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WRIT Media Group Details Pandora Venture Capital Corp. Acquisition
WRIT Media Group Details Pandora Venture Capital Corp. Acquisition.
About this update from Writ Media Group, Inc.
[{"type":"text","content":"\n \n \n WRIT Media Group Details Pandora Venture Capital Corp. Acquisition\n \n \nWRIT Media Group Details Pandora Venture Capital Corp. Acquisition\n \n LOS ANGELES, CA--(Marketwired - Jun 22, 2016) - 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. \n 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.\n 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. \n 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.\n 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 mana...