VANCOUVER, April 3, 2018 /CNW/ - Network Media Group
Inc. (TSX: NTE.V) (OTCMKTS: NMGGF) and
Network Entertainment Inc. ("Network" or
"the Company") today reported record financial
results from the operations of its subsidiary, Network
Entertainment Inc., for the fiscal year ended November 30, 2017 ("Fiscal 2017"), including
revenues of over $5.3 million and
EBITDA of $549,616. The Company also
reported its results from the fourth quarter ended November 30, 2017.
"2017 proved to be a successful year overall for the
Company. Although it posted a net loss of $323,163 that was the result of a number of
non-cash items such as stock-based compensation, amortization and
interest on debt. Adjusting for those items, we posted a
positive EBITDA of over a half million dollars, the second best
result in the Company's history," said Derik Murray, Chief Executive Officer.
The financial results for Network's Fiscal 2017 include the
following highlights:
- Revenues of $5.3 million
- Net loss of $323,163
($0.01 per share)
- EBITDA of $549,616 ($0.01 per share)
- Release of two I Am projects and completion of
Discovery Channel contract
- $2.3 million investment into new
projects in production and development
- Repayment of long-term debt of $1.1
million
- Capital injections of $1.7
million through share issuances that completed subsequent to
year-end.
The Company's audited consolidated financial statements for
November 30, 2017 and 2016 are
available on www.sedar.com under the Company's profile.
Executive Chairman, Frank
Anderson stated, "The Company has progressed impressively
since my joining the Board of Directors in the Summer of 2017. I
like the direction the Company is taking and I am excited about the
future for Network. Derik and the rest of the Company have
laid the groundwork for what is forecasted as a stellar fiscal
2018."
A more detailed analysis of the other components of the
Company's performance can be found in its Management Discussion and
Analysis as filed on www.sedar.com.
About Network
Network Media Group is the parent
company of Network Entertainment Inc.
Network Entertainment,
founded and headquartered in Vancouver,
British Columbia, Canada, produces premium content
for global audiences. Network's documentaries and docu-series
showcase the lives of the world's most inspiring cultural icons and
their endearing legacy. Our films have featured a compelling lineup
of icons from the worlds of Music, Movies, Comedy, Sports, Politics
and Business. The Network premium brand of programming features
outstanding casts and highly cinematic, richly crafted
storytelling. Our productions are consistently embraced by both
popular and critical acclaim garnering awards, record ratings and
unparalleled media coverage.
Network's broadcast and distribution
partners include: AHC, AMC, Discovery, CBC, CMT,
CTV, Entertainment One, FremantleMedia, HBO Canada, History
Channel, iTunes, Lionsgate, National Geographic, Paramount
Network, Spike, Sundance TV, Thunderbird and
TMN. Our work has been recognized by the Academy Awards,
the Emmys, Realscreen Awards, the Gemini Awards, the LEOs, the
Los Angeles Film Festival,
Washington D.C. Silver Docs,
Seattle International Film
Festival, Tribeca Film Festival, Hawaii International Film Festival,
Houston International Film
Festival, Vancouver International
Film Festival, Banff Television Festival, and the International
Film and Television Festival of New York.
For additional information on Network Entertainment Inc.,
visit www.networkentertainment.ca
Neither 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, including the
Company not obtaining required TSX Venture Exchange approval of the
Transaction and the Transaction not being completed as proposed or
at all. 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 Entertainment Group Inc.