COMPANY POSTS 4TH QUARTER EARNINGS AS REVENUE AND ASSETS GROW
LOS ANGELES, CA, March 12, 2018 (GLOBE NEWSWIRE) -- Innovativ Media Group, Inc. (OTCPK:INMG) (“Company”) today released its year-end Financial Statements for 2017. Company revenues for the year grew by approximately 19%, EBITDA in the 4th Quarter was $13,013 and total assets increased by $158,330. The Company’s revenue during the year continued to be driven primarily by content licensing as its new platforms did not launch until late in the year and are not expected to have material impact until 2018.
Tom Coleman, CEO of Innovativ Media, said: “2017 was a year of significant developments for Innovativ Media with several asset acquisitions, the launch of CannaNet.TV http://www.cannanet.tv and http://www.localcannabisdispensary.com along with the 1st Quarter 2018 agreement to provide merchant banking services to the cannabis industry via Kush Processing http://www.kushprocessing.com. The Company has committed to focusing its media strategies on the burgeoning cannabis industry sector and we expect these investments will measurably and positively contribute to a strong financial performance in 2018.”
CannaNet.TV http://www.cannanet.tv, which launched on November 28, 2017, is an online, ad supported channel, streaming entertainment, informational and educational content related to the cannabis culture and industry and which also owns and operates http://localcannabisdispensary.com and http://kushprocessing.com
About Innovativ Media Group, Inc.
Innovativ Media Group (Innovativ) is a developer, producer and distributor of digital entertainment and other multi-media content. It is a principle partner in CannaNet.TV, which operates LocalCannabisDispensary.Com and Kush Processing. The Company also distributes the motion picture assets of Lux Digital Pictures and, via New Broadway Cinema, develops Virtual Reality adaptations of stage shows and Innovativ operates The Alien Interview Channel on YouTube, in partnership with Fullscreen, and the online channel HPLovecraft.TV. http://innovativmedia.com
About the CannaNet.TV Platform
CannaNet.TV is an online, ad supported channel and platform that streams curated and original entertainment, informational and educational content related to the Cannabis community. The channel programs a broad mix of live action and animated movies, series, specials, music films and videos, news programs, documentaries and tutorials. Through its advertising partner, http://www.admaximizer.com the platform utilizes engaging formats, ad serving, mediation, and programmatic video advertising across desktop and mobile screens which enables CannaNet.TV to support video ads from all Advertisers regardless if they have transitioned to HTML5 or still utilize Flash through this single tag solution.
This press release contains certain "forward-looking" statements, as defined in the United States Private Securities Litigation Reform Act of 1995 that involve a number of risks and uncertainties. Statements, which are not historical facts, are forward-looking statements. The Company, through its management, makes forward‐looking public statements concerning its expected future operations, performance and other developments. Such forward‐looking statements are necessarily estimates reflecting the Company's best judgment based upon current information and involve a number of risks and uncertainties, and there can be no assurance that other factors will not affect the accuracy of such.
Contact: Investor Relations firstname.lastname@example.org 510-948-4000
Source:Innovativ Media Group, Inc.