VANCOUVER, BC, March 31,
2022 /CNW/ - Network Media Group Inc.
(TSXV: NTE) (OTC: NETWF) ("Network" or "the Company") today
reported annual results for the year ended November 30, 2021, including revenues of
$3,534,288, net loss of $2,496,328, and Adjusted EBITDA loss of
$1,859,482. 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, "Network CFO Darren
Battersby stated, "Due to COVID-related filming restrictions
and the resulting subsequent production delays, Fiscal 2021
was a year of development, and preparation to resume filming with
Covid safety protocols in place. While Network's revenues were
comparatively lower than the previous year due to such filming
restrictions, the Company is in production on multiple productions
delivering Summer 2022 onwards, and is optimistic about the future
and its enriched development pipeline. Global demand for
premium content remains strong, and, given Network's steady core
business, we are looking forward to improved financial
results in 2022.
Network Director Tim Gamble
added, "Another exciting milestone in Fiscal 2021 was the launch of
Network NFT Studios. The exponential growth of Web3 is already
having a transformational effect on the content landscape. NFTs
have unlocked a new medium for creators and storytellers. Network
is uniquely positioned to deliver innovative NFT campaigns
alongside their IP properties and growing pipeline of A-list
talent. We are extremely fortunate to have industry leading
strategic capital partners like HIVE Blockchain Technologies,
Frank Holmes and U.S. Global
Investors supporting our growth and helping us bridge the gap
between blockchain technology and mainstream media."
The financial highlights for Network's fiscal 2021 include the
following:
- Revenue. Network's 2021 revenue was $3.5M (2020 – $9.7M);
- Net and Comprehensive Loss. Network's 2021 net loss was
$2.5M (2020 – income of $1.5M), $0.03 per
share (2020 – income per share $0.02);
- Adjusted EBITDA. Network's 2021 adjusted EBITDA loss was
$1.9M (2020 – EBITDA income of
$2.9M), $0.02 per share (2020 – EBITDA income per share
of $0.04);
- Contracted Backlog. Contracted future revenues of
$16.6M with $3.0M expected to be recorded in the next six
months and $13.3M expected within
seven to twelve months.
The financial results for Network's three months ended Q4 2021
include the following highlights:
- Revenues of $1.0M (2020 –
$1.8M);
- Net and comprehensive loss of $0.7M (2020 – income of $0.4M);
- Adjusted EBITDA loss of $0.3M
(2020 – EBITDA income of $0.8M);
- Net loss per share of $0.01 (2020
– income per share of $0.01);
- Adjusted EBITDA loss per share of $0.00 (2020 – EBITDA income per share of
$0.01).
Throughout the year, Network also continued production on:
- Two feature-length documentaries; and
- Three television series.
Network's 2021 Select
Highlights:
- Network delivered two projects in fiscal 2021 (I Am Alfred
Hitchcock and Anne Murray:
Full Circle);
- I Am Burt Reynolds was awarded Best Documentary from the
Breck Film Fest where it held its U.S. premiere;
- Tim Gamble was appointed to
Network's Board of Directors. Tim was co-founder and former CEO of
Thunderbird Entertainment Group;
- Appointed Tom Lombardi as a
Strategic Advisor, who is tasked with monetizing our intellectual
properties through emerging technologies and commerce centering on
non-fungible tokens ("NFT"). Tom was appointed President of Network
NFT Studios in January 2022;
- Network completed a non-brokered private placement raising over
$2M with a strategic investment from
HIVE Blockchain Technologies (NASDAQ:HIVE) and U.S. Global
Investors Inc. (NASDAQ:GROW);
- Network started trading on the OTCQB Venture Market under the
symbol "NETWF";
- Network announced the acquisition of rights to adapt
Andrew McCarthy's best-selling
memoir, brat: An 80's Story as a feature documentary;
- The commencement of production on a 10-part series entitled
Legends of Hockey: Greatness Calling 2000-20 in partnership
with the Hockey Hall of Fame and TSN;
- Network announced the appointment of Tom Brown as Chief Creative Officer and
Curtis White as Business Development
Executive for Network NFT Studios.
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.