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Network Media Group : Inc. To Acquire Remaining 4% of Network Entertainment Inc.

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01/18/2017 | 03:04pm CET

(via TheNewswire)

VANCOUVER, CANADA /TheNewswire /January 18, 2017-Network Media Group Inc. ("Network" or "the Company")(TSX: NTE.V) is pleased to announce it has entered into a definitiveagreement with its subsidiary, Network Entertainment Inc. ("Network Entertainment"), dated effective January 11, 2017, pursuant to which the Company will acquire the remaining 4% of the issued and outstanding shares of Network Entertainment not previously held by the Company (the "Transaction"). The Company will issue an aggregate of 800,000 common shares (the "Transaction Shares") to acquire the remaining shares of Network Entertainment at a deemed price of $0.25 per Transaction Share for total consideration of $200,000. The Transaction Shares will be issued to the existing shareholders of Network Entertainment on a pro rata basis. The Transaction is subject to approval/acceptance by the TSX Venture Exchange.

About Network Media Group

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 documentaryFacing Ali, as well as documentaries on the lives of Bruce Lee, Steve McQueen, Evel Knievel and, most recently, Chris Farley and Johnny Cash. The Company recently released a two-part documentary specialThe Cowboy, which premiered on Discovery's American Heroes Channel, as well as the first five episodes of a global seven-part series for National Geographic. Network's past projects and current productions can be viewed atwww.networkentertainment.ca. For further information concerning this press release, please emailinfo@networkentertainment.ca

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

Except for historical information contained herein, this news release contains forward-looking statements that involve risks and uncertainties, including the Company not obtaining required TSX Venture Exchange approval of the Transaction and the Transaction not being completed as proposed orat all. These statements are necessarily based upon management's perceptions, beliefs, assumptions and expectations, 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 uncertainties and contingencies that could result in the forward-looking information ultimately, perhaps materially, being incorrect. 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 those expressed or implied by such forward-looking information. Except as required pursuant to applicable securities laws, the Company will not update these forward-looking statements to reflect events or circumstances after the date hereof.

Copyright (c) 2017 TheNewswire - All rights reserved.

Copyright (c) 2017 TheNewswire - All rights reserved., source Press Releases

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