Month-to-date financings in May totalled $106.6 million; led by the $20 million One Net financing. So far, there have been 18 financings in May, with 10 deals greater than $5 million and only five less than $5 million. There have been two financings greater than $10 million (Cyberplex and One Net), with the capital raises by Imeem and EveryZing close behind at $8.8 million and $8.3 million, respectively. The average value thus far in May is $5.9 million, slightly below the average value for April of $6.5 million on 21 financings. The March average was $6.6 million on 24 financings. Except for two deals (Kaixin001.com and Collective Media), all were below $20 million for the last three months and a total of four deals were greater than or equal to $15 million. *One Net’s $20 million financing is largest deal in May: *One Net announced a $20 million financing last week, the largest deal so far in May. Ten of the 18 deals in the month are equal to or greater than $5 million. For additional details, see Figures 23 and 24 (at end of note). Also note that the spin-off of StumbleUpon from E-bay on a $29 million valuation occurred in May. E-bay had bought StumbleUpon for $75 million. *A strong price performance week: *The companies in our universe had relatively strong stock price performances over the past week (for stocks with prices greater than $1) (Figure 6), with 31 companies showing positive returns on the week. OpenWave Systems (NASDQ:OPWV) led the group with a 49.2% return, while DigitalTown (OTCBB:DGTW) had the worst return, dropping 35.0% in the week.

1. SOFTWARE & SERVICES 26 MAY 2009
DAVID SHORE, CFA, MBA 416.860.6784
WEB 2.O WEEKLY david.shore@researchcapital.com
Arun Thomas (Associate) 416.860.7666
AVERAGE VALUATIO NS DRIFT LOWER
A VE R AG E F I NA N CI NG D R OP S B EL O W $ 6 M M DE S P IT E $2 0 M M O N E N ET F IN AN CI NG
Month-to-date financings in May totalled $106.6 million; led by the $20 million One Net financing. So far, there have
been 18 financings in May, with 10 deals greater than $5 million and only five less than $5 million. There have been
two financings greater than $10 million (Cyberplex and One Net), with the capital raises by Imeem and EveryZing
close behind at $8.8 million and $8.3 million, respectively. The average value thus far in May is $5.9 million, slightly
below the average value for April of $6.5 million on 21 financings. The March average was $6.6 million on 24
financings. Except for two deals (Kaixin001.com and Collective Media), all were below $20 million for the last three
months and a total of four deals were greater than or equal to $15 million.
Financing Activity Last Three Months
180.0 7.0
160.0
6.0
140.0
5.0
120.0
4.0
100.0
(US$m)
(US$m)
80.0
3.0
60.0
2.0
40.0
1.0
20.0
0.0 0.0
Mar-09 Apr-09 May-09
Total Average
One Net’s $20 million financing is largest deal in May: One Net announced a $20 million financing last week, the
largest deal so far in May. Ten of the 18 deals in the month are equal to or greater than $5 million. For additional
details, see Figures 23 and 24 (at end of note). Also note that the spin-off of StumbleUpon from E-bay on a $29
million valuation occurred in May. E-bay had bought StumbleUpon for $75 million.
A strong price performance week: The companies in our universe had relatively strong stock price performances
over the past week (for stocks with prices greater than $1) (Figure 6), with 31 companies showing positive returns on
the week. OpenW ave Systems (NASDQ:OPW V) led the group with a 49.2% return, while DigitalTown (OTCBB:DGTW )
had the worst return, dropping 35.0% in the week.
This report has been created b y Anal ysts that are emplo yed b y Research Capital Corporation, a Canadian Investment Dealer.
For further disclosures, please see last page of this report.
w w w . r e s e a rc h c a p i t a l . c o m
T o ro n t o 4 1 6 . 8 6 0 . 7 6 0 0 Montreal 514.399.1500 Vancouver 604.662.1800 Calgary 403.265.7400 Regina 306.566.7550

2. Page 2
THE WEB 2.0 UNIVERSE
Ninety-three public Web 2.0 companies = $50 billion market cap: Our W eb 2.0 universe contains 93 companies, with a
combined market cap of approximately $49.4 billion (Figure 1). The average market cap for the group is ~$530 million (but
a median of only $53 million), with average trailing revenue of $152 million (median $54 million). The companies are also
generally profitable, with a median EBITDA margin of 17%. On a valuation basis, the overall average is 5.4x trailing
revenue (median 1.8x) and 9.3x trailing EBITDA (median 8.6x). Fourteen of the companies have more than 500
employees.
C omparable C ompany Analys is > Web 2.0
Trading C urrent US D Market US D L TM Total US D L TM Total E B ITDA TE V/L TM TE V/L TM
C ompany Name L TM as of Tic ker E xchange C urrency HQ Pric e C ap ($m) R ev ($m) E B ITDA ($m) % R evenue E B ITDA E mployees
Accelerize New Media, Inc. 3/31/2009 AC LZ OT C BB US D U nited S tates 0.52 14.4 4.1 (4. 4) NM 4. 7x - 11
Actoz S oft C o., L td. 12/31/2008 A052790 K OS E KRW S outh K orea 21, 750 149.0 74.9 14.9 20.0% 1. 6x 8. 1x NA
AQ Interactive, Inc. 12/31/2008 3838 TS E JPY J a pa n 67, 000.00 38.4 63.5 5. 1 8. 0% 0. 1x 1. 6x NA
