Mr. Curtis White reports

NETWORK MEDIA ANNOUNCES CLOSING OF CONVERTIBLE DEBENTURES AND DEBT SETTLEMENT

Network Media Group Inc. has completed the previously announced non-brokered private placement offering of convertible debentures with gross proceeds of $650,000. The principal sum of the debentures bears interest at the rate of 12 per cent per annum and mature on the date that is 24 months from the date of issuance. The proceeds of the offering are being used for general administrative purposes and for settlement of debt.

The principal amount of the debentures may, at the election of the holders at any time prior to maturity date, be converted into shares of the company at a conversion price of 50 cents per conversion share. The debentures and conversion shares are collectively referred to herein as the securities.

The offering is subject to certain conditions, including, but not limited to, receipt of final TSX Venture Exchange approval. The debentures and conversion shares issuable upon the conversion thereof will be subject to a statutory hold period of four months and one day from the date of issuance.

The company is also pleased to announce that it has completed an agreement to settle $350,000 of debt owing to certain directors of the company. The company issued 1.15 million common shares to the debtor at a deemed price per share of 15 cents to settle the debt.

The settlement shares were issued as a non-arm's-length transaction as the debt is owed to certain directors. The debt settlement did not result in the creation of a new control person or insider of the company.

The issuance of the settlement shares is subject to the approval of the TSX Venture Exchange. The settlement shares will be subject to a statutory hold period of four months and one day from the date of issuance in accordance with applicable securities laws and the policies of the TSX Venture Exchange.

The issuance of the settlement shares to the debtor constitutes a related-party transaction under Multilateral Instrument 61-101 (Protection of Minority Security Holders in Special Transactions). The company relied on exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101, as provided in sections 5.5(a) and 5.7(1)(a) of MI 61-101, since the fair market value of the settlement shares issued and the consideration paid do not exceed 25 per cent of the company's market capitalization.

The debt settlement was reviewed and approved by the company's independent director.

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.

We seek Safe Harbor.