Knightscove Media Corp Announces Positive First Quarter 2011 Results

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    Quarterly results up 51%; Significant profit gains from a year ago





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TORONTO, June 30, 2011 /CNW/ -- Knightscove Media Corp (TSX VENTURE: KC.A)(TSX VENTURE: KC.B) ("Knightscove") the Canadian fully integrated entertainment company, specializing in the distribution, creation and financing of high quality live action feature films and television productions, today reported positive results for the three months ended March 31, 2011 and significant revenue gains from one year ago.

"We are pleased to report continued growth and enhanced shareholder values," says Leif Bristow, CEO of Knightscove Media. "We believe the continued approach of licensing and distributing our proprietary content, the expansion of our broadcast initiatives, and the commissioning of new content will be the success of our future."

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    Quarterly Highlights:
    --  Total Equity for the first quarter of 2011 was $2,778,009, up from
        $878,698 posted for the quarter ended December 31, 2010.
    --  Total Assets for the quarter were $12,049,516, an increase from
        $7,895,975 for the previous quarter.
    --  Profit reported for the period was $1,233,311, compared to a reported
        loss of $502,121 for the previous quarter.


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Consolidated balance sheet data

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                                      March 31, 2011     December 31, 2010
                                                    $                      $
                                                  ---                    ---
    Assets
    Non-current
    Goodwill                                  792,342                792,342
    Intangible assets                       6,524,425              2,411,235
    Equipment                                 156,412                128,450
    Investment in Ellis                             -                537,468
    Non-current                             7,473,179              3,869,494
                                            ---------              ---------
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    Current
    Inventory                                 321,137                361,794
    Accounts receivable                     3,333,701              3,540,161
    Income tax receivable                     771,803                      -
    Prepaid expenses                          124,803                124,526
    Cash                                       24,893                      -
    Current                                 4,576,337              4,026,481
                                            ---------              ---------
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    Total Assets                           12,049,516              7,895,975
                                           ----------              ---------


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                                       March 31, 2011     December 31, 2010
    Liabilities and Equity
    Current Liabilities
    Subsidiary debt provision                1,642,667                     -
    Accounts payable &accrued
     liabilities                             2,638,877             1,994,777
    Bank debt                                  306,082               357,148
    Notes payable                              240,000               240,000
    Convertible debt                           381,145               380,200
    Loans payable                            3,774,298             3,749,572
    Royalty payable                            288,438               295,581
    Current liabilities                      9,271,507             7,017,277
                                             ---------             ---------
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    Equity
    Equity attributable to owner of
     the parent:
      Share capital                          7,708,825             7,081,870
      Contributed surplus                      843,713               804,668
      Deficit                               (5,812,097)           (7,088,644)
    Non-controlling interest                    38,368                80,804
    Total Equity                             2,778,009               878,698
                                             ---------               -------
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    Total Liabilities and equity            12,049,516             7,895,975
                                            ----------             ---------


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For a more in-depth look at all the undertakings of the Knightscove Family, visit www.knightscove.com.

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    About Knightscove Media Corp
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Knightscove is a fully integrated entertainment company specializing in the distribution, creation and financing of live action feature films and television productions. The Canadian company offers family-friendly third party and proprietary film and television content through its Knightscove Family Films brand.

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SOURCE Knightscove Media Corp

For further information: Leif Bristow, President and CEO for Knightscove Media/Knightscove Corporate, +1- 416.444.7900, info@knightscove.com; or Media, Mary Campe, SS|PR, +1-847-415-9325, mcampe@sspr.com Web Site: http://knightscove.com

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