WRIT Media Group Announces New Funding Round
LOS ANGELES, CA--(Marketwired - Jul 21, 2016) - WRIT Media Group, Inc. (OTCQB: WRIT) is pleased to announce that it has secured an additional USD$100,000 in capital allocated to complete its SEC filings and cover the expenses associated with its recent acquisition of Pandora Venture Capital and Pelecoin digital currency. The latest round in financing was a co-investment by an existing investor and private equity fund.
Additional funding will be used to complete the final phase of development for WRIT Media's proprietary CrypStock digital trading platform, providing the technology that will support the creation and trading platform for Pelecoin and other digital currencies.
Upon completion of external user acceptance testing, the exchange intends to register as a Money Service Business with the United States Department of Treasury and other necessary regulatory agencies in the U.S. and abroad. Once registered, Pelecoin may be traded in several states in the U.S. as a digital currency. Pelecoin is also finalizing the technical and regulatory ability to trade in Asia and other continents. Qualifying account holders will then be able to trade Pelecoin, other digital currencies, and derivatives on the CrypStock trading platform.
Eric Mitchell, president of WRIT Media, states, "This round of financing is a vital component of our broader plans to aggressively advance the CrypStock trading platform. CrypStock plans to offer a full system to run digital currency exchange, including solutions for automatic market-making on exchange using third party exchanges. When launched, it will combine the best digital currency marketing model offered by Pelecoin, with the most widely used digital currencies and real currencies traded on exchanges around the world."
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 Corp., Pelecoin, CrypStock and their 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.
