/C O R R E C T I O N from source -- itemus inc./

The following release revises and replaces TO179 sent earlier today.



itemus' first year results show steady growth



Major milestones achieved in foundation year



Apr 19, 2001, 01:00 ET from itemus inc.

    TORONTO, April 19 /PRNewswire/ - itemus inc. (TSE: ITM, OTCBB: ITMUF),
 today announced its consolidated results for the fourth quarter and full year
 ended December 31, 2000. The financial figures in this release are reported in
 US dollars, in accordance with Canadian GAAP.
     For the three months ended December 31, 2000, revenue was $2.0 million,
 up from $0.7 million for the third quarter, an increase of 186 per cent. Cost
 of revenue for the quarter was $1.5 million up from $0.5 million in the
 previous quarter. The loss from continuing operations was $4.4 million for the
 quarter, compared to $2.5 million for the previous quarter.
     For the year, itemus' total revenue was $3.1 million. Cost of revenue for
 the year was $2.3 million with a corresponding gross margin of 26 per cent.
 The operating loss from continuing operations, including write down of
 investments was $20.3 million ($0.12 per share). Excluding a $10.2 million
 write down, the loss from continuing operations was $9.9 million ($0.06 per
 share).
     "Throughout this first year, we've worked hard to build a company with
 both the credibility and capability to win respect and business from Global
 2000 chief executives," said itemus President and CEO Jim Tobin. "Having met
 all of our commitments and delivered within expectations, we will now build on
 the firm foundation we have established to support our momentum, secure
 further significant account wins and continue to outdo our competitors."
     Overall financial performance for the first year included cost of sales
 of $2.3 million. Other expenses including administration and business
 development totaled $10.7 million with amortization of $5.2 million. The net
 loss from continuing operations, including portfolio write downs and
 amortization of goodwill, was $25.5 million ($0.15) per share.
     The itemus balance sheet remains strong, with $13.7 million cash and
 marketable securities on hand as of December 31st, 2000, in addition to the
 approximately $41.7 million of investments booked to date.
     Subsequent to the end of the quarter, the company also announced
 finalized terms of an agreement to acquire New York-based integrated media
 company, Shooting Gallery, Inc. itemus will acquire 100 per cent of the equity
 of Shooting Gallery in return for 71 million shares of itemus common stock
 issued at market value. The agreement also includes provision of a convertible
 note valued at $13.5 million, and one other interest bearing note of $3
 million. Larry Meistrich, CEO of Shooting Gallery, will be nominated to the
 itemus board of directors. The acquisition has been approved by both
 companies' boards of directors. The transaction is expected to close by the
 end of April 2001.
     Full financial statements and additional information and commentary on
 these results is available online at www.itemus.com or by calling Investor
 Relations at 1-888-894-9911.
 
     Q4 call and Webcast
 
     itemus will host a conference call and Webcast to discuss the Q4 report,
 beginning today at 5:00 p.m. EASTERN (2:00 p.m. PACIFIC). Investors can listen
 to the Webcast through www.itemus.com, using Windows Media Player or Real
 Audio software. Those who wish to ask questions during the call should dial 1-
 800-273-9672 from Toronto or overseas. Participants should then ask to be
 connected to the "itemus conference call."
 
     About itemus
 
     itemus provides Global 2000 clients with research, strategic services and
 technologies that harness the Internet for business innovation. Organizations
 gain competitive advantage from: itemus research that intersects corporate
 strategy, organizational change, and emerging technologies; strategic services
 to design and deploy new business models; and technologies to build and
 implement next-generation solutions. itemus architects and delivers client-
 specific solutions by combining its own capabilities with a global network of
 partners. For more information, please visit the company's Web site at
 www.itemus.com
 
     The Toronto Stock Exchange and NASDAQ Over-the-Counter Bulletin Board has
 neither approved nor disapproved the information contained herein. Actual
 events or results may differ materially from those discussed in such forward-
 looking statements.
 
 

SOURCE itemus inc.
    TORONTO, April 19 /PRNewswire/ - itemus inc. (TSE: ITM, OTCBB: ITMUF),
 today announced its consolidated results for the fourth quarter and full year
 ended December 31, 2000. The financial figures in this release are reported in
 US dollars, in accordance with Canadian GAAP.
     For the three months ended December 31, 2000, revenue was $2.0 million,
 up from $0.7 million for the third quarter, an increase of 186 per cent. Cost
 of revenue for the quarter was $1.5 million up from $0.5 million in the
 previous quarter. The loss from continuing operations was $4.4 million for the
 quarter, compared to $2.5 million for the previous quarter.
     For the year, itemus' total revenue was $3.1 million. Cost of revenue for
 the year was $2.3 million with a corresponding gross margin of 26 per cent.
 The operating loss from continuing operations, including write down of
 investments was $20.3 million ($0.12 per share). Excluding a $10.2 million
 write down, the loss from continuing operations was $9.9 million ($0.06 per
 share).
     "Throughout this first year, we've worked hard to build a company with
 both the credibility and capability to win respect and business from Global
 2000 chief executives," said itemus President and CEO Jim Tobin. "Having met
 all of our commitments and delivered within expectations, we will now build on
 the firm foundation we have established to support our momentum, secure
 further significant account wins and continue to outdo our competitors."
     Overall financial performance for the first year included cost of sales
 of $2.3 million. Other expenses including administration and business
 development totaled $10.7 million with amortization of $5.2 million. The net
 loss from continuing operations, including portfolio write downs and
 amortization of goodwill, was $25.5 million ($0.15) per share.
     The itemus balance sheet remains strong, with $13.7 million cash and
 marketable securities on hand as of December 31st, 2000, in addition to the
 approximately $41.7 million of investments booked to date.
     Subsequent to the end of the quarter, the company also announced
 finalized terms of an agreement to acquire New York-based integrated media
 company, Shooting Gallery, Inc. itemus will acquire 100 per cent of the equity
 of Shooting Gallery in return for 71 million shares of itemus common stock
 issued at market value. The agreement also includes provision of a convertible
 note valued at $13.5 million, and one other interest bearing note of $3
 million. Larry Meistrich, CEO of Shooting Gallery, will be nominated to the
 itemus board of directors. The acquisition has been approved by both
 companies' boards of directors. The transaction is expected to close by the
 end of April 2001.
     Full financial statements and additional information and commentary on
 these results is available online at www.itemus.com or by calling Investor
 Relations at 1-888-894-9911.
 
     Q4 call and Webcast
 
     itemus will host a conference call and Webcast to discuss the Q4 report,
 beginning today at 5:00 p.m. EASTERN (2:00 p.m. PACIFIC). Investors can listen
 to the Webcast through www.itemus.com, using Windows Media Player or Real
 Audio software. Those who wish to ask questions during the call should dial 1-
 800-273-9672 from Toronto or overseas. Participants should then ask to be
 connected to the "itemus conference call."
 
     About itemus
 
     itemus provides Global 2000 clients with research, strategic services and
 technologies that harness the Internet for business innovation. Organizations
 gain competitive advantage from: itemus research that intersects corporate
 strategy, organizational change, and emerging technologies; strategic services
 to design and deploy new business models; and technologies to build and
 implement next-generation solutions. itemus architects and delivers client-
 specific solutions by combining its own capabilities with a global network of
 partners. For more information, please visit the company's Web site at
 www.itemus.com
 
     The Toronto Stock Exchange and NASDAQ Over-the-Counter Bulletin Board has
 neither approved nor disapproved the information contained herein. Actual
 events or results may differ materially from those discussed in such forward-
 looking statements.
 
 SOURCE itemus inc.