Business
WRIT Media Group Announces Acquisition of Bison Oil and Gas Corporation
WRIT Media Group Announces Acquisition of Bison Oil and Gas Corporation.
About this update from Writ Media Group, Inc.
[{"type":"text","content":"BEVERLY HILLS, CA / ACCESSWIRE / April 20, 2018 / WRIT Media Group, Inc. (OTCQB: WRIT) is pleased to announce that it has agreed to acquire Bison Oil and Gas Corporation (\"BOAG\") in a combination of cash and Series C Preferred Stock. BOAG owns and controls approximately 120 oil and gas wells in north Texas, with an internal estimate of $80 million dollars in gross reserves.\"We are excited about this acquisition as it adds significant value to our balance sheet and is designed to work hand in glove with the Bison Crypto Power Corporation acquisition. We are currently evaluating other projects in the oil and gas space along with other commodity-related projects which could benefit from the process of digital tokenization,\" said Eric Mitchell, President of WRIT Media Group.The deal is in line with WRIT Media Group's strategy of expanding its crypto-currency related portfolio and furthering the development of its Pelecoin Mining Factory's crypto-currency mining farms. The combination of BOAG's current and future oil and natural gas reserves, along with the operations of the Company's recent acquisition, Bison Crypto Power Corporation, will facilitate the following crypto-power opportunities; (i) direct feedstock to electricity generation facilities, (ii) physical swaps for gas located closer to electricity generation facility, (iii) contractual swaps for gas located closer to electricity generation, (iv) price hedging to lock in price for generation feedstock, and (v) arbitrage to sell at higher price to offset cost of gas used for electricity generation.About WRIT Media GroupWRIT Media Group, Inc. (OTCQB: WRIT) is a diversified media and software company whose operations include digital currency software development, including trading platforms and Blockchain solutions, crypto mining solutions, content production and distribution; and video game distribution via mobile platforms.Cautionary Note Regarding Forward-Looking StatementsExcept 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, tho...