Press Release

MONTREAL, CANADA--Mamma.com Inc., (the "Company"), (NASDAQ: MAMA), reported its financial results for the fourth quarter ended December 31, 2003. Unless otherwise stated, all figures in this release are in US dollars.

The Company's Q4 2003 earnings from continuing operations were $799,703 ($0.09 per share) compared with a loss from continuing operations of $33,756 ($0.01 per share) for the same period in 2002. For the year ended December 31, 2003, the earnings from continuing operations were $88,990 ($0.01 per share) compared with a loss of $782,878 ($0.18 per share) for the same period in 2002.

The recent sale of IBT subsidiaries' assets were reported as discontinued operations for the year 2003. These discontinued operations had a net loss in Q4 2003 of $714,338. On a consolidated basis, including these discontinued operations the Company had Q4 2003 net earnings of $85,635 ($0.01 per share) compared with a net loss of $75,552 ($0.01 per share) in 2002. On a consolidated basis, including discontinued operations, in 2003 the Company had a net loss of $211,063 ($0.03 per share) compared with a net loss of $316,994 ($0.07 per share) in 2002.

The Media Solutions segment reported a significant increase in Q4 2003 with earnings before taxes of $810,918 on revenue of $3,056,359 compared to earnings before taxes of $213,298 on revenue of $1,346,537 for the same period in 2002. Revenue increased 127% compared to Q4 of 2002 and earnings before taxes increased 280%. In 2003, Mamma Media Solutions revenue grew 112% to $8,938,863 with earnings before taxes increasing to $1,466,909 compared to $4,222,352 and $378,792 respectively in 2002. In addition, in 2003 the Media Solutions segment recorded a recovery of future income taxes of $538,092, which represents the total outstanding tax value of prior year losses that the segment expects to use in the future.

As at December 31, 2003, the Company had no debt other than current trade payables and cash and cash equivalents were at $4,489,077, an increase of $899,423 in the quarter. Of this amount, $616,610 was contributed from continuing operations, exercised options and warrants. At year-end, the Company had 1,998,939 warrants and 427,895 options outstanding, which are all below current share prices, representing a potential additional cash infusion of $3,826,905 if the holders exercise. Upon the exercise of 1,893,939 A warrants, a further 1,893,939 B warrants will be issued and can be exercised for an additional of $2,840,909.

As already reported on February 16, 2004, the Company closed the sale of the assets of its Intasys Billing Technologies (IBT) subsidiaries. As proceeds of this sale, Mamma.com Inc. received $1.48 million, subject to certain adjustments, plus contingent considerations up to an additional $250,000. In addition, the Company retained certain assets and liabilities of the subsidiaries for a total of $241,457, as well as cash previously transferred to the parent Company of further approximately $687,000. The proceeds of this sale are not reflected in the December 31, 2003 results and will be reported in Q1 2004.

David Goldman, Mamma.com Inc.'s Chairman stated: "These results reinforce the Board of Directors' decision to reorient the Company's strategic direction to focus exclusively on the media solutions segment. The encouraging growth in revenue and earnings from this segment underpins the financial strength of the Company. These financial resources and anticipated additional capital infusion from exercise of outstanding warrants will be deployed to foster growth both organically and via acquisition."

Guy Fauré, Mamma.com's President and CEO stated: "Our fourth quarter results are evidence of Mamma Media Solutions continued success in achieving organic growth in both the metasearch and online advertising sectors. The recently announced restructuring established Mamma Media Solutions as a true one stop shop provider of on-line marketing solutions to advertisers and a pioneer from its ability to deliver through an integrated publisher network supporting both search and graphic ad sponsored products. Recent improvements to the www.mamma.com metasearch site have had a positive impact on our user traffic. Our recent sales and marketing initiatives to the on-line advertising industry have translated into higher and sustained revenue flows from our publisher network. Financial strength, demonstrated organic growth, and acquisitions consistent with our core business will support our strategic objective to enhance shareholder value by providing a preferred source for advertisers and publishers to address their requirements."