Mood Media appoints Gary Shenk and David Richards as new independent Directors

– CANADA, ON – Mood Media Corporation (TSX: MM) (LSE AIM: MM) today announced that the Board of Directors has appointed Gary Shenk and David V. Richards as new independent directors, effective today.

Messrs. Shenk and Richards succeed Lorne Abony and Justin Beckett, who will step down from the Board and have served as directors since 2005 and 2004, respectively.

Mr. Shenk is a seasoned digital media and communications business executive with significant experience in licensing, operations, sales and marketing. He currently serves as the Chief Executive Officer of Corbis Corporation, a leading digital content and worldwide entertainment and licensing company founded and owned by Bill Gates. Mr. Shenk joined Corbis in 2003 to found the Company’s Rights Services unit, responsible for business development, which became the preeminent leader in this market under his direction. Prior to Corbis, Mr. Shenk founded FlixMix, a wholly owned subsidiary of Universal Pictures, which was instrumental in establishing new licensing formats and brokering transactions between studios. Mr. Richards brings extensive accounting and financial expertise to the Board. He currently serves as the President and Managing Director of Network Capital Management Inc., a private investment management company that invests primarily in energy related companies and special situations. Mr. Richards founded the company in 1997.

Mr. Richards is a chartered public accountant and prior to founding Network Capital Management served as a partner at both PriceWaterhouseCoopers and Arthur Andersen and Co.

“On behalf of the Board of Directors, I would like to welcome Gary and David to Mood Media,” said Philippe von Stauffenberg, Chairman of the Board. “I am excited that two insightful business executives of this caliber are joining our Board. As a prominent leader in the licensing and digital media markets, Gary will play an integral role in helping Mood continue to build upon its leadership position in the interactive customer solutions space. We look forward to his contributions as our CEO Steve Richards and the rest of the management team execute our strategy to grow and broaden sound, sight, scent, systems and experiential solutions for Mood’s current and prospective clients. We also look forward to benefiting from David’s in-depth accounting experience and strong analytical background. The Board is excited to work with our strengthened senior management team to help guide Mood into its next phase of growth and innovation.”

Mr. von Stauffenberg added, “I would also like to take this opportunity to thank Lorne and Justin for their years of service to Mood at both the Board and senior leadership levels. Prior to Steve Richards’ appointment, Lorne led Mood Media as its CEO and was key in driving an energetic acquisition strategy, which has positioned the Company as the undisputed world leader in our industry. Justin’s role in founding Fluid Music Inc. and developing solutions that are now owned by the Company has helped provide Mood with its strong portfolio of assets that are our core business and backbone today. We thank both Lorne and Justin for their achievements during their tenures and we wish them all the best in their future endeavors.”

About Gary Shenk

Gary Richard Shenk (43) is the Chief Executive Officer of Corbis Corporation, a leading digital content and worldwide entertainment and licensing company founded and owned by Bill Gates. In this position, he is responsible for leading business strategy to accelerate Corbis’ place as an innovative digital media company and leading creative resource for advertising, entertainment, marketing, and media professionals worldwide. Before being appointed CEO, Mr. Shenk served as both President and Senior Vice President of Corbis, where he oversaw integrated market-facing functions including Sales, Marketing, Image Licensing, and Rights Services and spearheaded a transformation of the image licensing business from an editorial focus to an end-to-end offering with world-class historical, editorial, entertainment, and creative photography. He joined Corbis in 2003 when he founded and led the company’s Rights Services unit, responsible for executing a series of acquisitions and business development strategies.

Prior to joining Corbis, Mr. Shenk founded FlixMix, a wholly-owned subsidiary of Universal Pictures that was one of the industry’s leading media licensing agencies. He successfully entered the media and entertainment industries by leveraging his significant knowledge, which he gained as a Project Leader in The Boston Consulting Group’s media and entertainment practice. Mr. Shenk holds a Bachelor’s degree from Harvard College and a Masters of Business Administration from the University of Pennsylvania’s Wharton School of Business. 

About David V. Richards

David Vernon Richards (59) is the President and Managing Director of Network Capital Management, Inc. a private investment management company investing primarily in energy related companies and special situations that he founded in 1997. Before Network Capital, Mr. Richards served as a senior tax partner in the Calgary division of Arthur Anderson & Co. from 1993 to 1995. In this role, he advised clients on various complex accounting issues, including mergers, acquisitions and financial due diligence. Prior to joining this firm, Mr. Richards was the Partner-in-Charge of PriceWaterhouseCoopers’ (PWC) Calgary taxation operations from 1990 to 1993 and was admitted to PWC’s partnership in 1986. As a fellow of the Institute of Chartered Accountants, Mr. Richards has extensive accounting expertise, and a great understanding of mergers, acquisitions, purchase investigations, restructurings and financial engineering. 

About Mood Media Corporation

Mood Media Corporation (TSX:MM/ LSE AIM:MM), is one of the world’s largest designers of in-store consumer experiences, including audio, visual, interactive, scent, voice and advertising solutions. Mood Media’s solutions reach over 150 million consumers each day through more than half a million subscriber locations in over 40 countries throughout North America, Europe, Asia and Australia. Mood Media Corporation’s client base includes more than 850 U.S. and international brands in diverse market sectors that include: retail, from fashion to financial services; hospitality, from hotels to health spas; and food retail, including restaurants, bars, quick-serve and fast casual dining. Our marketing platforms include 77% of the top 100 retailers in the United States and 100% of the top 50 quick-serve and fast-casual restaurant companies.

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