2011         2012         2011
                                   $            $            $            $
                         -----------  -----------  -----------  -----------

Revenue
  Services revenue         8,202,133    8,813,595   18,033,487   18,377,525
  Equipment revenue          514,793    1,144,529    1,051,955    1,526,597
                         -----------  -----------  -----------  -----------
                           8,716,926    9,958,124   19,085,442   19,904,122
                         -----------  -----------  -----------  -----------

Costs and expenses
  Cost of services
   revenue, exclusive of
   depreciation and
   amortization shown
   separately below        2,676,978    3,150,377    6,724,521    6,819,188
  Cost of equipment
   revenue                   390,227      826,326      856,919    1,137,888
  Selling, general and
   administrative,
   including stock-based
   compensation            6,082,672    6,344,930   12,509,531   13,256,343
  Research and
   development             1,765,761    1,584,208    3,360,311    3,071,869
  Depreciation and
   amortization            1,182,217    1,378,592    2,420,818    2,824,011
                         -----------  -----------  -----------  -----------
                          12,097,855   13,284,433   25,872,100   27,109,299
                         -----------  -----------  -----------  -----------
Operating loss            (3,380,929)  (3,326,309)  (6,786,658)  (7,205,177)

Other income (expense)
  Loss on foreign
   exchange                  (16,558)      (3,796)     (30,439)     (41,892)
  Investment income            1,830        6,909        4,077       20,819
                         -----------  -----------  -----------  -----------
                             (14,728)       3,113      (26,362)     (21,073)
                         -----------  -----------  -----------  -----------

Net and comprehensive
 loss before income
 taxes                    (3,395,657)  (3,323,196)  (6,813,020)  (7,226,250)
  Income taxes               (90,000)           -     (217,000)           -
                         -----------  -----------  -----------  -----------
Net and comprehensive
 loss                     (3,485,657)  (3,323,196)  (7,030,020)  (7,226,250)
  Net loss attributable
   to non-controlling
   interest                        -       11,731            -       21,485
                         -----------  -----------  -----------  -----------
Net and comprehensive
 loss attributable to
 controlling interest     (3,485,657)  (3,311,465)  (7,030,020)  (7,204,765)
  Adjustment to the
   carrying amount of
   redeemable preferred
   stock                           -      420,889            -      153,233
                         -----------  -----------  -----------  -----------
Net and comprehensive
 loss attributable to
 NeuLion, Inc. common
 stockholders             (3,485,657)  (2,890,576)  (7,030,020)  (7,051,532)
                         ===========  ===========  ===========  ===========


Net loss per weighted
 average number of
 shares outstanding -
 basic and diluted       $     (0.02) $     (0.02) $     (0.05) $     (0.05)
                         ===========  ===========  ===========  ===========

Weighted average number
 of shares outstanding -
 basic and diluted       140,866,631  139,389,376  140,520,157  139,293,692
                         ===========  ===========  ===========  ===========



                               NEULION, INC.

                   CONSOLIDATED STATEMENTS OF CASH FLOWS
                                (unaudited)
            (Expressed in U.S. dollars, unless otherwise noted)

                               Three months               Six months
                                   ended                     ended
                                 June 30,                  June 30,
                         ------------------------  ------------------------
                                2012         2011         2012         2011
                                   $            $            $            $
                         -----------  -----------  -----------  -----------

OPERATING ACTIVITIES

Net loss                  (3,485,657)  (3,323,196)  (7,030,020)  (7,226,250)
Adjustments to reconcile
 net loss to net cash
 used in operating
 activities
  Depreciation and
   amortization            1,182,217    1,378,592    2,420,818    2,824,011
  Stock-based
   compensation              681,445      334,183      914,869      729,397
  Deferred income taxes       90,000            -      217,000            -

Changes in operating
 assets and liabilities
  Accounts receivable        691,310   (1,111,861)   1,323,782   (1,209,429)
  Inventory                  137,704       34,220       43,212     (113,082)
  Prepaid expenses,
   deposits and other
   assets                    (24,653)     210,308      151,382     (116,029)
  Other receivables          (40,002)      17,669       (5,693)     112,034
  Due from related
   parties                  (456,913)   1,053,472     (660,422)     966,157
  Accounts payable        (1,641,215)  (1,105,163)  (1,716,274)  (1,719,345)
  Accrued liabilities     (1,157,255)    (613,148)    (647,927)    (329,882)
  Deferred revenue          (121,742)    (315,061)  (1,830,053)  (1,911,769)
  Long-term liabilities      (22,372)     (18,681)     (42,406)     (21,360)
  Due to related parties      (6,035)        (500)      (3,077)       8,849
                         -----------  -----------  -----------  -----------
Cash used in operating
 activities               (4,173,168)  (3,459,166)  (6,864,809)  (8,006,698)
                         -----------  -----------  -----------  -----------

INVESTING ACTIVITIES
Purchase of property,
 plant and equipment         (86,187)    (188,465)    (408,235)    (487,751)
                         -----------  -----------  -----------  -----------
Cash used in investing
 activities                  (86,187)    (188,465)    (408,235)    (487,751)
                         -----------  -----------  -----------  -----------

FINANCING ACTIVITIES
Private placement, net             -    4,903,906            -    4,903,906
                         -----------  -----------  -----------  -----------
Cash provided by
 financing activities              -    4,903,906            -    4,903,906
                         -----------  -----------  -----------  -----------

Net increase (decrease)
 in cash and cash
 equivalents during the
 period                   (4,259,355)   1,256,275   (7,273,044)  (3,590,543)
Cash and cash
 equivalents, beginning
 of period                 9,333,193    8,082,507   12,346,882   12,929,325
                         -----------  -----------  -----------  -----------
Cash and cash
 equivalents, end of
 period                    5,073,838    9,338,782    5,073,838    9,338,782
                         ===========  ===========  ===========  ===========