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Exhibit 11

Code of Ethics for
Mamma.com Inc.

Why?

Our long-term performance 
profitability, growth, and shareholder value  is contingent on the confidence of our
stakeholders in us. We are committed to the highest ethical standards because we want
people to know they can trust us. Trust can only be built on honesty and dependability
 on ethical conduct.

Principles

|1. |  | Treat
all of those with whom we deal fairly, with dignity and respect.
|-- |  | ----------------------------------------------------------------------

|2. |  | Honour
               our commitments.
|-- |  | --------------------------------------

|3. |  | Commit
only what we can deliver
|-- |  | -------------------------------

|4. |  | Comply
with all laws and                regulations.
|-- |  | ----------------------------------------------------

|5. |  | Make
decisions based on fact and objective assessment.
|-- |  | ------------------------------------------------------

|6. |  | Our
judgement and decisions are not improperly influenced and we do not
               improperly influence others to obtain or retain business.
|-- |  | ------------------------------------------------------------------------------------------------------------------------------------------------

Human Resources

|1. |  | Maintain
a safe, healthy and comfortable workplace conducive to performing
               challenging work and making meaningful contributions.
|-- |  | -----------------------------------------------------------------------------------------------------------------------------------------------

|2. |  | Select
and compensate employees fairly based on their qualifications and
               performance without discrimination on the basis of age, ancestry,
citizenship,                colour, creed, disability, ethnic origin, gender, marital or
family status,                race, religion or sexual orientation.
|-- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|3. |  | Foster
work environments that are free from harassment, intimidation and
               hostility of any kind. Unwanted sexual advances will not be tolerated and
an                individuals job, evaluation, or work assignment cannot be
threatened                because of a rejected sexual advance.
|-- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|4. |  | The
privacy and confidentiality of an individuals records will be
               respected and safeguarded.
|-- |  | ------------------------------------------------------------------------------------------------------------

Fair Competition

|1. |  | Avoid
all actions that are anti-competitive or otherwise contrary to laws that
               govern competitive practices in the marketplace.
|-- |  | ----------------------------------------------------------------------------------------------------------------------------------------------

|2. |  | Do
not make agreements or employ practices in restraint of trade such as
               price-fixing, bid rigging and kickbacks.
|-- |  | --------------------------------------------------------------------------------------------------------------------------------

Reporting Illegal or
Unethical Behavior

|1. |  | Report
any and all illegal or unethical behavior of which you become aware to
               either the Executive Chairman or the President and CEO.
|-- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------

480

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Competitive Intelligence

|1. |  | Comply
with the law in acquiring information. Do not resort to theft, blackmail,
               wiretapping, electronic eavesdropping, bribery, improper inducement,
receiving                stolen property, threats and other improper methods.
|-- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|2. |  | Acquire
information ethically. Do not misrepresent who or what we are.
|-- |  | ----------------------------------------------------------------------

Bribery

|1. |  | Do
not pay bribes to obtain or retain business.
|-- |  | -----------------------------------------------

|2. |  | Take
measures reasonably within our power to ensure that any payment made to an
               agent is appropriate remuneration for legitimate services rendered and
that no                part is passed on by the agent as a bribe.
|-- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Company Funds and Property

|1. |  | Exercise
integrity, prudence and judgment in incurring and approving business           expenses.
|-- |  | -------------------------------------------------------------------------------------------------

|2. |  | Ensure
that business expenses are reasonable.
|-- |  | ---------------------------------------------

|3. |  | Do
not use company           funds or property for personal gain.
|-- |  | -----------------------------------------------------------------

|4. |  | Do
not conceal any fund or transaction from executive officers or our auditors.
|-- |  | -------------------------------------------------------------------------------

|5. |  | Do
not enter into any transaction for the purpose of unlawfully evading any tax,
          duty or other levy imposed by a government.
|-- |  | --------------------------------------------------------------------------------------------------------------------------------------

Proprietary
Information/Intellectual Property

|1. |  | Avoid
inadvertent disclosure.
|-- |  | -----------------------------

|2. |  | Assure
that unauthorized persons cannot access related documents and that           document
disposal is non-recoverable.
|-- |  | -------------------------------------------------------------------------------------------------------------------------

|3. |  | Do
not discuss confidential information           in public places and exercise caution when
transmitting information           electronically.
|-- |  | -----------------------------------------------------------------------------------------------------------------------------------------------

|4. |  | Enter
into confidentiality agreements to ensure that           disclosure is controlled.
|-- |  | ----------------------------------------------------------------------------------------

Conflict of Interest

|1. |  | Avoid
any situation that may not be in the best interests of the company.
|-- |  | -------------------------------------------------------------------------

|2. |  | Gifts
given or received should be of a nominal value and should be reciprocal
               whenever appropriate and possible (e.g. lunches, dinners).
|-- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------

|3. |  | Accepting
cash or a cash equivalent from a vendor, supplier, or customer is                never
allowable.
|-- |  | -----------------------------------------------------------------------------------------------------------

|4. |  | Any
business that has to be won by providing unusual gifts                or hospitality is
business we dont want.
|-- |  | -------------------------------------------------------------------------------------------------------------------

|5. |  | In
exceptional circumstances                (e.g. local culture, traditions), accept
non-nominal gifts if refusal would                reasonably cause embarrassment or hurt
to the individual offering it and then                advise the company of its receipt
so that an appropriate course of action may be                determined.
|-- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

481

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The Board of Directors will monitor
compliance with this Code of Ethics and only the Board of Directors or a duly designated
committee of the board can consider and grant waivers from the Code of Ethics to directors
or officers.

482