Live Current Media - Restatement of Financial Results

Financial Results for Nine Months Ended September 30, 2008, Year Ended December
31, 2008 and Three Months Ended March 31, 2009 to be Restated
VANCOUVER--(Business Wire)--
Live Current Media Inc. (the "Company") announced today that on June 18, 2009,
it was advised by Ernst & Young, its independent registered public accounting
firm, that the audit opinion dated March 24, 2009 on the Company`s December 31,
2008 consolidated financial statements could no longer be relied upon. The
Company was further advised by Ernst & Young that there were errors in its
September 30, 2008 interim consolidated financial statements, in its December
31, 2008 consolidated financial statements and in its March 31, 2009 interim
consolidated financial statements. Based on the foregoing, C. Geoffrey Hampson,
the Company`s Chief Executive Officer and Chief Financial Officer, concluded
that the previously filed consolidated financial statements contained in the
Company`s Quarterly Report on Form 10-Q for the nine months ended September 30,
2008, with was filed with the Securities and Exchange Commission (the "SEC") and
the British Columbia Securities Commission (together with the SEC, the
"Commissions") on November 14, 2008, the Company`s Annual Report on Form 10-K
for the year ended December 31, 2008, which was filed with the Commissions on
March 31, 2009 and the Company`s Quarterly Report on Form 10-Q for the three
months ended March 31, 2009, which was filed with the Commissions on May 15,
2009, should no longer be relied upon due to errors in the consolidated
financial statements which include the following:

(i) Warrants that the Company issued in conjunction with a financing that closed on
November 19, 2008 should be valued and classified as a liability in the Company`s
financial statements, rather than as equity. Management of the Company believes that
the resulting increase to its liabilities will be approximately $90,000.

(ii) As part of the acquisition of Auctomatic Inc. ("Auctomatic"), the Company agreed to
issue a total of approximately 1,000,000 shares to the former shareholders of
Auctomatic. Of these shares, 413,604 shares were to be issued to three members of
Auctomatic`s management, one third each on the first, second and third anniversaries
of the transaction, conditional on the individuals remaining as employees of the
Company. The portion of the fair value of the shares to be issued based on the period
of service these individuals provided to the Company, computed in relation to the
period of service required for the individuals to become entitled to the shares,
should have been recorded as an expense in 2008 and 2009.

(iii) On January 1, 2009 the Company was to pay a bonus of CDN $100,000 to its President
and Chief Corporate Development Officer. This bonus was not accrued as a liability as
at December 31, 2008. The bonus is not discretionary; therefore an additional
liability and expense of $81,660 should have been recorded in the Company`s financial
statements at December 31, 2008. This item was erroneously included in the Company`s
financial statements for the three months ended March 31, 2009, insofar as the
compensation expense is recorded in 2009 and not 2008.

The Company intends to file with the Commissions an amended Form 10-K/A for the
year ended December 31, 2008 and an amended Form 10-Q/A for the nine months
ended September 30, 2008 and for the three months ended March 31, 2009 as soon
as practicable. Until the restated reports are filed, the Company is continuing
its investigations with respect to these matters.

Management is assessing the effect of the restatement on the Company`s internal
control over financial reporting and its disclosure controls and procedures.
Management will not reach a final conclusion on the effect of the restatements
on internal control over financial reporting and disclosure controls and
procedures until completion of the restatement process.

Mr. Hampson discussed these matters with the Company`s independent registered
public accounting firm.

About Live Current Media Inc.

Live Current builds, owns and operates some of the most powerful and engaging
content and commerce destinations on the Internet, such as www.perfume.com and
www.cricket.com. Through subject-specific DestinationHubs, Live Current
properties connect people to each other and to the information, brands, and
products they are passionate about. Live Current has headquarters in Vancouver,
Canada with a location in Seattle, WA and is publicly traded on the OTCBB
(LIVC). For more information, visit www.livecurrent.com.

All statements in this press release that are not statements of historical fact
are forward-looking statements, including the impact of a restatement of the
Company`s financial results, the timeline respecting the restatement, any
potential impacts on disclosure controls and procedures or internal control over
financial reporting, any projections of earnings, revenue, cash or other
financial items, any statements of the plans, strategies, objectives and goals
of management for future operations, any statements regarding future economic
conditions or performance, statements of belief and any statements of
assumptions underlying any of the foregoing.These statements are based on
expectations and assumptions as of the date of this press release and are
subject to numerous risks and uncertainties, which could cause actual results to
differ materially from those described in the forward-looking statements.These
risks and uncertainties include, but are not limited to, the Company`s ongoing
investigations regarding a restatement of the Company`s financial results, and
other factors.Except as required by law, Live Current Media Inc. assumes no
obligation to update these forward-looking statements to reflect future events
or actual outcomes and does not intend to do so.

Live Current Media Inc.
Investor Relations:
Andrea Laird, 604-453-4870 or 1-866-898-4354
andrea@livecurrent.com

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