VANCOUVER, B.C., April 27,
2022 /CNW/ - Network Media Group Inc. (TSXV:
NTE) (OTC: NETWF) ("Network" or "the Company") today reported
financial results for the first quarter ended February 28, 2022 ("Q1 2022"), including three
month revenues of $428,570 (2021 -
$282,155), net loss of $853,375 (2021 – net loss of $552,821) and Adjusted EBITDA of negative
$527,772 (2021 – negative
$518,461), and a backlog of
$16.3M. On a per-share basis, the
Company reports a loss of $0.01 per
share (2021 – loss of $0.01) and
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: "Although our reported revenues in the first quarter are
lower than normal, those results are not indicative of our current
operations. Along with a full slate of projects in various stages
of development, Network's physical production has now fully resumed
after being interrupted by COVID filming protocols, and we
anticipate the bulk of these projects which are now back in
production to be delivered to our partners in Fiscal 2022. Our
newly created division, NFT Studios, has made significant headway
over the last few months, with our team actively engaging with a
number of IP holders, talent, and potential partners. We are
excited and look forward to the remainder of the year as we are set
to deliver a new slate of world-class feature documentaries and
documentary series, and continue the evolution of NFT Studios,
backed by a strong year of financial performance."
Key metrics for Network's three months ended Q1 2022 include the
following highlights:
- Steady Backlog. Contracted future revenues of $16.3M with $10.3M
to be recorded in the next six months and $6M beyond seven months;
- Revenues of $428,570 (2021 -
$282,155);
- Net loss of $853,375 -
$0.01 per share (2021 Net loss:
$552,821 - $0.01 per share);
- Adjusted EBITDA of negative $527,772 - $0.01
per share (2021 Adjusted EBITDA of negative $518,461 - $0.01
per share).
A summary of the significant events and operational highlights
for Network's quarter ended February 28,
2022 include:
- The appointment of Tom Lombardi
as President of Network NFT Studios, its newly created division for
the development and production of non-fungible tokens – NFTs –
related to media and entertainment properties;
- Network's common shares have been made eligible for book-entry
and depository services of the Depository Trust Company ("DTC") to
facilitate electronic clearing and settlement of transfers of its
common shares in the United
States;
- Presented at the SNN Network Canada Virtual Event, with a video
replay available - click here.
- Release of a new corporate presentation, which is available on
its website at www.networkmediagroup.ca
Network also continued pre-production and production on:
- Three feature length documentaries;
- Two television series.
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.