LOS ANGELES, CA - (NewMediaWire) - November 10, 2015 - Innovativ Media Group, Inc. (OTC PINK: INMG) ("Company") announced today record financial results for its Third Quarter the first reporting period in which the combined results from the recent acquisition have been presented.
For the three months ending September 30, 2015 Company revenues were $48,933 compared to $709 for the Third Quarter in 2014, a gain in excess of 6900%, and for the first time in its history the Company generated net earnings of $14,708 which compares to a loss of ($26,048) in the prior year. The assets acquired also substantially and positively impacted the Company's Balance Sheet as Total Shareholders' Equity increased from $247,900 to $2,795,860.
"These initial results reflect revenue gains generated primarily from the distribution of the Company's filmed content which will be a key component of our diverse digital entertainment strategies going forward," said Tom Coleman, Company CEO.
About Innovativ Media Group, Inc.
Innovativ Media Group (Innovativ) is a developer, producer and distributor of digital entertainment and other multi-media content. It has acquired many of the assets of Lux Digital Pictures including a library of feature motion pictures and, via New Broadway Cinema, produces adaptations of stage shows utilizing its trademarked DigiTheater™ Virtual Reality process. Innovativ also operates The Alien Interview Channel on YouTube, in partnership with FullScreen, Inc., is developing the new web series Just Smart People, the customized movie title search destination VOD Movie Guide and is a principal in the Film Finance Exchange.
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.