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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.
|-- | -------------------------------------------------------------------------------------------------------------------------------------------------
|  

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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.
|  

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.

142