Mr. Curtis White reports

NETWORK MEDIA GROUP ANNOUNCES 2023 YEAR-END RESULTS

Network Media Group Inc. has released annual results for the year ended Nov. 30, 2023, including revenues of $7,127,055 (2022 -- $12,433,913), a net loss of $320,937 (2022 -- a net income of $597,379) and adjusted earnings before interest, taxes, depreciation and amortization of $169,350 (2022 -- adjusted EBITDA of $1,785,442), and a backlog of $22.7-million. On a per-share basis, the company reports a net loss of two cents per share (2022 -- net income of three cents) and an adjusted EBITDA income per share of one cent (2022 -- adjusted EBITDA income of 10 cents). The income per share figures are reported on a postconsolidation basis. The financial statements and related management's discussion and analysis (MD&A) can be viewed on SEDAR+.

Network president Curtis White stated: "Two thousand twenty-three was a pivotal year for Network. The company took strategic steps to position the studio for optimal shareholder value, which included restructuring the public company and streamlining operations. The entertainment industry faced some challenges throughout the year; Network is emerging into 2024 with a record backlog of contracted productions. The pipeline of blue-chip projects strongly positions the studio for growth and scale, with a recapitalized structure and energized team."

Key metrics for Network's three months ended Q4 2023 include the following highlights:

• Revenues of $1,394,500 (2022 -- $1,994,487);
• Net income of $280,600 -- two cents per share (2022 net income of $261,490 -- one cent per share);
• Adjusted EBITDA loss of $104,860 -- one cent per share (2022 adjusted EBITDA of $239,888 -- one cent per share);
• Contracted future revenues of $22.7-million, with $11.6-million to be recorded in the next six months and $11-million beyond seven months.

A summary of the significant events and operational highlights for Network's year ended Nov. 30, 2023, includes:

• Mr. White appointed as president of Network Media Group;
• Successfully relicensed 15 I Am films to the CW Network for U.S. broadcast distribution and greenlit three new feature I Am documentaries;
• Winner of the 2023 Leo Award for Best Documentary Series for Women Who Rock;
• Announced five-to-one share consolidation, effective Sept. 21, 2023.

Network also continued preproduction and production on:

• Continued work on six feature-length documentaries;
• Commenced preproduction on a new four-part documentary series.

About Network Media Group Inc.

Network Media Group is the parent company of Network Entertainment Inc.

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 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 and its partners. Network NFT Studios collaborates with intellectual property owners, artists and top talent to create, distribute and monetize digital collectibles campaigns and related initiatives in the Web3 universe.

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