Mr. Darren Battersby reports

NETWORK MEDIA GROUP ANNOUNCES 2023 SECOND QUARTER RESULTS AND OPTION GRANT

Network Media Group Inc. has released financial results for the second quarter ended May 31, 2023, including three-month revenues of $1,266,215 (2022: $534,459), a net loss of $665,865 (2022: a net loss of $1,119,948) and an adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) loss of $389,193 (2022: loss of $527,772), and a backlog of $8.5-million. On a per-share basis, the company reports a loss of one cent per share (2022: loss of one cent) and an adjusted EBITDA loss per share of one cent (2022: loss of one cent). The financial statements and related management's discussion and analysis can be viewed on SEDAR+.

Network Media chief financial officer Darren Battersby stated: "Network achieved a new company milestone with the successful relicensing of our esteemed I Am library in the [United States]. The relicensing of our I Am library is an important validation of our business model of developing and producing evergreen and award-winning [intellectual property] for global audiences. We also take pride in the delivery of our captivating 11-part series, Legends of Hockey: Greatness Calling 2000-2020, which significantly contributed to the revenue recognized during this period. Looking ahead, the company has a record number of premium projects currently in the market, which will translate into elevated levels of production activities that should drive growth through the second half of fiscal 2023 and 2024."

Key metrics for Network Media's six months ended Q2 2023 include the following highlights:

• Contracted future revenues of $8.5-million with $5.3-million to be recorded in the next six months and $3.2-million beyond seven months;
• Revenues of $3,094,330 (2022: $963,029);
• Net loss of $1,407,238 or two cents per share (2022 net loss: $1,812,980 or two cents per share);
• Adjusted EBITDA loss of $826,091 or one cent per share (2022 adjusted EBITDA loss of $1,214,895 or one cent per share).

A summary of the significant events and operational highlights for Network Media's quarter that ended May 31, 2023, includes:

• Curtis White appointed as president of Network Media;
• Steven Kotlowitz announced retirement from Network Media board of directors;
• Network Entertainment Inc. named to the 2023 Realscreen global 200 list.

Network Media also continued preproduction and production on:

• Three feature-length documentaries.

The company also announces the grant of incentive stock options to an officer for the right to purchase an aggregate of 400,000 common shares of the company. The options are exercisable at a price of 10 cents per share for a term of five years. The terms of the options granted are in accordance with the company's fixed share option plan as approved by shareholders in December, 2022. The option grant is subject to TSX Venture Exchange approval.

About Network Media Group Inc.

Network Media is the parent company of Network Entertainment.

Network Entertainment is a creatively driven, boutique film, television and digital content production company that creates, finances and produces award-winning programming for television, digital platforms and movie audiences around the world.

The Network Media premium brand of content delivers world-class casts and features visually cinematic, richly crafted storytelling. The company's productions are consistently embraced by both audiences and critics alike, garnering awards, record ratings, and unparalleled media coverage for Network Media and its partners. Network Media NFT Studios collaborates with IP owners, artists and top talent to create, distribute and monetize digital collectibles campaigns and related initiatives in the Web3 universe.

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