Mr. Curtis White reports

NETWORK MEDIA GROUP ANNOUNCES 2024 SECOND QUARTER RESULTS

Network Media Group Inc. has released financial results for the second quarter ended May 31, 2024, including three-month revenues of $3,006,969 (2023 -- $1,266,215), a net loss of $762,552 (2023 -- a net loss of $665,865) and adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) loss of $338,118 (2023 -- adjusted EBITDA loss of $389,193), and a backlog of $14.3-million. On a per-share basis, the company reports a loss of four cents per share (2023 -- loss of four cents) and an adjusted EBITDA loss per share of two cents (2023 -- loss of two 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: "Our second quarter revenues reflect an increased volume of service production for one of our partner studios. Much of our $14.7-million backlog consists of projects in which Network owns the intellectual property. Our sales team is aggressively presenting new projects to the market, while our production teams remain actively focused on our slate of deliveries throughout the second half of the year. We are inspired by the global premiere of BRATS at Tribeca, which received enthusiastic critical acclaim and generated significant buzz within the industry. As we continue to grow our production slate, including the recently unveiled Bernie Taupin feature documentary, we are excited about the opportunities for growth in the second half of the year. Stay tuned for further announcements in the weeks ahead."

Key metrics for Network's six months ended Q2 2024 include the following highlights:

• Contracted future revenues of $14.3-million with $10.5-million to be recorded in the next six months and $3.8-million beyond seven months;
• Revenues of $5,135,785 (2023 -- $3,094,330);
• Net loss of $1,360,744 -- eight cents per share (2023 net loss of $1,407,238 -- eight cents per share);
• Adjusted EBITDA loss of $693,086 -- four cents per share (2023 adjusted EBITDA loss of $826,091 -- five cents per share).

Network also continued pre-production and production on:

• Six feature-length documentaries;
• 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.

We seek Safe Harbor.