As s ocia ted Media Holdings Inc. 6/30/2007 AS MH OT C P K US D U nited S tates 0 0.1 0.1 (2. 3) NM 8. 1x - 3
B igs tring C orp. 12/31/2008 BS GC OT C BB US D U nited S tates 0.02 1.2 0.1 (2. 1) NM 31.7x - 4
B etawa ve C orpora tion 3/31/2009 B W AV OT C BB US D U nited S tates 0 2.6 8.4 (12.6) NM - - 53
B eyond C ommerce, Inc. 3/31/2009 B YOC OT C BB US D U nited S tates 1.15 51.0 7.1 (9. 5) NM 7. 8x - 43
B right T hings plc 9/30/2008 AIM:B G T AIM GBP U nited K ingdom 0 4.7 0.3 (1. 8) NM 17.6x - 9
B roadW ebAs ia Inc. 9/30/2008 BWBA OT C P K US D U nited S tates 0.30 25.3 0.0 (4. 6) NM - - 46
C DC C orp. 3/31/2009 C HIN.A Nas da qG S US D Hong K ong 1 151.7 389.9 30.8 7. 9% 0. 4x 5. 4x NA
C ha ngyou.com L imited 3/31/2009 C YOU Nas da qG S US D C hina 29.01 1,595. 6 222.5 135.1 60.7% 6. 3x 10.4x 628
C hina G ateway C orporation 9/30/2008 CGWY OT C P K US D U nited S tates 0 0.0 6.7 (6. 6) -98. 9% 0. 0x - 37
C hines e G a mer Interna tional 3/31/2009 G T S M:3083 GTS M TWD T aiwan 378.00 974.9 56.6 31.7 56.0% 16.0x 28.6x NA
C ornerW orld C orpora tion 1/31/2009 CWR L OT C BB US D U nited S tates 0 5.8 1.3 NM NM 5. 5x - NA
C yberplex Inc. 3/31/2009 T S X :C X TS X C AD C ana da 1.74 82.9 72.5 7. 5 10.3% 1. 1x 10.5x NA
DADA S pA 9/30/2008 C M:DA CM E UR Italy 6 134.5 237.4 37.9 16.0% 0. 8x 4. 9x NA
DX N Holdings B hd 2/28/2009 DX N K LS E MY R Malays ia 0.41 26.8 79.3 10.9 13.7% 0. 5x 3. 9x NA
Dibz International, Inc. NA DIB Z OT C P K US D U nited S tates 0 0.0 NA NM NM - - NA
Digita lP os t Interactive, Inc. 12/31/2008 DG LP OT C BB US D U nited S tates 0.02 1.4 0.5 (3. 2) NM 5. 6x - 7
Digita lT own, Inc. 2/28/2009 DG T W OT C BB US D U nited S tates 1 35.2 NM (3. 0) NM - - 3
Dolphin Digital Media, Inc. 3/31/2009 DP DM OT C BB US D U nited S tates 0.68 35.1 0.8 (3. 7) NM 46.8x - NA
E olith C o. Ltd. 12/31/2008 A041060 K OS E KRW S outh K orea 840 48.6 14.8 (3. 5) -23. 6% 3. 4x - NA
E xtens ions , Inc. 12/31/2008 E XT I OT C P K US D U nited S tates 0.15 14.2 NM NM NM - - 2
F ina ncial Media G roup, Inc. 2/28/2009 F NG P OT C BB US D U nited S tates 0 0.3 7.2 2. 4 34.1% - - 22
F luid Mus ic C anada, Inc. 12/31/2008 T S X :F MN TS X C AD U nited S tates 0.75 35.0 4.6 (9. 3) NM 5. 3x - NA
F rogs ter Interactive P ictures AG 6/30/2008 FRG XT R A E UR G erma ny 8 26.2 5.6 (3. 4) -60. 6% 4. 6x - NA
G amania Digita l E ntertainment C o., L td. 3/31/2009 6180 GTS M TWD T aiwan 52.80 245.8 127.1 21.1 16.6% 1. 8x 10.5x NA
G ameO n C o Ltd. 12/31/2008 3812 TS E JPY J a pa n 96, 700 98.5 78.6 20.3 25.9% 0. 5x 2. 0x NA
G eoS entric O yj 12/31/2008 G E O 1V HLS E E UR F inla nd 0.05 62.7 6.1 (13.8) NM 8. 9x - 94
G ia nt Intera ctive G roup, Inc. 12/31/2008 GA NY S E US D C hina 8 1,866. 8 233.6 144.6 61.9% - - NA
G igaMedia Ltd. 12/31/2008 G IG M Nas da qG S US D T aiwan 5.95 321.5 190.4 46.0 24.2% 1. 3x 5. 3x NA
G ravity C o., Ltd 9/30/2008 GR VY Nas da qG M US D S outh K orea 1 32.8 39.3 7. 5 19.2% - - 636
G ree, Inc. 6/30/2008 T S E :3632 TS E JPY J a pa n 5, 300.00 1,247. 3 31.0 11.1 36.0% 37.6x - NA
G ungHo Online E ntertainment, Inc. 12/31/2008 3765 OS E JPY J a pa n 155, 000 187.1 118.5 21.1 17.8% 1. 4x 7. 8x NA
HanbitS oft, Inc. 12/31/2008 A047080 K OS E KRW S outh K orea 5, 520.00 97.1 55.8 (15.7) -28. 2% 1. 4x - NA
IAC /InterActiveC orp. 3/31/2009 IAC I Nas da qG S US D U nited S tates 15 2,334. 7 1,406.4 42.6 3. 0% 0. 3x 10.5x 3, 200
IAS E nergy, Inc. 1/31/2009 IAS C . A OT C BB US D C ana da 0.26 18.2 0.0 (0. 8) NM - - NA
is eemedia Inc. 12/31/2008 IE E T S XV C AD C ana da 0 4.1 1.3 (5. 3) NM 1. 8x - NA
J umbuck E nterta inment P ty Ltd. 12/31/2008 AS X :J MB AS X AU D Aus tralia 0.41 15.9 14.0 5. 2 37.2% 0. 8x 2. 1x 72
J umpT V Inc. 12/31/2008 T S X :J T V TS X C AD C ana da 1 80.9 13.4 (8. 4) -62. 6% 4. 7x - 237
K a boos e Inc. 3/31/2009 T S X :K AB TS X C AD C ana da 0.61 75.9 73.2 8. 7 11.9% 1. 1x 9. 3x NA
K ings oft C o. L td. 12/31/2008 3888 S E HK HK D C hina 6 783.0 120.3 46.6 38.7% 6. 2x 15.9x 2, 271
L ingo Media C orporation 12/31/2008 T S X V :LM T S XV C AD C ana da 1.05 12.0 0.9 (1. 5) NM 11.6x - NA
L iveW orld Inc. 12/31/2008 LV W D OT C P K US D U nited S tates 0 2.2 11.8 (0. 5) -4.3% 0. 1x - NA
L ook S mart, Ltd. 3/31/2009 L OO K Nas da qG M US D U nited S tates 1.28 21.9 60.7 (3. 8) -6.3% - - 90
Ma gnitude Information S ys tems Inc. 12/31/2008 MAG Y OT C BB US D U nited S tates 0 4.6 0.1 (3. 0) NM - - 14
Mixi, Inc. 3/31/2009 2121 TS E JPY J a pa n 470, 000.00 761.4 127.0 45.0 35.4% 5. 1x 14.3x NA
Modern T imes G roup Mtg AB 3/31/2009 MT G B OM SEK S weden 221 1,938. 6 1,796.0 275.1 15.3% 1. 4x 9. 1x 2, 969
Moggle, Inc 3/31/2009 MMO G OT C BB US D U nited S tates 2.30 83.5 NM NM NM - - 3
MO K O .mobi L imited 12/31/2008 MK B AS X AU D Aus tralia 0 4.1 1.1 (2. 3) NM 2. 6x - NA
Myriad G roup AG 12/31/2008 MY R N SWX C HF S witzerla nd 6.00 118.0 40.0 0. 8 1. 9% 3. 3x - 405
NE O W IZ G a mes C orporation 12/31/2008 A095660 K OS E KRW S outh K orea 77, 500 598.5 198.7 53.3 26.8% 3. 0x 11.0x NA
NetDragon W ebS oft, Inc. 3/31/2009 777 S E HK HK D C hina 5.45 371.6 87.1 34.4 39.5% 2. 7x 6. 8x 2, 426
Netea s e. com Inc. 3/31/2009 NT E S Nas da qG S US D C hina 33 4,030. 0 471.1 306.2 65.0% - - NA
