Amcomri reports First Quarter 2023 Results

Quarter highlighted by profitable growth and strong contribution from movie sequel

VANCOUVER, BRITISH COLUMBIA, May 15, 2023 — Amcomri Entertainment Inc. (“Amcomri” or the “Company”) (NEO:AMEN) (OTC:AMNNF) (Frankfurt:25Y0), a global producer, distributor of independent movies, TV series and documentaries, announced today financial results for the first quarter ended March 31, 2023. All dollar amounts are in Canadian dollars unless otherwise stated.

Q1 2023 Highlights

(Compared to Q1 2022)

• Revenue increased 22.9% to $5,118,176;
• EBITDA increased 101% to $2,449,817;
• NET income increased 104% to $1,589,246;
• Left Behind 2 (Rise of the Antichrist) achieved box office revenues of $4.8m in a limited four-day release in North American theatres;
• Television and documentary revenue experienced a slower than expected start to the year as two major 2023 releases have been pushed to the middle of the year; and,
• Seven films that were delayed in 2022 have since been delivered and are now available for sale at the major film markets.

“We had a solid first quarter with growth in revenue and profitability.” said Robert Price, Chief Executive Officer of Amcomri. “The movie side of our business performed well during the quarter. Left Behind 2 performed well in a limited box office release during the quarter and we are seeing strong demand since physical and digital distribution windows opened in North America on March 26, 2023. Additionally, seven films originally slated for last year are now available for sale. And, the first quarter would have been even stronger had it not been for two of our major TV releases for the year being pushed back to the middle of the year.”

“As audiences become increasingly discerning and seek out authentic and diverse storytelling, independent content creators are uniquely positioned to deliver the content that viewers crave. We are well-aligned with this ongoing trend as we work to establish Amcomri as the home for independent storytellers. And we remain particularly excited about our TV business, where we continue to represent and invest in a diverse portfolio of productions.”