Mindpix Corporation Restates Financials for 2011-12 and Provides Current Finances for 2013

LAS VEGAS, July 12, 2013

The year-end statements have been restated to reflect the fair value for financial statement purposes of the license for the music catalogue, the settlement of certain obligations of EMax Media and its affiliates by Mindpix, results of operations for its subsidiary that produced the New Beginnings 2012 concert, and stock based compensation.

During 2011, the Company improperly estimated the fair value of 400,000,000 shares of common stock issued as consideration for the music licensing rights and recorded the rights as an intangible asset with an initial carrying value of $40,000,000. During 2013, the Company determined that a proper estimate of the fair value of the 400,000,000 million shares of common stock issued as consideration for the music licensing rights should be based on the quoted trading price of the Company's common stock on the date of the licensing agreement, which was May 31, 2011. Accordingly, the Company estimated the fair value of the Music License Rights at $1,600,000.

During 2013, the Company  concluded that the rights had no value to the Company due to its inability to perfect its rights to the underlying music library. Accordingly, the Company is restating its consolidated financial statements to recognize an impairment of the music license rights and reduce their carrying value to zero. The other specific changes to the financial statements can be found in Note 2 to the Company's financial statements which are posted on the OTC Markets Group website, www.otcmarkets.com

For the year ended December 31, 2012, the Company recorded revenue of $134,300 and operating expenses of $7,117,520 leaving a net loss of $6,911,508. For the prior fiscal year the Company reported no revenue and a loss of $1,688,933.

For the six-month period ended June 30, 2013 the Company reported no revenue and a net loss of $485,0111 reflecting a marked decrease in compensation expenses from the prior fiscal year as a whole.

"I am pleased to be able to present to the shareholders the restated financial statements for the Company," said Mindpix President & CEO Victor Siegel. "We have spent the last two and a half months since I came on board reviewing the financial statements and various corporate transactions to assure transparency. We can now concentrate on the implementation of our business plan."