NeX plore C orpora tion 9/30/2007 NX P C OT C P K US D U nited S tates 0.70 39.0 NM (4. 9) NM - - 19
Ngi G roup Inc. 12/31/2008 2497 TS E JPY J a pa n 34, 000 44.3 103.6 31.9 30.8% - - NA
Northgate T echnologies Limited 12/31/2008 590057 BSE INR India 37.00 27.3 142.5 25.1 17.6% 0. 2x 1. 1x 286
O pen T ext C orp. 3/31/2009 OT E X Nas da qG S US D C ana da 32 1,657. 6 782.6 199.2 25.5% 2. 2x 8. 7x 3, 400
O penwa ve S ys tems Inc. 3/31/2009 OP W V Nas da qG S US D U nited S tates 1.79 149.1 197.2 (2. 1) -1.0% 0. 2x - 630
P erfect W orld C o., Ltd. 3/31/2009 PWRD Nas da qG S US D C hina 19 1,020. 3 228.4 124.7 54.6% - - NA
P hotoC hannel Networks Inc. 3/31/2009 T S X V :P N T S XV C AD C ana da 1.71 52.0 19.3 0. 5 2. 3% 2. 6x - NA
Q uepa s a C orp. 3/31/2009 QP S A Nas da qC M US D U nited S tates 1 12.2 0.1 (10.8) NM - - 74
O AO R B C Information S ys tems 12/31/2007 R BCI R TS US D R us s ia 1.25 173.4 152.8 20.0 13.1% 0. 0x 0. 3x NA
S handa Intera ctive E ntertainment Ltd. 12/31/2008 S NDA Nas da qG S US D C hina 55 3,811. 2 522.8 240.2 46.0% 0. 3x 0. 6x NA
S hutterfly, Inc. 3/31/2009 S FLY Nas da qG S US D U nited S tates 14.29 359.7 215.2 28.3 13.2% 1. 4x 10.4x 514
S K C ommunications C o. , Ltd. 12/31/2008 A066270 K OS E KRW S outh K orea 10, 200 336.5 184.7 12.0 6. 5% 1. 8x 28.0x NA
S NAP Interactive, Inc. 3/31/2009 S TVI OT C BB US D U nited S tates 0.75 8.1 3.3 0. 9 28.0% 2. 0x 7. 2x 11
S NM G lobal Holdings 9/30/2008 S NMN OT C P K US D U nited S tates 0 0.0 2.0 (0. 7) -34. 8% 1. 1x - 33
S ocia l Media V enures , Inc. 12/31/2008 S MV I OT C P K US D U nited S tates 0.01 0.0 0.1 (0. 1) -60. 5% 0. 0x - NA
S ocia lwis e, Inc. 3/31/2009 S C LW OT C BB US D U nited S tates 1 32.1 0.0 (4. 8) NM - - NA
S ohu. com Inc. 3/31/2009 S O HU Nas da qG S US D C hina 54.24 2,075. 4 460.0 200.5 43.6% 3. 7x 8. 5x 3, 197
S ites earch C orporation 1/31/2009 S TPC OT C BB US D U nited S tates 3 28.2 NM (1. 1) NM - - 15
S park Networks , Inc. 3/31/2009 L OV AME X US D U nited S tates 2.25 46.3 54.3 11.8 21.7% 0. 9x 4. 0x 183
S pectrumDNA, Inc. 3/31/2009 S P XA OT C BB US D U nited S tates 0 19.5 0.1 (2. 6) NM - - 7
T encent Holdings Ltd. 3/31/2009 700 S E HK HK D C hina 78.25 18,192.6 1,205.0 577.4 47.9% 16.4x 34.1x 6, 194
T he P a rent C ompany 8/2/2008 K IDS . Q OT C P K US D U nited S tates 0 0.2 112.0 (13.5) -12. 0% 0. 2x - 347
T he9 Limited 12/31/2008 NC T Y Nas da qG S US D C hina 8.97 240.6 250.2 84.3 33.7% - - NA
T heS treet. com, Inc. 3/31/2009 TS CM Nas da qG M US D U nited S tates 2 58.2 67.0 1. 9 2. 9% - - 310
T otal S port O nline AS 3/31/2006 T OS O O T C NO NO K Norwa y 0.03 0.1 2.1 (1. 1) -50. 6% 4. 6x - 16
T ree.C om, Inc. 3/31/2009 TR E E Nas da qG M US D U nited S tates 12 131.7 215.6 (13.3) -6.2% 0. 6x - 700
U nis erve C ommunica tions C orp. 2/28/2009 T S X V :U S S T S XV C AD C ana da 0.05 1.1 23.2 0. 1 0. 2% 0. 2x - NA
U nited O nline Inc. 3/31/2009 U NT D Nas da qG S US D U nited S tates 7 548.3 811.2 177.3 21.9% 1. 0x 4. 7x 1, 469
U O MO Media, Inc 1/31/2009 U O MO OT C BB US D C ana da 0.33 28.3 0.6 (0. 5) -78. 2% 45.0x - NA
V a lueC lick Inc. 3/31/2009 V C LK Nas da qG S US D U nited S tates 10 872.3 591.7 105.5 17.8% 1. 3x 7. 3x 1, 189
V O IS , Inc. 12/31/2008 V O IS OT C BB US D U nited S tates 0.90 7.5 0.0 (1. 3) NM - - 4
W ebzen Inc. 3/31/2009 W ZE N Nas da qG M US D S outh K orea 5 53.8 23.1 (0. 4) -1.9% - - 314
W izza rd S oftwa re C orporation 12/31/2008 W ZE AME X US D U nited S tates 0.57 27.2 6.1 (6. 0) -98. 2% 4. 5x - 110
W orlds .com Inc. 12/31/2008 W DDD OT C BB US D U nited S tates 0 7.9 0.1 (0. 7) NM - - 1
W ynds torm C orpora tion NA W Y ND OT C BB US D U nited S tates 0.51 9.2 NA NM NM - - NA
X ING AG 3/31/2009 O 1B C XT R A E UR G erma ny 33 240.4 53.0 16.5 31.2% 3. 6x 11.4x 239
Y eda ngOnline C orp. 12/31/2007 A052770 K OS E KRW S outh K orea 10, 800.00 136.0 55.0 12.3 22.4% 2. 5x 11.0x NA
Y nk K orea Inc. 12/31/2007 A023770 K OS E KRW S outh K orea 7, 910 15.6 15.6 (1. 2) -7.6% 1. 0x - NA
ZipL ocal Inc. 12/31/2008 T S X V :ZIP T S XV C AD C ana da 0.01 0.7 2.9 (3. 1) NM 0. 7x - NA
High 18,192.6 1,796. 0 577.4 65.0% 46.8x 34.1x 6,194
L ow 0.0 0.0 -15.7 -98. 9% 0. 0x 0. 3x 1
Average 530.5 151.9 34.6 8.7% 5.4x 9.3x 664
Media n 52.9 54.3 0.9 17.1% 1. 8x 8. 6x 238
Figure 1. Web 2.0 Universe Summary
Source. Capital IQ

3. Page 3
C A P I T A L M A R K E T S A C T I V I T Y (M & A A N D F I N A N C I N G )
Financing activity in May lags: Month-to-date financings in May totalled $106.6 million, led by the $20 million One Net
financing. So far, there have been 18 financings in May, with 10 deals greater than $5 million and only five less than $5
million. There have been two financings greater than $10 million (Cyberplex and One Net), with the capital raises by
Imeem and EveryZing close behind at $8.8 million and $8.3 million, respectively. The average value thus far in May is $5.9
million, slightly below the average value for April of $6.5 million on 21 financings. The March average was $6.6 million on
24 financings. Except for two deals (Kaixin001.com and Collective Media), all were below $20 million for the last three
months and a total of four deals were greater than or equal to $15 million.
