(via Thenewswire.ca)
VANCOUVER, CANADA / TheNewswire / October 30, 2015 - Network Media Group Inc. ("Network" or the "Company")(TSX: NTE.V) is pleased to announce the release of its financial results for the three-month period ended August 31, 2015 ("Q3 2015") and to provide a project update.
Q3 2015 Highlights:
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-Earnings (before financing expense and foreign exchange) of $25,241
-Loss of $48,593 ($0.00 per share) for Q3 2015
During the quarter, the Company saw its "I Am Chris Farley" production enjoy great success as the most-watched documentary in Spike TV's history along with good initial results from the online release of this project. In addition, the Company received critical acclaim from the release of this property theatrically in the US. With the film also released in Canada and internationally, the Company will be recording additional revenues from this production, on a global basis, in forthcoming quarters.
Earnings for Q3 2015 were impacted by a foreign exchange loss due to the fluctuation of the Canadian dollar against the US dollar. In addition, sales and distribution expenses were incurred in connection with the initial release of "I Am Chris Farley" in the US; these expenses are not expected to be recurring to the same extent on an on-going basis.
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.
The Company also continued with production of its "I Am JFK Jr." documentary as well as "The Cowboy", a cinematic history of the legendary Western genre, during Q3 2015.
Since the quarter ended, the Company received positive critical acclaim for "Johnny Cash - American Rebel", which was released in the United States in September 2015. It has also secured the rights to produce documentaries on the lives of Dennis Hopper and Peter Sellers.
Derik Murray, CEO, states "This quarter showed a marked increase in activity for the Company, with no less than four projects in production at various stages, and with us securing rights and negotiating deals on a number of other projects. The momentum of our past work and the added exposure of I Am Chris Farley has elevated the industry awareness of Network in the documentary world and we are seeing a significant increase in activity and interest in Network because of it."
The Company further reports, in order to honour prior commitments previously announced and made to Robert Pirooz in connection with his recruitment to serve as Executive Chairman of the Company, it has granted Mr. Pirooz 947,360 incentive stock options exercisable at $0.20 per share and expiring on July 16, 2019. The stock options are subject to regulatory approval.
About Network Media Group
Network is focused on becoming one of the world's leading developers and producers of entertainment properties for the global marketplace and its worldwide audience. It is the parent company of Network Entertainment Inc., an established television and film production company with an award-winning international reputation. Its productions include the Academy Award shortlisted feature documentary Facing Ali, as well as documentaries on the lives of Bruce Lee, Steve McQueen, Evel Knievel and, most recently, Chris Farley and Johnny Cash. The I Am Chris Farley production, which was released in the summer of 2015, set all time ratings records for Spike.
Network's past projects and current productions can be viewed at www.networkentertainment.ca.
For further information concerning this press release, please email info@networkentertainment.ca.
NETWORK MEDIA GROUP INC.
"Derik A. Murray"
Derik A. Murray
Chief Executive Officer and Director
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.
Except for historical information contained herein, this news release contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially. 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. More detailed information about potential factors that could affect financial results is included in the documents filed from time to time with the Canadian securities regulatory authorities by the Company.
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