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JAG Media Holdings, Inc. Announces Update of the Status of its Proposed Acquisition of CardioGenics Inc.

BOCA RATON, Fla., April 30 /PRNewswire-FirstCall/ -- JAG Media Holdings, Inc. (OTC Bulletin Board: JAGH) announced today an update of the status of its proposed acquisition of CardioGenics Inc. by a to-be-created Canadian subsidiary of JAG Media, for which the parties entered into a Letter of Intent on March 12, 2009. Currently, the parties are attending to various closing matters such as the preparation and negotiation of the required documents in connection with the acquisition, preparation of the required audited financial statements for CardioGenics and establishment of the two Canadian subsidiaries of JAG Media required in connection with the transaction. Both parties are dedicating their full resources to execute all the matters in preparation for closing. Based upon the current status of the various closing matters being attended to by the parties, the parties now project a closing date of May 29, 2009.

Notwithstanding the Letter of Intent, there is no assurance that the definitive documentation called for in the Letter of Intent will ever be executed, or if executed, that the proposed transaction between JAG Media and CardioGenics will be consummated. Further, to the extent that definitive agreements are reached, no assurances can be given that any such agreements will be entered into consistent with the current expectations of JAG Media and CardioGenics, as contemplated by the terms of the Letter of Intent.

About JAG Media Holdings, Inc.

JAG Media Holdings, Inc. is a provider of Internet-based equities research and financial information that offers its subscribers a variety of stock market research, news and analysis, including "JAG Notes", the Company's flagship early morning consolidated research product.

About CardioGenics Inc.

CardioGenics develops technology and products targeting the immunoassay segment of the In-Vitro Diagnostic testing market. CardioGenics has developed the QL Care Analyzer, a proprietary Point Of Care immuno-analyzer, which will run a number of diagnostic tests under development by CardioGenics, the first of which will be a series of cardiovascular diagnostic tests. As part of its core proprietary technology, CardioGenics has also developed a proprietary method for silver coating paramagnetic microspheres (a fundamental platform component of immunoassay equipment), which improve instrument sensitivity to light. CardioGenics' principal offices are located in Mississauga, Ontario, Canada.

SOURCE JAG Media Holdings, Inc.
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