Financing Activity Last Three Months
180.0 7.0
160.0
6.0
140.0
5.0
120.0
4.0
100.0
(US$m)
(US$m)
80.0
3.0
60.0
2.0
40.0
1.0
20.0
0.0 0.0
Mar-09 Apr-09 May-09
Total Average
Figure 2. Financings, Last Three Months
Source. Company reports
One Net’s $20 million financing is largest deal in May: One Net announced a $20 million financing last week, the largest
deal so far in May. Ten of the 18 deals in the month are equal to or greater than $5 million. For additional details, see
Figures 23 and 24 (at end of note). Also note that the spin-off of StumbleUpon from E-bay on a $29 million valuation
occurred in May. E-bay had bought StumbleUpon for $75 million.

4. Page 4
Financing & M/A Summary - Last Three Months
35.0
30.0
25.0
20.0
May-09
(US$m)
Apr-09
Mar-09
15.0
10.0
5.0
0.0
Pixazza
Cyberplex
Socialtext
Mixercast
OLX
Collective
GOOM Radio
Vidyo
Marin Software
Miva
EveryZing
I Love
Greystripe
Viximo
IMShopping
AnySource
Tribal Nova
VoxPop
Myngle
Mo'Minis
Kaixin001.com
Buzznet
SendMe Inc.
DoubleTwist
Tynt
OMGPOP
TubeMogul
The Rubicon
LendingClub
Auditude
Cellufun
Glam Media
Visible
Batanga
DocuSign
Apture
SoundCloud
Tripbase
Hunch
Resonate
AdultSpace
Jodange
Foodista
Azuki Systems
Medialets
Bit.ly
Brandtology
Loop'd Network
Three Melons
One Net
Conductor Inc.
SuperSecret
ScanScout
BlogHer Inc.
Gist
Fuhu Inc.
Socialcast
Scan & Target
GoViral
StumbleUpon
TimeBridge
Sports
33Across
Simulmedia
Imeem
FreeWheel
Figure 3. Capital Market Activity, Last Three Months
Source. Company reports
Ad Network remains the most active sector: Activity over the last three months was busiest in the Ad Network sector,
with 10 companies raising over $78.7 million (Figure 4). The Media sector has the next highest totals, with eight
companies raising $63.4 million. The following sectors continue to generate the most capital activity over the last few
months: Ad Network, Media, Gaming, Video, and Social Networks.

5. Page 5
Capital Market Activity by Sector - Last Three Months
90.0
80.0
70.0
60.0
50.0
(US$m)
40.0 78.7
63.4
30.0
50.6 49.5 49.3
20.0
30.2
10.0 18.3
14.4 12.0 12.0 10.4 8.9 7.5 7.0 6.8 5.9 5.5 5.0 4.7 4.1 3.1 2.0 2.0 2.0 1.3 1.3
0.0 0.6
Comment/Reputation
Social Commerce
Gaming
Visual Commerce
Travel
Wiki
Media
Mobile
Enterprise
Collaboration
Publishing
Microblog
Online Learning
Widget
Search
Lending
Infrastructure
Blog
Mobile Ad
Social Networks
SAS
Video
Virtual World
Aggregation
Crowdsourced
Ad Network
Analytics
Content
# companies
10 8 9 5 7 2 2 3 1 1 2 2 2 1 1 1 1 1 1 1 1 1 1 1 1 1 1
Figure 4. Capital Market Activity, by Sector, Last Three Months
Source. Company reports
C A P I T A L M A R K E T S A C T I V I T Y (P R I C E P E R F O R M A N C E )
Web 2.0 index outpaces NASDAQ recovery: Our W eb 2.0 index (market-cap weighted) essentially mirrored the
performance of the NASDAQ composite index from mid-2008 until recently. However, the index has recently had a much
stronger recovery relative to the NASDAQ index (Figure 5).

6. Page 6
Web 2.0 Index Price Performance
120
100
80
60
40
20
0
5/27/2008
6/10/2008
6/24/2008
7/8/2008
7/22/2008
8/5/2008
8/19/2008
9/2/2008
9/16/2008
9/30/2008
10/14/2008
10/28/2008
11/11/2008
11/25/2008
12/9/2008
12/23/2008
1/6/2009
1/20/2009
2/3/2009
2/17/2009
3/3/2009
3/17/2009
3/31/2009
4/14/2009
4/28/2009
5/12/2009
^COMP - Share Pricing Index: Web 2.0 X (Market Cap)
Figure 5. Web 2.0 Price Performance
Source. Capital IQ
A strong price performance week: The companies in our universe had relatively strong stock price performances over
the past week (for stocks with prices greater than $1) (Figure 6), with 31 companies showing positive returns on the week.
OpenW ave Systems (NASDQ:OPW V) led the group with a 49.2% return, while DigitalTown (OTCBB:DGTW ) had the worst
return, dropping 35.0% in the week.

7. Page 7
1 Week P rice P erformance
Openw ave S y s tems Inc. 49.2%
Webz en Inc. 45.8%
A ctoz S of t Co., Ltd. 45.0%
Chines e Gamer International 39.7%
Gamania Digital Entertainment Co., 34.4%
A Q Interactiv e, Inc. 27.6%
G ravity Co., Ltd 20.4%
NEOWIZ Games Corporation 20.2%
K ings of t Co. Ltd. 18.1%
S handa Interactive Entertainment Ltd. 13.3%
CDC Corp. 11.7%
Ngi G roup Inc. 11.7%
Mix i, Inc. 11.4%
My riad Group A G 9.1%
S K Communications Co., Ltd. 8.5%
Neteas e.com Inc. 7.6%
Perfect World Co., Ltd. 7.3%
XING A G 5.9%
G ameOn Co Ltd. 5.3%
S hutterf ly , Inc. 3.9%
Tree.Com, Inc. 3.7%
IA C/InterA ctiveCorp. 3.5%
Y edangOnline Corp. 3.3%
S ohu.com Inc. 3.2%
Y nk K orea Inc. 2.7%
TheS treet.com, Inc. 2.7%
HanbitS of t, Inc. 2.4%
Open Tex t Corp. 1.2%
PhotoChannel Netw orks Inc. 0.6%
Giant Interactive G roup, Inc. 0.2%
G igaMedia Ltd. 0.2%
V alueClick Inc. -0.5%
Cy berplex Inc. -0.6%
United Online Inc. -0.9%
LookS mart, Ltd. -1.5%
Changy ou.com Limited -2.3%
Tencent Holdings Ltd. -2.8%
The9 Limited -3.1%
DA DA S pA -3.3%
G ree, Inc. -3.5%
NetDragon WebS of t, Inc. -4.4%
Modern Times G roup Mtg A B -4.5%
Frogs ter Interactiv e Pictures A G -6.5%
B ey ond Commerce, Inc. -7.3%
Lingo Media Corporation -8.7%
S park Netw orks , Inc. -10.7%
GungHo Online Entertainment, Inc. -10.8%
Eolith Co. Ltd. -16.0%
Northgate Technologies Limited -31.0%
DigitalTow n, Inc. -35.0%
-40.0% -30.0% -20.0% -10.0% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0%
Figure 6. 1-Week Price Performance
Source. Capital IQ

8. Page 8
INDUSTRY NEWS (PARTNERSHIPS, FINANCIAL RESULTS, NEW PRODUCTS)
K ey Developments
C ompany Headline Notes
GigaMedia L td. (Nas daqGS : G IG M) G igaMedia Ltd. Appoints Michael Ding as C hairman G iga Media L td. a nnounced that board member Michael Ding ha s been appointed C ha irma n of the board by the directors . Michael Ding
became a member of the compa ny's boa rd in J uly 2003 and wa s appointed non-E xecutive C hairma n of the company by the boa rd of
directors on Ma y 14, 2009.
