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TORONTO, ONTARIO -- (Marketwired) -- 05/15/13 -- Cyberplex Inc. (TSX: CX) a leader in targeted mobile, social and online advertising, today announced its financial results for the first quarter ended March 31, 2013. The Company reported that first quarter financial results were within the range of guidance provided on May 3, 2013. Total revenue from continuing operations for the quarter was $1.6 million, a decrease from the $3.5 million recorded in the same quarter of 2012, and adjusted EBITDA loss for the quarter was approximately $979,000 as compared to a loss of $802,000 in the same period of 2012.

Highlights for the first Quarter ended March 31, 2013

--  At March 31, the Company had cash on hand of $4.7 million and no debt
--  The Company transitioned away from its legacy technology development
    practice, reallocating resources to completing its core mobile and video
    real-time advertising platforms
--  Social media targeting capabilities were significantly enhanced with the
    launch of social influence targeting, an industry first

"As reported earlier this month, our focus is now in line with our strength and what advertisers are demanding", said Geoffrey Rotstein, President and CEO. "Targeted advertising customer acquisition is where we are competing well in the market today and where we are investing for the future. Although the change in focus has generated lower first quarter results, we are confident that the momentum we now have with agencies and large brands will be reflected in the coming quarters", added Rotstein. "2013 will be a milestone year for our organization, as we firmly establish ourselves as an innovator in the Canadian advertising and media industry."

Non-IFRS Financial Measures

This press release includes a discussion of "Adjusted EBITDA," which is a non-IFRS financial measure. The Company defines Adjusted EBITDA as net loss from operations before; (a) depreciation of property and equipment and amortization of domain properties and other intangibles; (b) share-based payments, (c) restructuring and acquisition costs, (d) impairments of goodwill and intangible assets and other items, 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 acquisitions, capital expenditures and working capital requirements. 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 accordance with 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 continuing operations and Adjusted EBITDA for the periods presented:

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                                                   Three months ended March
(In thousands of Canadian dollars)                     2013            2012
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Net loss from operations                     $       (1,358) $       (1,150)
Add:
Depreciation of property and equipment                   75              85
Amortization of domain properties and other
 intangibles                                            283             276
Share-based payments                                     21             (13)
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Adjusted EBITDA                              $         (979) $         (802)
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About Cyberplex

Cyberplex Inc. (www.cyberplex.com) provides a smarter way to target customers. The Company uses real-time analytics and data-intensive platforms to reach the most relevant mobile, social and online audiences and deliver customers. Cyberplex partners with leading agencies, advertisers and networks across North America who are looking to better understand their customers and to get more value out of advertising and media initiatives.

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. Cyberplex is under no obligation to update any forward-looking statements contained herein should material facts change due to new information, future events or otherwise.

Cyberplex Inc.
Unaudited Interim Condensed Consolidated Statements of Financial Position
(In thousands of Canadian dollars)
March 31, 2013 and December 31, 2012
                                        March 31, 2013     December 31, 2012
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Assets

Current assets:
Cash and cash equivalents            $           4,684  $              5,419
Accounts receivable                              1,451                 2,425
Other current assets                               256                   303
Income taxes recoverable                            40                    40
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                                                 6,431                 8,187

Non-current assets:
Investment                                          50                    50
Property and equipment                             445                   460
Domain properties and other
 intangible assets                               2,665                 2,889
Goodwill                                           364                   357
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                                                 3,524                 3,756
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Total assets                         $           9,955  $             11,943
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Liabilities and Shareholders' Equity

Current liabilities:
Accounts payable and accrued
 liabilities                         $           1,932  $              2,703
Deferred lease inducement                           41                    41
Finance leases                                     159                   155
Deferred revenue                                   603                   549
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                                                 2,735                 3,448

Non-current liabilities:
Finance Leases                                     145                   186
Deferred lease inducement                            3                    14
Deferred tax liabilities                           177                   244
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                                                   325                   444

Shareholders' Equity                             6,895                 8,051

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Total liabilities and Shareholders'
 equity                              $           9,955  $             11,943
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Cyberplex Inc.
Unaudited Interim Condensed Consolidated Statements of Comprehensive Income
 (Loss)
(In thousands of Canadian dollars, except per share amounts)
Three months ended March 31, 2013 and 2012


                                                            2013       2012

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Revenue                                                $   1,637  $   3,532

Expenses:
  Publishing and advertising costs                           836      1,980
  Employee compensation and benefits                       1,036      1,459
  Other operating expenses                                   728        906
  Depreciation of property and equipment                      75         85
  Amortization of domain properties and other
   intangible assets                                         283        276
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                                                           2,958      4,706
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Loss from operations                                      (1,321)    (1,174)

Finance income                                                15          3
Finance cost                                                (117)       (34)
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Loss before income taxes                                  (1,423)    (1,205)

  Deferred income tax recovery                                65         55
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Loss for the period from continuing operations            (1,358)    (1,150)

Discontinued Operation:
Loss for the period from discontinued operation, net
 of tax                                                        -     (2,248)
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Loss for the period                                       (1,358)    (3,398)

Other comprehensive income (loss):
  Foreign currency translation adjustments to equity         181       (101)
  --------------------------------------------------------------------------
  Other comprehensive income (loss) for the period,
   net of tax                                                181       (101)

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Total comprehensive loss for the period                $  (1,177) $  (3,499)
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Loss per share:
  Basic                                                    (0.01) $   (0.03)
  Diluted                                                  (0.01) $   (0.03)

Loss per share from continuing operations:

  Basic                                                    (0.01)     (0.01)
  Diluted                                                  (0.01)     (0.01)

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Cyberplex Inc.
Unaudited Interim Condensed Consolidated Statements of Cash Flows
(In thousands of Canadian dollars)
Three months ended March 31, 2013 and 2012


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                                                            2013       2012
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Cash flows from operating activities:
  Loss for the period                                  $  (1,358) $  (3,398)
  Adjustments to reconcile net loss to net cash flows
   from operating activities:
    Depreciation of property and equipment                    75        301
    Amortization of domain properties and other
     intangible assets                                       283      2,008
    Amortization of deferred lease inducement                (11)       (29)
    Share-based payments                                      21          4
    Foreign exchange loss (gain)                              96         (3)
    Finance cost, net                                        109        526
    Deferred income tax recovery                             (65)       (55)
    Restructuring costs                                        -        221
  Change in non-cash operating working capital               292     (2,814)
  --------------------------------------------------------------------------
  Cash used in operating activities                         (558)    (3,239)
  Income taxes received                                        -         31
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  Net cash used in operating activities                     (558)    (3,208)

Cash flows from financing activities:
  Proceeds from bank operating facility                        -        625
  Repayment of finance lease                                 (37)       (16)
  Interest paid                                               (8)       (72)
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  Net cash from (used in) financing activities               (45)       537

Cash flows from investing activities:
  Interest income received                                    15          3
  Decrease in cash and short-term investments                  -         40
  Additions to property and equipment                        (51)      (165)
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  Net cash used in investing activities                      (36)      (122)

Foreign exchange gain (loss) on cash held in foreign
 currency                                                    (96)         3
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Decrease in cash and cash equivalents                       (735)    (2,790)

Cash and cash equivalents, beginning of period             5,419      4,050

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Cash and cash equivalents, end of period               $   4,684  $   1,260
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