Business
WRIT MEDIA GROUP INC. ANNOUNCES CONVERSION OF PREFERRED STOCK
WRIT MEDIA GROUP INC. ANNOUNCES CONVERSION OF PREFERRED STOCK.
About this update from Writ Media Group, Inc.
[{"type":"text","content":"WRIT Media Group, Inc. (OTC: WRIT) (the “Company”) announced today that effective May 30, 2023, Quay View Partners LLC have converted 50,000 shares of the Company's Series C Convertible Preferred Stock into 11,941,016 shares of common stock and have exchanged 950,000 shares of the Company’s Series C Convertible Preferred Stock for ninety percent (90%) of the common stock of the Company’s subsidiary Bison Crypto Power Corp.Following the conversion and share exchange, the Company has 102,124,050 shares of common stock outstanding and no outstanding shares of Series C Convertible Preferred Stock. The Series C Convertible Preferred Stock was issued in April 2018 in connection with the strategic acquisition of certain natural gas leases of Bison Oil & Gas as part of the financing for this acquisition. As part of this transaction all the Company’s Series C Convertible Preferred Stock will be retired and result in the net asset value of the Company increasing by an amount of over $5 million USD.“WRIT Media Group, Inc. now has a very strong balance sheet and a position in the Texas natural gas basin which it believes will support its corporate strategy of using trapped natural gas to power data centers and crypto mining.\" stated Mr. Mitchell, President of the Company.About WRIT Media Group, Inc.WRIT Media Group, Inc. is a diversified Company with five wholly owned subsidiaries: Front Row Networks, Inc., Amiga Games, Inc., Retro Infinity, Inc., Bison Oil & Gas Corporation, and Bison Crypto Power, Inc. Front Row Networks is a content creation company which produces, acquires, and distributes live concerts in various formats for worldwide digital broadcast into digitally enabled movie theaters, TV and mobile streaming providers. Amiga Games licenses classic pre-Windows computer game libraries and adapts and republishes the most popular titles for smartphones, modern game consoles, PCs, tablets, and other television streaming devices. WRIT also established a new company, Retro Infinity, to publish and brand games that were not originally released for Amiga brand computers. The two companies tap into the growing retro gaming marketplace and deliver titles adapted for modern devices as well as NFTs and merchandise featuring brands and characters from the games. Bison Oil and Gas and Bison Crypto Power are in the developmental p...