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Wizzard Updates FAB’s Fiscal 2011 Financials

Stocks in this article: WZE

Wizzard Software (NYSE Amex: WZE), the world’s leading podcast network, today announced that the audit for FAB’s fiscal year 2011 has been completed and there were no material changes from previously released numbers. In fiscal 2011, FAB generated revenues of $70.9 million with $15.3 million in earnings.

“We are excited to announce that we are nearing the close of the acquisition of FAB and we are working hard to close the deal in the very near future,” said Chris Spencer, CEO of Wizzard Software. “The final audits are in for 2009 and 2010 with FAB generating revenues of $38.9 million in 2009 and $55.5 million in 2010. Earnings for 2009 were $4.2 million and $11.6 million for 2010. We remain very excited about our expansion to Asia and working together with FAB’s management to grow our combined companies into a global media distribution leader.”

The proposed transaction is subject to the signing of final closing documents, approvals by each company’s shareholders, the satisfaction of customary closing conditions and regulatory approvals both in the U.S. and China.

About Wizzard Media:

Wizzard Media provides podcast publishers with distribution and monetization services. Our clients include Microsoft, National Geographic, Harvard Business Review, NPR and more than 10,000 others who use Wizzard Media products to measure their podcast audience, deliver popular audio and video entertainment and monetize their content through advertising and App sales and subscriptions. In 2011, the Wizzard Media Network received well over 1.64 billion podcast requests from approximately 50 million people worldwide through iPods, iPhones, iPads, iTunes, Blackberrys, Windows Phones, Zunes, Windows Media Center, Androids and many other devices and destinations. We are part of a publicly held, Pittsburgh based company with thousands of shareholders and a world-class team. Visit us on the web at  www.wizzardsoftware.com/media, email us at  contact@wizzard.tv.

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