VANCOUVER, CANADA / TheNewswire / May 24, 2017 – Network Media Group Inc. (TSX: NTE.V) and Network Entertainment Inc. („Network” or „the Company”) is pleased to announce that, following the popular and critical acclaim of the Company’s „I Am Heath Ledger”, which was showcased at the Tribeca Film Festival in April 2017 and had its World Premiere on Spike TV on May 17th, Network’s portfolio of successful „I Am” feature documentaries has expanded to eight films distributed globally with two more currently in production.
In recognition of the success of the „I Am” brand and to maximize commercial potential of Network’s original productions, the Company is pleased to announce the responsibilities of Network’s President and COO, Paul Gertz, have been expanded to include Studio Head of Development. In this role, Paul’s primary responsibility is to ensure the Company’s development activities are strategically focused and designed to capitalize on the accelerating interest from the world’s leading broadcasters and distributors in Network’s quality work.
Derik Murray, CEO and Founder of Network, notes „Paul’s leadership over the last year, in response to increased demand for premium content and interest shown for Network’s documentaries and documentary series, has resulted in a robust slate of development properties with approximately 20 projects being presented to buyers, 8 of which are Iconic documentaries and 12 of which are television series.”
Reflecting on the Company’s development and production strategy, Paul Gertz explains „Network’s practice is to not greenlight a production until partners have been selected and(or) funds equal to a production’s budget are sourced and committed. The amount of funds invested at the development stage depends on costs to acquire rights and develop the specific concept, including an assessment of its commercial viability.”
Robert Pirooz, Network’s Executive Chair, adds „Over the last couple of years the Company has committed to and invested in a disciplined process to not only develop projects on an ongoing basis, but build an inventory of projects and demonstrate that a significant and predictable number will be greenlit and find their way to television and movie screens. This is key to increasing earnings year-over-year and ultimately to superior investment returns for our shareholders. We now have upwards of 20 new projects in inventory, the development costs with respect to which, although tough medicine, I am pleased to report have largely been expensed in prior quarters. I congratulate Network’s team for being able to develop a first-class inventory of projects while at the same time increasing, exponentially, the number of quality films it has produced over the last two years.”
Mr. Pirooz further comments „Paul has always shown success in identifying ideas that anticipate trends and therefore are commercial. Armed with a significant inventory of first-class, highly marketable content, we believe we have a solid foundation for future success and, equally exciting, fans of our films, as well as our shareholders, can expect to enjoy many more entertaining shows and films from our award-winning team.”
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 and, most recently, JFK Jr. 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 email@example.com
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 statements the Company constitutes „forward-looking information” under applicable Canadian securities laws and are based on expectations, estimates and projections as of the date of this news release. 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 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. Specifically, there are forward looking statements contained in this news release relating to the Company’s development activities, and anticipated results of said activities, relating to the marketing and ultimate commercialization of its development projects. These statements rely on assumptions that include the ability of the Company to maintain current efforts in marketing its development projects to potential buyers, an ongoing demand by potential buyers and their consumers for the genre of productions developed by the Company, expectations based on past experience on sales of Network’s documentaries and documentary series.
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.
– The Company’s ability to capitalize on its development projects will fluctuate depending upon the sales cycles, consumer demand and the timing of distributor and broadcaster license decisions, as well as on the marketing capacity of the Company from time to time;
– The Company is dependent upon 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 future business opportunities;
– The Company is subject to the overall market demand for its 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
– The timing for delivery of the Company’s products to its broadcasters and distributors are subject to disruption 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. There can be no assurance that such forward-looking information will prove to be accurate, as actual results and future events could vary or differ materially from those anticipated in such 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.