Tickers: XTSX:NTE, PINX:NMGGF
Tags: Entertainment
VANCOUVER, CANADA / TheNewswire / October 27, 2017 - Network Media Group Inc. (TSX: NTE.V) and Network Entertainment Inc. ("Network" or "the Company") announces the consolidated financial and operating results for the three-month period ended August 31, 2017 ("Q3 2017"). The Company reports a net loss of $307,709 on revenue of $150,454 for Q3 2017.
The Company's unaudited condensed interim consolidated financial statements for August 31, 2017, and accompanying Management Discussion and Analysis, are available on www.sedar.com under the Company's profile.
Summarized Consolidated Financial Results for Q3 2017
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A significant factor behind the loss posted for Q3 2017 is the relatively low revenues for the period. Due to the Company's accounting policies, it is only able to record revenues when it delivers a project. During this quarter, the Company was very active on a production and business development front, but the timing was such that deliveries were low this quarter.
"The third quarter was uncommon for the Company in that it did not have any deliveries of its I Am projects, but instead, the Company was heavily engaged in producing and filming its next slate of proprietary productions as well as securing work from other broadcaster which will come into play in fiscal 2018," said Derik Murray, CEO of the Company. "For the remainder of 2017 and into 2018, the Company expects to deliver on two proprietary productions and will ramp up production activity on up to an additional four I Am projects."
About Network Media Group/Network Entertainment Inc.
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, Johnny Cash, Chris Farley (which set all time ratings records for Spike), JFK Jr. and, most recently, Heath Ledger. The Company recently received the prestigious Realscreen Award in 2017 for Non-Fiction - History/Biographical Series for its documentary series Facing. 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
ON BEHALF OF THE BOARD OF DIRECTORS OF
NETWORK MEDIA GROUP INC.
"Derik A. Murray"
Derik A. Murray
Chief Executive Officer and Director
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
This news release contains forward-looking information and should be read subject to the following cautionary language: To the extent any statements made in this news release contain information that is not historical, these statements are forward-looking statements and may be forward-looking information within the meaning of applicable securities laws (collectively, "forward-looking statements"), and can generally be identified by the use of the words such as "believe", "anticipate", "expect", "intend", "plan", "will", "may" and other similar expressions. These statements are necessarily based upon management's perceptions, beliefs, assumptions and expectations of historical trends, current conditions and expected future developments, as well as a number of specific factors, estimates and assumptions that, while considered reasonable by management of the Company as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies that could result in the forward-looking information ultimately, perhaps materially, being incorrect. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances are forward-looking statements. Although Network believes that the expectations reflected in such forward-looking statements are reasonable, such statements involve risks and uncertainties and undue reliance should not be placed on such statements. 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 any future results, performance or achievements expressed or implied by such forward-looking information. Such risk factors include, but are not limited to, each of the following, as well as those risk factors discussed in the Company's most recent quarterly Management's Discussion and Analysis, a copy of which is available on SEDAR at www.sedar.com:
-Fluctuation of the Company's revenues from quarter to quarter and year to year depending upon sales cycles, consumer demand and the timing of distributor and broadcaster license decisions, as well as the timing of when the proceeds of such licenses meet the Company's revenue recognition criteria;
-Undue reliance upon a large percentage of revenues from key third-party domestic and international distributors and broadcasters, whose purchase/licensing patterns and own consumer markets may change, having a material impact on the Company's revenues and future business opportunities. In addition, such third parties may also offer their own products that are competitive with the Company's products;
-Contracts entered into with third party broadcasters and distributors not being honoured by those third parties, or the payment terms not complied with;
-Overall market demand for the Company's products, namely documentary films, which may fluctuate depending on public preferences, as well as strength of the home entertainment business and overall economic and market conditions; and
-Disruption of the timing for delivery of the Company's products to its broadcasters and distributors for reasons including, but not limited to, production schedule changes, availability of production crew, travel disruptions, the personal schedules of key talent, all of which can prolong delivery times, delay the timing of release of the Company's products to the public and ultimately delay receipt of licensing and broadcasting fees.
These risk factors are not intended to represent a complete list of the factors that could affect the Company and the reader is cautioned to consider these and other factors, uncertainties and potential events carefully and not to put undue reliance on forward-looking information. Forward-looking information is provided for the purpose of giving readers more insight into the Company's future financial and operational results, based on management's expectations. Readers are cautioned that the information may not be appropriate for other purposes. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, or to explain any material difference between subsequent actual events and such forward-looking information, except to the extent required by applicable law.
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