VANCOUVER, BC, July 31,
2023 /CNW/ - Network Media Group Inc. (TSXV:
NTE) (OTC: NETWF) ("Network" or the "Company") today reported
financial results for the second quarter ended May 31, 2023 ("Q2 2023"), including three-month
revenues of $1,266,215 (2022 -
$534,459), a net loss of $665,865 (2022 – a net loss of $1,119,948) and Adjusted EBITDA loss of
$389,193 (2022 – loss of $527,772), and a backlog of $8.5M. On a per-share basis, the Company reports
a loss of $0.01 per share (2022 –
loss of $0.01) and an Adjusted EBITDA
loss per share of $0.01 (2022 – loss
of $0.01). The financial statements
and related Management's Discussion and Analysis ("MD&A") can
be viewed on SEDAR+ at www.sedarplus.ca.
Network CFO Darren Battersby
stated: "Network achieved a new Company milestone with the
successful re-licensing of our esteemed I AM library in the
U.S. The re-licensing of our I AM library is an important
validation of our business model of developing and producing
evergreen and award-winning IP for global audiences. We also take
pride in the delivery of our captivating 11-part series, Legends
of Hockey: Greatness Calling 2000-2020, which significantly
contributed to the revenue recognized during this period. Looking
ahead, the Company has a record number of premium projects
currently in the market, which will translate into elevated levels
of production activities that should drive growth through the
second half of Fiscal 2023 and 2024."
Key metrics for Network's six months ended Q2 2023 include the
following highlights:
- Contracted future revenues of $8.5M with $5.3M to
be recorded in the next six months and $3.2M beyond seven months;
- Revenues of $3,094,330 (2022 -
$963,029);
- Net loss of $1,407,238 -
$0.02 per share (2022 Net loss:
$1,812,980 - $0.02 per share);
- Adjusted EBITDA loss of $826,091
- $0.01 per share (2022 Adjusted
EBITDA loss of $1,214,895 -
$0.01 per share).
A summary of the significant events and operational highlights
for Network's quarter that ended May 31,
2023, include:
- Curtis White appointed as
President of Network Media Group;
- Steven Kotlowitz announced
retirement from Network Media Group Board of Directors;
- Network Entertainment Named to the 2023 Realscreen Global 200
List.
Network also continued pre-production and production on:
- Three feature-length documentaries.
The Company also announces the grant of incentive stock options
to an officer for the right to purchase an aggregate of 400,000
common shares of the Company. The options are exercisable at a
price of $0.10 per share for a term
of five (5) years. The terms of the options granted are in
accordance with the Company's Fixed Share Option Plan as approved
by shareholders in December 2022. The
option grant is subject to TSX Venture Exchange approval.
About Network Media Group / Network
Entertainment
Network Media Group is the parent company
of Network Entertainment Inc.
Network Entertainment is
a creatively driven, boutique film, television, and digital content
production company that creates, finances and produces
award-winning programming for television, digital platforms, and
movie audiences around the world.
The Network premium brand of content delivers world-class casts
and features visually cinematic, richly crafted storytelling. The
Company's productions are consistently embraced by both audiences
and critics alike, garnering awards, record ratings, and
unparalleled media coverage for Network and its partners. Network
NFT Studios collaborates with IP owners, artists, and top talent to
create, distribute, and monetize digital collectibles campaigns and
related initiatives in the web3 universe.
For additional information on Network Entertainment Inc., visit
www.networkentertainment.ca
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Cautionary Statement on Forward-looking
Information
Except for historical information
contained herein, this news release contains forward-looking
statements that involve risks and uncertainties. These statements
are necessarily based upon management's perceptions, beliefs,
assumptions and expectations, as well as a number of specific
factors and assumptions that, while considered reasonable by
management of the Company as of the date of such statements are
inherently subject to significant uncertainties and contingencies
that could result in the forward-looking information ultimately,
perhaps materially, being incorrect. All forward-looking
information in this news release involve known and unknown risks,
uncertainties and other factors that are beyond the control of the
Company and may cause the actual results, performance or
achievements of the Company to be materially different from those
expressed or implied by such forward-looking information. Except as
required pursuant to applicable securities laws, the Company will
not update these forward-looking statements to reflect events or
circumstances after the date hereof.
SOURCE Network Media Group Inc.
