WRIT MEDIA GROUP, INC. (OTCMKTS:WRIT) Files An 8-K Other Events

WRIT MEDIA GROUP, INC. (OTCMKTS:WRIT) Files An 8-K Other Events
Item 8.01 Other Events

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Injunction Regarding Subsidiary Stock Dividend

Previously, WRIT Media Group, Inc. (the “Company”) advised FINRA that it intended to distribute to Company shareholders all of the issued and outstanding shares of common stock of its wholly-owned subsidiary, Skylab USA, Inc. (“Skylab”). The record date for this distribution was designated as November 14, 2017 and the distribution date was designated as November 28, 2017. There is no private or public market for the shares of Skylab common stock, par value $0.0001 per share. On November 14, 2017, the Company’s stock transfer agent, Pacific Stock Transfer, advised The Depository Trust Company (“DTCC”) that the fair market value for the Skylab distribution transaction is $0.0001 per share. This fair market value translates into a total value for the transaction of one hundred twenty-five dollars ($125.00) (1,250,081 shares multiplied by $0.0001 per share).

On November 20, 2017, a temporary injunction was entered by a New York state court to prohibit the Company and its stock transfer agent from issuing the stock dividend to Company shareholders, pending a hearing on the preliminary injunction filed against the Company by plaintiffs, Magna Equities II, LLC and Hanover Holdings I, LLC (“Plaintiffs”). The hearing on Plaintiffs’ preliminary injunction is scheduled for December 6, 2017.


About WRIT MEDIA GROUP, INC. (OTCMKTS:WRIT)

WRIT Media Group, Inc. is engaged in producing films, television programs and similar entertainment programs for various media formats. The Company offers Retro Infinity/Amiga Games crowd funding platform, which is supported by a social marketing campaign. The Company’s subsidiaries include Front Row Networks, Inc. (FRN), Amiga Games, Inc., Pandora Venture Capital Corp and Retro Infinity, Inc. FRN is a content creation company, which produces, acquires, licenses and distributes music-related content in three-dimensional (3-D), and ultra-high definition (4K) for initial worldwide digital broadcast into digitally enabled movie theaters. Amiga Games, Inc. licenses classic pre-Windows computer game libraries and adapts, and republishes titles for smartphones, game consoles, personal computers (PCs), tablets and other television streaming devices. The Company leverages platform and classic game brands, which are coupled with technologies developed by Retro Infinity, Inc.

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