VANCOUVER, BC, April 26,
2023 /CNW/ - Network Media Group Inc. (TSXV:
NTE) (OTC: NETWF) ("Network" or "the Company") today reported
financial results for the first quarter ended February 28, 2023 ("Q1 2023"), including
three-month revenues of $1,828,115
(2022 - $428,570), a net loss of
$741,373 (2022 – a net loss of
$853,375) and Adjusted EBITDA loss of
$450,276 (2022 – loss of $527,772), and a backlog of $7.4M. 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.sedar.com.
Network CFO Darren Battersby
stated: "We are pleased with our start to the year, and as we move
forward into the second quarter, we are steadily focused on the
production and pre-production of several feature documentaries.
Network has a healthy backlog of productions that are expected to
deliver throughout the year, and we remain confident and
enthusiastic about our development pipeline, and our ability to
convert these opportunities into productions."
Key metrics for Network's three months ended Q1 2023 include the
following highlights:
- Steady Backlog. Contracted future revenues of $7.4M with $3.5M to
be recorded in the next six months and $3.9M beyond seven months;
- Revenues of $1,828,115 (2022 -
$428,570);
- Net loss of $741,373 -
$0.01 per share (2022 Net loss:
$853,375 - $0.01 per share);
- Adjusted EBITDA loss of $450,276
- $0.01 per share (2022 Adjusted
EBITDA loss of $527,772 -
$0.01 per share).
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.