VRW

VRX Worldwide (TSX VENTURE:VRW) - 



--  Non-cash impairment provision of $265,158 was recorded 

--  Pre-provision, profit trend continues with 11th profitable quarter
    achieved 

--  MediaValet showcased at Microsoft's 2011 Worldwide Partner Conference in
    LA 

--  $250,000 convertible debenture announced to continue investment in
    cloud-based DAM 



VRX Worldwide Inc., a leading provider of content production, distribution,
licensing and digital asset management (DAM) services, is pleased to report its
financial results for the six months ended June 30, 2011.




Summary of Quarterly Results (Post-Provision)(Unaudited)                    
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                     2011 Q2     2011 Q1     2010 Q4     2010 Q3     2010 Q2
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Total revenue      $ 850,559   $ 907,477   $ 917,190 $ 1,008,181 $ 1,027,718
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Gross profit       $ 542,698   $ 622,413   $ 556,395   $ 613,210   $ 647,677
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EBITDA            $ (214,904)  $ 108,828    $ 99,150   $ 173,448   $ 160,476
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Net income        $ (262,732)   $ 19,623    $ 15,140    $ 80,978    $ 91,168
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Earnings per share  $ (0.008)    $ 0.001     $ 0.000     $ 0.002     $ 0.003
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Total assets     $ 1,256,446 $ 1,535,032 $ 1,251,438 $ 1,395,468 $ 1,310,939
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Total revenue decreased $56,918 (6%) from the first quarter of 2011 and $177,159
(17%) from the second quarter of 2010. This decrease in revenue is due to the
effects of the prolonged global downturn, unusually harsh weather conditions in
the first half of 2011 and a weaker US dollar.


Due to a $265,158 one-time, non-cash, impairment provision of accounts
receivable, the Company recorded a net loss for the second quarter. The non-cash
impairment provision relates to licensing fees earned under a five-year contract
signed in August 2006. The Company is in ongoing discussions to collect the
outstanding amount but due to the length of time the receivables have been
outstanding, it has chosen to make a provision for the $265,158 at this time. If
any amount is recovered, a gain will be recorded in the subsequent period.


"Our second quarter results have been overshadowed by a non-cash impairment
provision. This is unfortunate, however, it was the prudent and conservative
course of action to take. Absent this one-time, non-cash impairment provision,
our second quarter was our eleventh straight profitable quarter since the fourth
quarter of 2008," commented David MacLaren, President and CEO of VRX. "On the
digital asset management side of our business, we are very pleased with the
progress of MediaValet. We continue to receive great coverage in the press and
MediaValet was recently showcased at Microsoft's 2011 Worldwide Partners
Conference during Kim Aker's keynote presentation. As MediaValet continues to
gain momentum, pioneering the cloud-based digital asset management industry, we
continue to invest in research and development, sales and marketing and customer
support."


The full financial statements and related MD&A are now available on the
Company's website (www.vrxworldwide.com) and on SEDAR (www.sedar.com).


ABOUT VRX

Through a decade of growth, innovation and an unwavering commitment to quality,
consistency and customer service, VRX is one of the world's leading providers of
content production, distribution, licensing and digital asset management
services. To find out more about VRX, its products and services, visit
www.vrxstudios.com and www.mediavalet.co. VRX Studios Inc. is a wholly owned
subsidiary of VRX Worldwide Inc. (TSX VENTURE:VRW) (www.vrxworldwide.com).


VRX Worldwide Inc.

David MacLaren, CEO

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