WRIT Media Group, Inc. completed the Spin-Off of Skylab USA, Inc.
March 29, 2018
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The Board of Directors of WRIT Media Group, Inc. (OTCPK:WRIT) approved to spin-off Skylab USA, Inc. on October 17, 2017. Each of WRIT's shareholders will receive a fractional share of Skylab USA's common stock for every share of WRIT Media Group's common stock that the shareholder holds. The number of shares of Skylab USA's common stock that each WRIT shareholder of record will be entitled to receive will be calculated by dividing 1.3 million by the total number of shares of WRIT's common stock outstanding, multiplied by the total number of shares of WRIT's common stock the WRIT shareholder holds. The record date of the transaction is November 14, 2017. Subject to approval by FINRA, the Distribution is expected to be made on November 28, 2017. On November 20, 2017, a temporary injunction was entered by a New York state court to prohibit WRIT Media and its stock transfer agent from issuing the stock dividend to the shareholders filed by Magna Equities II, LLC and Hanover Holdings I, LLC. The hearing preliminary injunction is scheduled for December 6, 2017. Pacific Stock Transfer acted as transfer agent to WRIT Media.
The Board of Directors of WRIT Media Group, Inc. (OTCPK:WRIT) completed the spin-off Skylab USA, Inc. on March 29, 2018.
WRIT Media Group, Inc. is a diversified company. The Companyâs operations include blockchain software solutions, crypto-currency power solutions, content production and distribution, and video game and NFT sales and distribution via mobile platforms. The Company provides software development and crypto-mining power solutions. The Companyâs subsidiaries include Front Row Networks, Inc., Amiga Games, Inc., Retro Infinity, Inc., Bison Oil & Gas Corporation and Bison Crypto Power Corporation. Front Row Networks, Inc. is a content creation company, which produces, acquires, and distributes live concerts in three-dimensions (3D) for initial worldwide digital broadcast to digitally enabled movie theaters, TV and mobile streaming providers. Amiga Games Inc. is engaged in licensing classic pre-Windows computer game libraries and adapting and republishing the titles for smartphones, modern game consoles, PCs, tablets, NFTs and other television streaming devices.