WRIT Media Group Details Pandora Venture Capital Corp. Acquisition
WRIT Media Group, Inc. (OTCQB: WRIT) today announces the details of its recent acquisition of all of the outstanding shares of Pandora Venture Capital Corp. ("Pandora") common stock in a stock transaction valued at approximately $4.2 million.
The acquisition price is based on the closing price of $0.30 per WRIT Media Group common share, as of the date the shares were issued and held in escrow. The Company acquired Pandora through the issuance of 14 million restricted shares of its Common Stock to the shareholders of Pandora, in exchange for all issued and outstanding shares of Pandora, making Pandora a wholly owned subsidiary of WRIT Media Group, Inc. Pandora will assume one seat on the WRIT Media Group board of directors. Further information is provided for in the Company's Form 8-K filed today.
Pandora is the developer of an online platform that allows investors to trade digital currencies similar to the way stocks are traded on a stock exchange. The company provides a digital currency software solution that combines trade exchanges, loyalty rewards and a payments support platform. Pandora is also developing an enterprise Blockchain platform that enables institutions to design, deploy, and operate financial networks that can power assets in various markets.
The technology underpinning digital currencies has changed rapidly over the past few years, due to the emergence of Bitcoin and other crypto-currencies. It is now reasonably clear that the distributed payment technology embodied in digital currencies has real potential. This technology solves a deep problem in monetary economics: how to establish trust in a distributed network. "Blockchain" technology appears to offer an imaginative solution to that distributed trust problem.
Bitcoin and Ethereum have created market capitalizations of $11.5 billion and $1 billion, respectively, and trading infrastructures have built up around them, growing digital currencies into a viable asset class. Blockchain technology is also emerging as useful technology solution in payment processing, loyalty rewards, healthcare record management, insurance, and even legal contracts management.
"With this acquisition, we expect to drive meaningful value for our shareholders, customers, and partners around the world," says Eric Mitchell, president and CEO of WRIT Media Group.
"We look forward to working closely with the Pandora team to ensure a smooth transition and continued innovation to bring the digital currency of the future, and other unique Blockchain solutions to our customers."
About Writ Media Group
WRIT Media Group, Inc. (OTCQB: WRIT) is a diversified media and software company whose operations include content production and distribution; video game distribution via mobile platforms; and digital currency software development, including trading platforms and Blockchain solutions.
The Company's portfolio of wholly owned businesses includes:
- Front Row Networks, a content creation company which produces, acquires and distributes live event programming for worldwide digital broadcast into digitally enabled movie theaters and online streaming;
- Amiga Games, a software company resurrecting the Amiga brand by publishing retro video games on smartphones, tablets and consoles;
- Retro Infinity, Inc., a video game distribution portal which publishes video games from Amiga, Atari and other "retro" brands on today's smartphones, tablets and consoles; and
- Pandora Venture Capital, a software developer with a focus on digital currency technologies, including; a cryptocurrency trading platform, a new generation of cryptocurrency, and Blockchain technology solutions.
Cautionary Note Regarding Forward-Looking Statements
Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those predicted by such forward-looking statements. Investors are cautioned that all forward-looking statements involve risks and uncertainties, including, but not limited to, those discussed in WRIT Media Group's latest 10-Q filed December 31, 2015. The company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
Pandora Venture Capital and its related trademarks and names are the property of WRIT Media Group, Inc. and are registered and/or used in the U.S. and countries around the world. All rights reserved. All other trademarks belong to their respective owners.