VOIS , Inc. (OTC B B : VOIS ) V O IS Inc. Announces E a rnings R es ults for the S econd V OIS Inc. a nnounced ea rnings res ults for the s econd quarter ended March 31, 2009. F or the quarter, the compa ny reported net los s of
Quarter E nded Ma rch 31, 2009 $153, 685. In contra s t, the company pos ted a net los s of $478,680 for the s ame qua rter in the previous yea r.
S NAP Interactive, Inc . (OTC B B : S TVI) S NAP Intera ctive Inc. R eports Una udited C ons olida ted S NAP Intera ctive Inc. reported unaudited cons olidated ea rnings res ults for the firs t qua rter ended March 31, 2009. R evenue for the three
E a rnings R es ults for the F irs t Q ua rter E nded Ma rch 31, months ended Ma rch 31, 2009 wa s $768, 972, a s compa red to $519, 902 for the three months ended March 31, 2008, a 48% increa s e. T hes e
2009 revenues a re primarily generated from advertis ements a nd premium features pla ced on various applica tions . T he yea r-on-yea r increas e in
revenue wa s primarily due to increa s ed a ctivity on a pplica tions as well as the introduction of revenue-generating premium fea tures . T he
company's revenue of $768, 972 for the three months ended March 31, 2009 repres ented a 29% decreas e as compa red to revenue of
$1, 087, 144 for the quarter ending December 31, 2008. T he decrea s e in s equential quarterly revenue was largely due to the declining s ta te of
the a dvertis ing ma rket a nd the as s ociated declining payouts . Net income for the three months ended March 31, 2009 was $66,472 or $0. 01
per diluted s hare a s compa red to net income of $190, 509 or $0. 02 per diluted s hare for the quarter ended Ma rch 31, 2008, a 65% decreas e.
T he decreas e in net income wa s primarily due to the provis ion for income ta xes which were not paid during the s a me period la s t year due to a
XING AG (XTR A: O1B C ) XING La unches F irs t OpenS ocial Applica tions X ING has la unched its firs t O penS ocia l a pplica tions --'XING News ' a nd 'As k XING '--as beta vers ions . T he compa ny is adopting a viral
a pproach here, allowing the s ocia l a pplica tions to dis tribute throughout the network. B eta tes ters ' profiles and information about their
a ctivities in the 'W ha t's new in my network' ticker let other members know tha t they are us ing the a pps and how they a re us ing them--
prompting other members to dis cover the new fea tures a nd ins ta ll them for thems elves . In the firs t five da ys s ince the la unch, the number of
beta tes ters ros e from a round 200 to more than 30, 000, res ulting in a record high in the level of tra ffic on the XING webs ite.
S oc ialwis e, Inc . (OTC B B : S C L W) S ocia lwis e La unches Unique O nline P ayment S ys tem for S ocia lwis e Inc. la unched B illMyP a rents , a n innova tive online youth pa yment s ys tem tha t gives teens the freedom to s hop online and pa rents
T eens a nd P arents the control over thes e purchas es , a ll in a s imple, automated s ys tem tha t keeps credit ca rd numbers a nd other pers ona l informa tion s afe and
s ecure. T he B illMyP a rents payment s ys tem pla tform addres s es this unta pped teen s pending ma rket with a multifa ceted a pproach to online
payment proces s ing for teens a nd tweens , and gives them a n ea s y wa y to purchas e products online without a credit ca rd. Us ing the
B illMyP a rents button at the point of s a le, teens ca n initiate a purcha s e in s econds . P a rents complete the purchas e a t their convenience
through a s imple, eas y to us e a nd automated s ys tem ena bled by ins ta nt ema il a nd text notifications . At la unch, the B illMyP arents pa yment
s ys tem pla tform includes : B illMyP arents S hopping e-commerce s ite: T o give teens immediate acces s to more than a million products ,
B illMyP a rents has la unched a s hopping s ite powered by Ama zon. com through their as s ociate program. T he B illMyP arents S hopping s ite
gives teens and tweens a cces s to the entire inventory a vaila ble online on Ama zon.com, without needing a credit card to make purchas es . T ee
P erfect W orld C o., L td. Upda te to P erfect W orld C o., L td. ’s E quity B uyback on As of Ma y 17, 2009, the company has repurcha s ed 1,683, 192 ADS 's (equiva lent to 8, 415, 960 s ha res ) and 18, 750, 000 s ha res , under its
(Nas daqG S : P WR D) Ma y 17, 2009 s ha re repurcha s e pla n. J uile G a o of L atham & W atkins L LP acted a s legal advis or to P erfect W orld.
S pectrumDNA, Inc . (OTC B B : S P XA) IAC 's Dictionary.com S elects Addictionary to P ower New S pectrumDNA has pa rtnered with Dictionary. com, an operating bus ines s unit of IAC , to licens e its awa rd-winning Addictionary, a S aa S
W ordpla y O ffering (s oftwa re-a s -a -s ervice) us er-generated dictiona ry that lets people create their own words and definitions . T he dea l ma rks S pectrumDNA's
firs t entree into IAC 's network of s ites and follows dis tribution deals with NB C Univers a l a nd s evera l C omca s t Networks properties .
S pectrumDNA, a s ocial media s tudio tha t creates Digita l Network Applica tions a nd engines of engagement (or 'E nginets ') for media outlets
a nd a dvertis ers , is collaborating with IAC to packa ge a nd s ell their bra nded Addictiona ry a s a one-of-a-kind, online s pons ors hip a nd vira l
marketing platform to attra ct premium bra nd-a dvertis ing dolla rs .
P erfect W orld C o., L td. P erfect W orld C o. Ltd. R eports Una udited C ons olida ted P erfect W orld C o. Ltd. reported unaudited cons olidated fina ncia l res ults for the firs t quarter ended March 31, 2009. F or the quarter, the
(Nas daqG S : P WR D) F ina ncial R es ults for the F irs t Q ua rter E nded March 31, company reported tha t total revenues were C NY 425. 1 million, a n increas e of 40.2% from C NY 303. 2 million for the firs t quarter of 2008.
