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WRIT Media Group, Inc. Announces Total Payoff of Convertible Debt
LOS ANGELES — WRIT Media Group, Inc. announced today that it has paid off all outstanding convertible notes with Asher Enterprises of Great Neck, New York.
The Company paid off its $27,500 convertible promissory note, including all interest and other payments due thereon. The Note was originally issued on May 13, 2013. Asher Enterprises is no longer a creditor of the company. Over the last six months, WRIT Media Group retired over $117,000 of convertible debt held by Asher Enterprises and other third parties.
The outstanding amounts due under the Company’s convertible note obligations were convertible into common stock of WRIT Media Group, Inc. at a specified discount. The Company’s settlement of all of its convertible debt obligations means there are no longer any convertible debt instruments held in the Company which are eligible to convert into common stock of WRIT Media Group, thus avoiding the potential influx of deeply discounted shares into the market.
"WRIT Media Group is pleased to have been able to satisfy this debt. Of course we do appreciate Asher Enterprises and their team, and are very thankful for their financial assistance over the last year and for providing the Company access to working capital to allow us to get through our short-term liquidity issues" said Eric Mitchell, Chief Executive Officer of WRIT Media Group, Inc. “As revenues increase, we will remain focused on our plan to build shareholder value through the elimination of convertible debt and the implementation of a more favorable corporate financing, in an effort to restore the Company's stock price back to more attractive levels," he added.
About WRIT Media Group Inc.
WRIT Media Group, Inc. was incorporated in the State of Delaware on March 9, 2007 under the name of Writers’ Group Film Corp. to produce films, television programs and entertainment programs for various media formats. In February 2011, the Company acquired Front Row Networks, Inc., a Nevada corporation, through a capital stock acquisition and completed a senior management restructuring, and on August 19, 2013, the Company completed an acquisition of Amiga Games Inc., a Washington corporation, whereby it acquired 100% of Amiga Games Inc. in exchange for shares of the Common Stock of the Company.
As a result of these acquisitions, WRIT Media Group owns Front Row Networks, a content creation company providing production, distribution and financing of live concerts, music documentaries, and family programs for theatrical and ancillary distribution;
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 Writers’ Group Film Corp.’s latest 10-Q filed February 19, 2014. 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.
Amiga is the registered trademark of Amiga, Inc. in the U.S. and other territories, Amiga Inc.’s Trademarks and Software have been licensed to Amiga Games Inc. and Retro Infinity, Inc. for mobile devices under a Software and Trademark License Agreement. All rights reserved. All other trademarks belong to their respective owners.
WRIT Media Group, Inc.
Investor Relations: Pacific Equity Alliance LLC
Investor Contact: Zachary R. Logan / Drew S. Phillips
WRIT Media Group, Inc.