VANCOUVER, BC, July 28,
2022 /CNW/ - Network Media Group Inc. (TSXV:
NTE) (OTC: NETWF) ("Network" or "the Company") today reported
financial results for the second quarter ended May 21, 2022 ("Q2 2022"), including three month
revenues of $534,459 (2021 -
$1,233,429), a net loss of
$1,119,948 (2021 – net loss of
$620,917), an Adjusted EBITDA of
negative $847,466 (2021 – negative
$568,492), and a backlog of
$17.1M. On a per-share basis, the
Company reports a loss of $0.01 per
share (2021 – loss of $0.01) and an
Adjusted EBITDA per share of negative $0.01 (2021 – negative $0.01). The financial statements and related
Management's Discussion and Analysis ("MD&A") can be viewed on
SEDAR at www.sedar.com.
Network CFO Darren Battersby
stated: "The second quarter was a busy and productive one for
Network. Our teams were focused on increased production activities
on multiple contracted feature documentaries and documentary series
as well as developing our NFT division, resulting in higher
expenses for the quarter, and positioning Network to have an active
summer and fall as the Company expects to deliver multiple
productions throughout the remainder of the year and into fiscal
2023. Network's robust slate of projects are among the most
important productions in the Company's history, with the industry's
most prominent talent and financing/distribution partners attached,
positioning Network to remain in the spotlight as a consistent
provider of premium global content."
Key metrics for Network's three months ended Q2 2022 include the
following:
- Steady Backlog. Contracted future revenues of $17.1M with $14.7M
to be recorded in the next six months and $2.4M beyond seven months;
- Revenues of $534,459 (2021 -
$1,233,429);
- Net loss of $1,119,948 -
$0.01 per share (2021 Net loss:
$620,917 - $0.01 per share);
- Adjusted EBITDA of negative $847,466 - $0.01
per share (2021 Adjusted EBITDA of negative $568,492 - $0.01
per share).
A summary of the significant events and operational highlights
for Network's quarter ended May 31,
2022, include:
- Announcement of a strategic NFT partnership with the Hockey
Hall of Fame;
- Launched our new Network NFT Studios website – to visit the
website, click here;
- Presentation at the LD Micro Invitational XII Conference in
Los Angeles.
Network also continued pre-production and production on:
- Three feature length documentaries;
- Three television series.
Network also announces that it has granted incentive stock
options to certain directors, officers, employees, and consultants
for the right to purchase an aggregate of 4,786,667 Common Shares
of the Company. These options are exercisable at a price
of $0.10 per share for a term of five (5) years. The
option grants are subject to TSX Venture Exchange approval. On
July 27, 2022, a total
of 2,782,000 options that were granted to employees,
contractors, directors, and officers at $0.14 expired.
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. Newly
formed Network NFT Studios collaborates with IP owners, artists,
and top talent to create, distribute, and monetize NFT campaigns
and related initiatives in the digital universe
(networknft.ca).
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.