2009 ; P rovides R evenue G uida nce for the S econd O pera ting profit was C NY 230. 4 million, an increas e of 42.6% or C NY 68. 8 million from C NY 161.6 million in firs t quarter of 2008. Non-G AAP
Quarter of 2009 opera ting profit was C NY 245. 8 million, an increas e of 45.0% or C NY 76. 3 million from C NY 169. 5 million in firs t qua rter of 2008. Net income
wa s C NY 215.4 million, a n increa s e of 36. 1% or C NY 57.1 million from C NY 158.4 million in firs t quarter of 2008. Non-G AAP net income wa s
C NY 230.9 million, a n increa s e of 38. 8% or C NY 64.6 million from C NY 166.3 million in firs t quarter of 2008. Diluted ea rnings per ADS were
C NY 3.96 a s compa red to C NY 2. 67 in firs t quarter of 2008. Non-G AAP diluted ea rnings per ADS were C NY 4. 25 as compared to C NY 2. 81
in firs t qua rter of 2008. P rofit before ta x was C NY 235. 4 million compa red to C NY 164.00 million reported a year ago. Net earnings per
diluted s ha re was C NY 0. 79 compa red to C NY 0. 53 reported a yea r ago. Net cas h provided by operating activities was C NY 249. 92 million co
DigitalP os t Interac tive, Inc . Digita lP os t Interactive Inc. R eports E a rnings R es ults for Digita lP os t Interactive Inc. reported earnings res ults for the firs t qua rter ended Ma rch 31, 2009. F or the quarter, the company's revenues
(OTC B B : DG L P ) the F irs t Q ua rter E nded March 31, 2009 ros e to $311,000, from $51, 300 in the firs t qua rter 2008. T he increa s e wa s driven largely by growth in the number of s ubs cribers genera ted
by the company's ma rketing pa rtners hip with K iddie K andids and revenue from profes s ional s ervices that were implemented during the firs t
qua rter 2009 for bus ines s es s eeking intera ctive media to enha nce market a warenes s a nd pres ence. Net ca s h us ed by opera ting a ctivities in
the firs t qua rter 2009 declined to $62,100 from $412,300 in the firs t quarter 2008 a nd reflected in pa rt the compa ny's cos t-reduction efforts .
TheS treet.c om, Inc. (Nas daqGM: TS C M) T heS treet.com Inc. Appoints Da ryl Otte a s C hief T heS treet. com Inc. a nnounced that it ha s appointed Daryl O tte a s C hief E xecutive Officer. Mr. Otte ha d previous ly been the company's
E xecutive Officer Interim C E O , a pos ition he was named to in Ma rch 2009. Mr. Otte, 47, has s erved as a Director of the company s ince 2001 and has
previous ly s erved as the C ha irma n of the compa ny's Audit C ommittee.
L iveWorld Inc. (OTC P K : L VWD) LiveW orld Inc. R eports Una udited C ons olidated E a rnings L iveW orld Inc. reported una udited cons olida ted ea rnings res ults for the firs t quarter March 31, 2009. F or the qua rter, the compa ny reported
R es ults for the F irs t Quarter March 31, 2009 ; P rovides $2. 6 million in tota l revenues compared to the $3.0 million in total revenues reported for the firs t quarter of 2008. Net income of $21,000
R evenue G uida nce for the S econd Quarter of 2009 compared to the net los s of $503,000 or $0. 02 per ba s ic s hare reported for the firs t quarter of 2008. Income from operations wa s $17, 000
compared to los s from operations of $486,000 for the s ame period of la s t yea r. Income before ta x was $17,000 compa red to los s before ta x
of $500, 000 for the s a me period of la s t yea r. Net cas h provided by operating activities wa s $179, 000 compared to net cas h us ed in opera ting
a ctivities of $37, 000 for the s a me period of las t yea r. P urchas e of property a nd equipment was $39, 000 compa red to $94, 000 for the s a me
period of la s t year. Adjus ted E B IT DA was $239,000, which was a s ignifica nt improvement from the $243,000 los s for the firs t qua rter of
2008.
T he compa ny a nticipates its total revenues will be les s than it reported for the s econd qua rter of 2008 a nd inline with the revenues for the
firs t qua rter of 2009. However, the company believes the cos t reductions will improve the s econd qua rter operationa l res ults compa red to the s econd q
Openwave S ys tems Inc. Openwave S ys tems Inc. Introduces Openwa ve Loca tion O penwa ve S ys tems Inc. a nnounced Openwa ve Loca tion E xpres s for G S M/UMT S , an eas y-to-deploy, loca tion-bas ed infra s tructure a ppliance
(Nas daqG S : OP WV) E xpres s for O pera tors in E merging Ma rkets tha t ena bles ra pid entry into the location-ba s ed s ervices ma rket. L oca tion E xpres s s upports both bas ic and a dva nced loca tion-bas ed
s ervices (L B S ) and is compatible with G S M/UMT S mobile phone and network s ta ndards . L B S s olution tha t helps enable operators in
emerging markets quickly deploys s ecure loca tion-ba s ed s ervices . B a s ic LB S enabled by L ocation E xpres s utilizes C ell/S ector ID pos ition
informa tion to offer low cos t s ervices to a variety of s ubs criber s egments a nd prepa id us ers with entry level voice and S MS ca pa ble
hands ets . Loca tion E xpres s ca n als o ena ble bas ic enterpris e fleet tracking applications s atis fied by C ell ID level accuracy, for exa mple
tra cking the progres s of long dis ta nce pas s enger bus es a nd tra ns port vehicles . Advanced L B S ena bled by Loca tion E xpres s is ba cked by
high a ccura cy As s is ted G P S (A-G P S ) technology, which a llows an opera tor to offer more s ophis tica ted high-a ccura cy cons umer s ervices
s uch as turn by turn navigation and child loca tor-type a pplica tions . In addition, a dva nced fleet tra cking s ervices a llow bus ines s es to monitor th
IB 3 Networks , Inc . (OTC B B : IB NW) iB 3 Networks Inc. a nd iB eam S olutions Announce iB 3 Networks Inc. and its wholly owned s ubs idia ry iB ea m S olutions announced tha t its client Hull & As s ociates Inc. , ha s extended its IT
E xtens ion of IT Ma na ged S ervice C ontra ct for O ne Y ear Managed S ervice contract for O ne Y ear for $144, 000.
with C lient Hull & As s ociates Inc

9. Page 9
E xtens ions , Inc. (OTC P K : E XTI) E xtens ions Inc. R eports E arnings R es ults for the F irs t E xtens ions Inc. reported ea rnings res ults for the firs t qua rter ended March 31, 2009. F or the qua rter, the compa ny reported a net los s of
Quarter E nded Ma rch 31, 2009 $21,582. In contras t, the compa ny pos ted a net los s of $76,529 for the s ame qua rter in the previous yea r a nd a $357, 468 a ccumulated net
los s s ince inception on F eb. 19, 1997.
Myriad G roup AG (S WX: MYR N) Myria d G roup AG , Annua l G enera l Meeting, Ma y 19, Myria d G roup AG , Annua l G eneral Meeting, May 19, 2009, a t 15: 00 C entral E urope S ta ndard T ime. Loca tion: R adis s on B lu Hotel, Zurich-
2009 Airport, Zurich, S witzerla nd. Agenda : T o re-elect board members Ha ns -Ulrich Muller and J ea n S chmitt for a term of office of one yea r
.
L iveWorld Inc. (OTC P K : L VWD) B ra veHea rt W omen S elects LiveW orld a s P rovider for B raveHeart W omen has s elected LiveW orld Inc. a s provider of its new online community des cribed as S ocia l Networking W ith a P urpos e.
