WRIT Media Group, Inc. (OTCQB:WRIT) disclosed today that Accredited Investor Irwin Zalcberg has accumulated 5,333,333 restricted common shares, an amount equal to 37.2% of the issued and outstanding common shares of WRIT, through a series of three private placement agreements, which also included warrants, that occurred between February 5th and April 22nd of 2014. This change in the ownership percentage of common shares did not result in any change in control for WRIT Media Group.
Section 16(a) of the Securities Exchange Act of 1934 requires any beneficial owners of more than ten percent of a class of the company's equity securities to file a Form 3 within ten days of becoming a 10%+ beneficial owner outlining total ownership positions. Section 16(b) of the Securities Act of 1934 also provides that, if a greater-than-10-percent shareholder of an issuer engages in a purchase and sale of equity securities of such issuer within a period of less than six months, then any profit realized by the insider as a result of the two transactions must be disgorged to the issuer upon demand by the issuer or by any security holder of the issuer. WRIT Media Group looks forward to Mr. Zalcberg's full disclosure of his beneficial ownership activities through a Form 3 filing, and additional detailed information will be provided forthwith in the Company's upcoming annual 10-K filing.
"An investment of this size from an Accredited Investor shows strong support for our growth," said Eric Mitchell, CEO & President of WRIT Media Group. "These funds came at an important time in our product development cycle, and will allow us to license additional content and bring it to market more swiftly. This financing also allowed us to retire a substantial amount of convertible debt and focus more directly on equity-only investors that offer more beneficial terms."
WRIT MEDIA GROUP, INC. (OTCQB:WRIT)
RETRO INFINITY INC. AMIGA GAMES INC.
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 WRIT Media Group Inc.'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.
WRIT Media Group, Inc.
Pacific Equity Alliance LLC
Zachary R. Logan
Drew S. Phillips
SOURCE: Writers Group Film Corp.