Mr. Larry Howard reports

AMCOMRI REPORTS STRONG THIRD QUARTER RESULTS

Amcomri Entertainment Inc. has released its financial results for the three months ended Sept. 30, 2023. All dollar amounts are in Canadian dollars unless otherwise stated.

Q3 2023 Highlights (Compared to Q3 2022)

• Revenue increased 59.6% to $7.0 million;
• Adjusted EBITDA1 increased 159.2% to $3.6 million;
• Net income was $2.5 million compared to a loss of $0.3 million;
• Television and Documentary division ("Abacus") acquired three major releases (Scrublands, The Boy That Never Was and The Cuckoo);
• The Film Distribution ("101 Films") division had a slower quarter as the film industry was impacted by the work stoppages in Hollywood.

"Our third quarter was highlighted by strong growth in revenue and profitability," said Robert Price, Chief Executive Officer of Amcomri. "Abacus had an exceptional quarter, including the acquisition of three major 2024 releases, the compulsive crime thriller, Scrublands, coming onstream, and several smaller projects being delivered. While our film business experienced both a seasonal decline and temporary setbacks due to the labour disruptions in Hollywood, the continued robust performance of our TV business has highlighted the advantage of our diversified business model."

"We acknowledge the difficulties faced by the film industry, but we firmly believe these are cyclical. Our dedication to delivering quality content across various platforms remains steadfast. We continue to invest in a wide range of quality productions and see stronger growth opportunities, particularly on the TV side of our business. We are optimistic about the future and are committed to delivering value to our shareholders, independent storytellers, and audiences alike."

Third Quarter Overview

Revenue (net sales after royalties) for the quarter increased by 59.6% to $6,960,430 compared to $4,360,217 in Q3 of 2022. The increase was largely due to an exceptionally strong quarter for the Company's TV business, which saw the release of several previously delayed projects, Scrublands coming onstream, and various smaller projects being delivered and recognised in revenue.

Direct costs in the quarter increased 46.4% to $1,271718, reflecting an increase in the Company's activities in funding the development of various early stage TV projects. Operating expenses were up 13.9%, largely due to higher salaries and wages as a result of annual increases, higher management fees, and share-based compensation expenses relating to options/RSUs being recoded for the Chief Executive Officer.

Adjusted EBITDA increased 159.2% to $3,568,798, or 51.3% of revenue. Net profit was $2,516,731, or $0.03 per share, versus a loss of $316,789, or $0.01 per share, a year ago.

Amcomri's financial statements and management's discussion and analysis, for the three-month and nine-month periods ended September 30, 2023, will be filed on SEDAR+ on November 14, 2023, and will also be available on Amcomri's website.

Correction of Prior Period Disclosure

During the preparation of the financial statements for the three and nine-month periods ended September 30, 2023, management identified an error in the accounting for its production loan receivable and distribution rights with Bow River Productions as reported in its Company's financial statements for the three and six months ended June 30, 2023. The effects of the correction were applied retrospectively, and the restated balances are included in the Company's financial statements and management's discussion and analysis, for the three-month and nine-month periods ended September 30, 2023, which are available on SEDAR+.

About Amcomri Entertainment Inc.

Amcomri Entertainment Inc. (CBOE: AMEN) (Frankfurt: 25Y0) provides global distribution capabilities for independent movie, documentary and TV series producers as well as for its own in-house productions. With decades of experience across all key media platforms, Amcomri is rapidly becoming the go-to team for independent producers seeking the broadest possible audience for their productions. The Amcomri Entertainment Inc. group of companies includes 101 Films, 101 Films International, Hollywood Classics International, Amcomri Productions, Appreciated Media Global, Amcomri Productions and Abacus Media Rights.

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