New S ocial Network About Ins piring a nd E mpowering T he new online community is built on L iveW orld's la tes t vers ion of its C ommunity C enter P ro-E dition pla tform and features member profiles ,
W omen friends lis ts , gues tbooks , forums , blogs , photo a lbums , us er video, groups a nd more.
C yberplex Inc. (TS X: C X) C yberplex Inc. ha s filed a F ollow-on E quity Offering in the C yberplex Inc. has filed a F ollow-on E quity O ffering in the a mount of C AD 15. 00 million.
amount of C AD 15.00 million.
O ffer Details :
S ecurity T ype: C ommon S tock
O ffered: 9375000
P rice/R a nge: 1. 60
Neteas e.com Inc. (Nas daqGS : NTE S ) Netea s e.com Inc. Announces Unaudited C ons olida ted Neteas e. com Inc. a nnounced unaudited cons olidated ea rnings res ults for the firs t qua rter ended March 31, 2009. F or the qua rter, the
E a rnings R es ults for the F irs t Q ua rter E nded Ma rch 31, company has reported operating profit of C NY 491, 098,085, net income before ta x of C NY 478, 441, 772, net income after tax of C NY
2009 416,702, 625 and net income attributable to s hareholders of C NY 416,720, 842 or C NY 0. 13 diluted ea rnings per s ha re and C NY 3.23 diluted
earnings per ADS on tota l revenues of C NY 781, 694, 557 compared to opera ting profit of C NY 404, 383, 564, net income before ta x of C NY
384,179, 583, net income a fter ta x of C NY 269, 346, 735 a nd net income a ttributa ble to s ha reholders of C NY 269, 350, 246 or C NY 0. 08 diluted
earnings per s hare a nd C NY 2. 08 diluted ea rnings per ADS on total revenues of C NY 651,923,462 for the s ame period las t yea r. T otal net
revenues for the qua rter were C NY 775,922, 426 agains t C NY 644, 453,652 reported la s t yea r. Net cas h provided by operating activities were
C NY 567,784, 380 aga ins t C NY 494, 960,784 reported las t yea r. In the quarter, the compa ny reported capita l expenditure of C NY 23, 031, 133
on purchas e of property, equipment and s oftwa re compa red to C NY 15,418, 337 reported las t year.
Neteas e.com Inc. (Nas daqGS : NTE S ) Upda te to Netea s e.com Inc’s E quity B uyba ck on March As of Ma rch 31, 2009, Netea s e. com Inc has repurcha s ed own s ha res worth $13.1 million, under the s hare repurcha s e plan, a nnounced on
31, 2009 S eptember 12, 2008.
J umbuck E ntertainment Pty L td. J umbuck E ntertainment P ty Ltd. La unches P ower C ha t J umbuck E ntertainment P ty Ltd. ha s relea s ed its mobile chat a nd flirt s ervice, P ower C ha t(T M), as a n iP hone application. It is ava ilable for
(AS X: J MB ) for iP hone immediate downloa d in the Apple App S tore for $2. 99. B ecaus e it ta ps into J umbuck's enormous globa l us er bas e, P ower C ha t us ers on the
iP hone and iP od T ouch now have ins tant a cces s to a divers e mobile community of more than 15 million people around the world, even
people who a re not us ing an iP hone or who a re on a non-iP hone carrier. P ower C ha t for iP hone and iP od T ouch delivers all the core P ower
C hat capabilities plus s ome cool features that a re unique to the iP hone vers ion: -P ublic C hat R ooms --there's a lwa ys s omeone looking to
cha t. C hoos e from various themed rooms including F lirt, S ingles , F riends , Da ting, S ports , Da C lub, W orld C hat, a s well as regiona l a nd age-
s pecific rooms , -P hotos --check out other cha tters ' photos in chat rooms . S elect a chatter to s ee profile informa tion, more photos , a nd s end
mes s ages directly to tha t pers on, -P ers ona l C hats --one-to-one chat enables to take a public chat priva te, -F riends Lis t--keep track of friends ,
s end private mes s ages . a nd s ee when your favorite chatters are online, -P hoto Upload--eas ily upload photos s tored on your iP hone or ta ke a n
Magnitude Information S ys tems Inc. Ma gnitude Informa tion S ys tems Inc. R eports E arnings Magnitude Information S ys tems Inc. reported ea rnings res ults for the firs t quarter ended March 31, 2009. F or the quarter, the compa ny
(OTC B B : MAGY) R es ults for the F irs t Quarter E nded Ma rch 31, 2009 reported net los s of $1.36 million. In contra s t, the company pos ted a net los s of $2.14 million for the s a me quarter in the previous year.
Worlds .c om Inc . (OTC B B : W DDD) W orlds . com Inc. R eports E a rnings R es ults for the W orlds . com Inc. reported earnings res ults for the qua rter ended Ma rch 31, 2009. F or the qua rter, the company reported a net los s of
Quarter E nded Ma rch 31, 2009 $242, 441. In contra s t, the company pos ted a net los s of $107,954 for the s ame qua rter in the previous yea r.
K aboos e Inc . (TS X: K AB ) K a boos e Inc. has C hanged its Name to K AB Dis tribution K a boos e Inc. changed its na me to K AB Dis tribution Inc.
Inc
K ings oft C o. L td. (S E HK : 3888); The9 K ings oft a nd T he9 Announces C oopera tion in J X3 O nline K ings oft C o. L td. will coopera te with T he9 Limited on the opera tion of J X3 O nline. T he9 will keep its ha rdwa re under opera tion and
L imited (Nas daqG S : NC TY) Operation cons olida te its s ta tus over the C hines e online gaming market. B ecaus e the operation of C hina -des igned online games cos ts les s than tha t of
W oW .
C yberplex Inc. (TS X: C X) C yberplex Inc. , Annual G enera l Meeting, Ma y 21, 2009 C yberplex Inc. , Annua l G enera l Meeting, Ma y 21, 2009, at 09:00 E as tern Da ylight. Loca tion: 1255 B a y S treet, S uite 400, T oronto M5R 2A9,
O ntario, C anada . Agenda: T o receive a nd cons ider the audited cons olidated financia l s tatements of the C orporation for the fis cal yea r ended
December 31, 2008 and the a uditors ' report thereon; to elect directors ; to a ppoint a uditors and to a uthorize the directors of the C orporation to
fix the auditors ' remunera tion; a nd to trans a ct s uch further or other bus ines s a s may properly come before the Meeting or a t a ny
a djournments thereof
.
K aboos e Inc . (TS X: K AB ) K a boos e Inc. , Annua l G eneral Meeting, May 21, 2009 K a boos e Inc., Annual G eneral Meeting, May 21, 2009, a t 09: 00 E a s tern Daylight. L ocation: S tikema n E lliott L LP , 5300 C ommerce C ourt
W es t, 199 B ay S treet, T oronto M5L 1B 9, Onta rio,C a na da . Agenda : T o receive a nd cons ider the a nnua l report to the s hareholders , the a nnua l
cons olida ted fina ncial s ta tements of the corporation for the fis cal yea r ended December 31, 2008 and the report of the a uditor thereon; to
elect the directors of the corporation; to appoint an a uditor of the corpora tion a nd to a uthorize the directors to fix the a uditor's remunera tion;
to cons ider, and, if deemed advis a ble, to pa s s , with or without va ria tion, a s pecia l res olution of the s ha reholders to a pprove the s ale, directly
a nd indirectly, by the corpora tion of all of the is s ued a nd outs ta nding s ha res of its s ubs idia ry, K a boos e Acquis ition (UK ) C ompany.
