Vancouver, British Columbia / ACCESSWIRE / July 16, 2014 / Network Media Group Inc. (TSX-V: NTE) (the "Company"), is pleased to announce that the board has appointed Robert Pirooz as Executive Chairman of its Board of Directors. A distinguished member of the Canadian Bar for over two decades and a 2012 Queen's Counsel appointee, Mr. Pirooz has been instrumental in the formation, development and operation of over 11 different companies, the largest of which has a market capitalization of approximately $2 billion and employs over 5,000 people, as well as playing a key role in the sale of five of his companies, which generated proceeds of over $1.2 billion. Currently, Mr. Pirooz serves as General Counsel and a director for Pan American Silver Corp., and sits on the board of directors of both Lumina Copper Corporation, as Chairman, and Augusta Resource Corporation, both of which recently announced they were being acquired for $470 million and $550 million, respectively. Extending his interests and expertise beyond the resource sector, Mr. Pirooz is a founding shareholder and director of Aegis Medical Innovations, a company whose technology is designed to reduce the incidence of heart attack and stroke, and Riwi Corporation, a novel patented real-time internet data capture enterprise.
"I was initially attracted to Network based on the superior quality of their work, and the high caliber of broadcast, distribution and brand partners they have attracted to their slate of projects," stated Mr. Pirooz, "After now spending significant time with the principals and gaining a clear understanding of the company's capabilities and positioning, I believe the timing is ideal for Network to execute on its vision to become a leading producer of filmed content for the global market."
Network's CEO Derik Murray added, "Robert has been one of our most loyal stakeholders and supporters from the beginning, and we are thrilled that he has now agreed to step into the role of Executive Chairman where he can steer the expansion of Network's core business and capitalize on the company's momentum and reputation in the entertainment sector."
"With the opportunities in the current entertainment landscape growing rapidly across multiple platforms," said Network Chairman Tony Chan, "the addition of an executive with Robert's experience and track record of success greatly enhances the company's ability to leverage our efforts to date, and build upon the foundation we have established with our partners and clients across the spectrum."
The Company has allocated 1,200,000 incentive stock options to Mr. Pirooz, exercisable at $0.20 per share for a 5 year term. The stock options are subject to regulatory approval.
About Network Entertainment
Network Entertainment Inc. is an established television and film production company with an award-winning international reputation. Network's recent productions include the Academy Award shortlisted feature documentary Facing Ali, the feature documentaries I Am Bruce Lee, which set all time ratings records for Viacom, and I Am Steve McQueen, which had its world premiere on Spike TV in June, 2014, and the company's first 3D film, Stanley's Game Seven. Network's programming has been showcased at marquee film festivals and by broadcasters throughout North America.
Network's past projects and current productions can be viewed at www.networkentertainment.ca
For further information concerning this press release, please email [email protected]
ON BEHALF OF THE BOARD OF DIRECTORS OF
NETWORK MEDIA GROUP INC.
"Derik A. Murray"
Derik A. Murray
Chief Executive Officer and Director
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Except for historical information contained herein, this news release contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially. 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. More detailed information about potential factors that could affect financial results is included in the documents filed from time to time with the Canadian securities regulatory authorities by the Company.
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SOURCE: Network Media Group Inc