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JAG Media Holdings, Inc. Announces Completion of Acquisition of CardioGenics Inc.
Date:7/31/2009

Genics common shares shall not be registered for resale and, therefore, shall remain subject to the rights and restrictions of Rule 144. All Exchangeable Shares received by CardioGenics stockholders in exchange for their CardioGenics common shares (and any JAG Media common shares into which such Exchangeable Shares may be exchanged) shall not be registered for resale prior to six (6) months following the closing and, therefore shall remain subject to the rights and restrictions of Rule 144 prior to any such registration.

At the closing, our current directors resigned as directors of JAG Media and its subsidiaries, after appointing CardioGenics designees as their successors, and our current officers also resigned as officers and executives of JAG Media and its subsidiaries. After their resignation and the closing, our former directors entered into consulting agreements with the company pursuant to which they will render various services to assist the company in connection with certain transition and other matters.

"It is extremely gratifying to complete the acquisition of CardioGenics," stated Thomas J. Mazzarisi, former Chairman & CEO of JAG Media. "We have had a long and sometimes turbulent search for an appropriate acquisition partner for our company, but I'm confident that we have now found the right one in CardioGenics. CardioGenics is an exciting company preparing to deploy its innovative technology and products in the point-of-care In-Vitro-Diagnostics market and has a management team with the credentials and track record to maximize such deployment, all of which, I believe, provides excellent upside potential for the company's stockholders," continued Mazzarisi.

"It has been a rewarding experience working with Thomas J. Mazzarisi and Stephen J. Schoepfer through all of the issues of cross-border transactions and I would like to thank them both for their effort and dedication to consummate this acqu
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SOURCE JAG Media Holdings, Inc.
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