S hutterfly, Inc. (Nas daqG S : S F L Y) S hutterfly Inc., Annual G eneral Meeting, Ma y 21, 2009 S hutterfly Inc. , Annua l G enera l Meeting, Ma y 21, 2009, at 11:00 P acific Da ylight. L oca tion: 1300 Is la nd Drive, R edwood C ity, C A
94065,United S ta tes . Agenda: T o elect three C las s III directors to hold office until its 2012 Annua l Meeting of S tockholders ; to re-approve the
Internal R evenue C ode S ection 162(m) provis ions of its 2006 E quity Incentive P lan to pres erve its a bility to deduct for corpora te income tax
purpos es compens a tion tha t qualifies as performa nce-bas ed compens ation under S ection 162(m) of the Interna l R evenue C ode; to ratify the
s election by the Audit C ommittee of its B oa rd of Directors of P ricewa terhous eC oopers LL P a s its independent regis tered public a ccounting
firm for the fis cal yea r ending December 31, 2009; and to conduct a ny other bus ines s properly brought before the meeting.
Magnitude Information S ys tems Inc. Ma gnitude Informa tion S ys tems Inc. Names Andre O n Ma y 13, 2009, the B oard of Directors of Ma gnitude Informa tion S ys tems Inc. a ppointed Andre S cholz to s erve a s a director of company
(OTC B B : MAGY) S cholz a s a Director a nd a s a C ons ultant; Announces a nd a s a cons ulta nt. As a cons ultant, Mr. S cholz will s erve in the roles of C hief T echnology O fficer for the compa ny and in the roles of
C ons olida tion of B us ines s O pera tions in its New Y ork P res ident a nd C hief E xecutive Officer for K iwibox Media, Inc. , the compa ny's wholly owned and principal bus ines s s ubs idiary. Mr. S cholz, 31
C ity O ffices years of age, is currently the G eneral Ma na ger / C E O of Inters cholz B eteiligungs G mbH a nd Inters cholz Internet S ervices G mbH & C o. K G ,
G erman companies loca ted in S tuttga rt, G erma ny. Mr. S cholz als o owns a nd ma na ges Adva nced T echnology G roup Deuts chland G mbH,
a ls o loca ted in S tuttga rt, which is enga ged in the development and marketing of computer, pa tented algorithms in the E uropea n ma rket for
pattern recognition.
In connection with its bus ines s reorga niza tion, the compa ny ha s cons olida ted the s ites of its bus ines s operations in its New Y ork C ity offices ,
loca ted a t 330 W es t 38th S treet, now its principal offices , and ha s termina ted its lea s e for its New J ers ey office loca ted at 1250 R oute 28,
B ranchburg, New J ers ey.
Neteas e.com Inc. (Nas daqGS : NTE S ) Netea s e.com Announces E xpa ns ion in O nline G ame Neteas e. com Inc. is gea ring up for the operation of the W orld of W a rcra ft in Ma inla nd C hina . T he compa ny ea rlier won a licens e from US -
S ector bas ed online game tita n B lizza rd E nterta inment to opera te the la tter's W orld of W a rcra ft on the ma inla nd. Ha ving purchas ed equipment
neces s a ry for the operation of W orld of W arcra ft, NetE as e. com is equipping bra nd new hardware fa cilities for the online ga me. T he W orld of
W arcra ft NetE a s e. com a uthorized to run is jus t part of its s tra tegic expans ion.

10. Page 10
ZipL ocal Inc. R eports C ons olida ted Una udited C apital ZipL oca l Inc. reported cons olida ted unaudited ca pita l expenditure for the third qua rter a nd nine months ended Ma rch 31, 2009. F or the
E xpenditure for the T hird Q ua rter a nd Nine Months quarter, the compa ny reported ca s h us ed in opera ting a ctivities wa s C AD 115, 180 a ga ins t the C AD 1, 127, 861 for the s ame period a yea r
E nded Ma rch 31, 2009 a go. T he compa ny s pends C AD 12, 953 on purcha s e of property, pla nt a nd equipment.
F or the nine months , the compa ny reported ca s h us ed in opera ting a ctivities wa s C AD 1, 439, 974 aga ins t the C AD 3, 800, 382 for the s a me
period a yea r a go. T he compa ny s pends C AD 15, 817 on purcha s e of property, pla nt a nd equipment a ga ins t the C AD 136, 084 for the s a me
period a yea r a go.
ZipL ocal Inc. R eports E a rnings R es ults for the T hird ZipL oca l Inc. reported ea rnings fina ncial res ults for the third qua rter and nine months ended Ma rch 31, 2009. Net revenues for the three
Qua rter a nd Nine Months E nded March 31, 2009 months ended Ma rch 31, 2009 were $687, 481, repres enting a decrea s e of $225, 658, or 25% from $913, 139 as recorded in the s a me period
in the prior yea r. Net los s for the period wa s a t $253, 179, compa red to a los s of $1, 379, 804, or $0. 02 per s ha re, for the s a me period in the
prior yea r. T he C ompa ny is s eeing improvements in the opera ting res ults from the continued a nd a ggres s ive efforts to decrea s e expens es
a nd increas es in productivity with a reduced number of s ta ff. T hes e initiatives ha ve s een a n improvement in Adjus ted E B IT DA los s . Adjus ted
E B IT DA los s for the three months ended March 31, 2009 wa s $61, 043 repres enting a n improvement of $353, 503 from $414, 546 for the three
months ended December 31, 2008.
Net revenues for the nine months ended Ma rch 31, 2009 were $2, 181, 582, repres enting a decrea s e of $950, 545, or 30% , from $3, 132, 127
a s recorded in the s ame period in the prior yea r. Net los s was a t $1, 905, 273, or $0. 02 per s ha re, compa red to a los s of $4, 604, 372, or $0. 07
per s ha re, for the s ame period in the prior yea r.
K ings oft C o. L td. , Annua l G enera l Meeting, Ma y 25, 2009 K ings oft C o. L td. , Annua l G enera l Meeting, Ma y 25, 2009, a t 15: 00 C C T -C hina C oa s t, US S R Zone 7. Location: Zhuhai K ings oft S oftware C o.
L td. , K ings oft T ower, #8 L ia ns han Alley, J ings ha n R oa d, J ida, Zhuha i, P R C , 519015, G uangdong P rovince, C hina . Agenda : T o receive a nd
cons ider the a udited cons olidated fina ncia l s ta tements , the report of the directors a nd the independent a uditors ' report for the yea r ended
December 31, 2008; to decla re a fina l dividend; to re-elect directors a nd authorize the board of directors to fix the directors ' remunera tion; to
re-a ppoint a uditors a nd to a uthorize the boa rd of directors to fix the a uditors ' remuneration a nd to cons ider; and to fit other res olution.
Figure 7. Key Developments
Source. Capital IQ