Update on 2011 Report and Accounts

6 July 2012

                           Parallel Media Group plc                            

                           ("PMG" or "the Company")                            

                      Update on 2011 Report and Accounts                       

Parallel Media Group Plc, the AIM quoted sports media and digital agency,
announces that its final results for the year ended 31 December 2011 are in
final form and are awaiting final audit partner sign off in the week commencing
the 16th July.

As previously stated, the delay has solely been brought about by the changing
of the Company's accounts facility to an outsourced accounting team.

David Ciclitira, Chairman, commented:

"I am very disappointed that we have not been able to get the process completed
within the necessary time frame and I look forward to being able to issue a
trading update along with the published accounts."

For further information, please contact:

Parallel Media Group                                            020 7349 4816
David Ciclitira

Northland Capital Partners Limited                              020 7796 8800
Luke Cairns, Edward Hutton

Bishopsgate Communications
Nick Rome/Sam Allen                                             020 7562 3350
[e-mail]