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May 7, 2024

Top Draw Animation Secures New Assignments – Including Largest Single Contract Ever – as Grom Subsidiary Earns Over $2.9MM to Bring Animated Series’ to Life

Generous Government Tax Incentives Spur Renewed Interest in Grom’s Manila-based Studio from International Programming Suppliers

BOCA RATON, Fla., May 07, 2024 (GLOBE NEWSWIRE) -- Grom Social Enterprises Inc. (NASDAQ: GROM) (“Grom” or the “Company”), a media, technology and entertainment company dedicated to family-friendly programming, web filtering technology, and safe social media for kids, today announced that its subsidiary, Top Draw Animation (“TDA”), a leading source of premium animation production services for programming shown throughout the world, will lend its animation expertise to over $2.9MM in new assignments, one of which represents the largest single order in Top Draw’s 25-year history. The new production work – unnamed for competitive reasons – was announced today by Grom CEO, Darren Marks.

“The global animation community has long associated Top’s Draw’s animation pros with premium production and an unwavering commitment to excellence,” explains Marks. “With the help of generous tax incentives from government officials in the Philippines, we deliver animation production that helps our partners keep production costs low while granting access to Top Draw’s best-in-class artists that bring these amazing stories to life.”

Acquired by Grom in 2016, TDA is an award-winning state-of-the-art 2D animation studio offering premium, high-capacity Harmony and Flash production pipelines. Since 1999, Manila-based TDA has proudly served the global entertainment industry as a preferred production partner with best-in-class animation services. From boutique content creators to global entertainment brands, TDA has brought life to countless shows, movies and characters from all around the world.

The cost-effectiveness of partnering with TDA is further bolstered by tax incentives through an initiative from the Film Philippine Office’s FLIP (Film Location Incentive Program), which grants up to a 20% cash rebate for approved work produced in the Philippines. Additionally, TDA partners can access another 5% bonus, to 25%, if the project meets the program's cultural merit standards.