HENDERSON, NV / ACCESSWIRE / September 22, 2015 / MarilynJean Media Interactive (MJMI) today announced cancellation of over 100,000,000 convertible preferred shares representing over 35% of its fully diluted share total.
As previously disclosed, on March 28, 2013, we acquired 100% of the issued and outstanding common shares of MarilynJean Media Inc.. Pursuant to that transaction, 106,651,250 Exchangeable Preferred Shares were issued. These were convertible into common shares of our Company on a one-for-one basis.
On September 22, 2015 all 106,651,250 Exchangeable Preferred Shares were cancelled and returned to treasury, pursuant to Return to Treasury Agreements entered into with the holders of these shares. The shareholders agreed to cancel the shares and return them to treasury, in consideration for the issuance of promissory notes in the aggregate amount of $226,756. The promissory notes are due and payable upon our company completing a financing for gross proceeds of not less than $375,000. The cancelled shares represent 35.4% of the Company's fully diluted share total.
Peter Janosi, MJMIs president said: With the cancellation of a significant portion of the Company's fully diluted share total, we believe we have dramatically increased the companys options for financing and growth.
MJMI is in the business of providing safe and accessible services for the users of Bitcoin and other crypto-currencies.
MJMI is currently exploring partnerships with several existing Bitcoin and crypto-currency exchanges as well as manufacturers and operators of Bitcoin ATMs. Such a combination would place the company in an exciting position to offer an end to end solution for trading in various crypto-currencies and potentially capture a share of the lucrative markets of Bitcoin trading and remittance services, just as these markets appear poised to undergo massive growth.
About Bitcoin and Crypto-Currencies
Bitcoin and other crypto-currencies are a medium of exchange using cryptography to secure transactions and control the creation of new units. Bitcoin became the first decentralized crypto-currency in 2009. Crypto-currency is produced at a rate which is defined when the system is created and publicly known. By contrast, in centralized banking and economic systems, such as the Federal Reserve System, corporate boards or governments control the supply of currency by printing units or demanding additions to digital banking ledgers. However, neither companies nor governments can produce units of crypto-currency and as such the value of crypto-currencies are completely based on supply and demand, free from any governmental control. Many people believe crypto-currencies, and in particular bitcoin, hold the promise of being the most significant advancement in global finance in modern history. The advent of bitcoin creates a secure, easily accessible and transferable transnational currency that is completely liberated from political influence.
Richard Branson, head of the Virgin Group, is quoted on his company's website as saying: I have invested in Bitcoin because I believe in its potential, the capacity it has to transform global payments is very exciting.
Heavyweight investment bank Goldman Sachs (NYSE:GS), announced on April 30th 2015 that it had partnered with Chinese investment firm IDG Capital partners to invest $50 million in a Bitcoin start-up. Numerous high-profile firms have begun accepting Bitcoin as a payment method including: Dell Inc. (NASDAQ:DELL), Dish Network Corp. (NASDAQ:DISH), Expedia Inc. (NASDAQ:EXPE), and Overstock.com (NASDAQ:OSTK).
MarilynJean Media Interactive is among the first publicly traded companies focussed on bitcoin and the crypto-currency space. The company's trading symbol is OTCQB:MJMI.
SOURCE: MarilynJean Media Interactive