Writers’ Group Film Corp. Secures Equity Line Facility of US$10 Million From Dutchess Capital
16 September 2013 - 12:00PM
Business Wire
Writers' Group Film Corp. (OTCQB: WRIT) is pleased to announce
that the Company has signed an investment agreement with Dutchess
Opportunity Fund II for the purchase of up to US$10,000,000 of
common stock. The equity line financing, which will be available to
Writers’ Group upon the effectiveness of a S1 registration
statement, allows but does not require Writers’ Group to sell up to
US$10,000,000 of common stock to Dutchess at a 5% discount to
market price during the 36 month term.
Writers’ Group Film Corp. will use funds from this investment
agreement to fund the production and marketing of its Front Row
Networks’ and Amiga Games’ projects.
"We are thrilled with this financing arrangement," said Eric
Mitchell, CEO of Writers’ Group. "This financing will allow us to
access the necessary funds that will allow us to jump into
full-scale production of our products so that we can achieve our
gaming and music project launch date goals. The equity line
provides a low discount to market that will minimize dilution and
allow us to maximize value for shareholders."
Douglas Leighton, founder and managing director of Dutchess,
stated, "We are happy to be working with Writers’ Group Film Corp.
and are excited to implement the ELF for the company. We feel the
structure allows the company the flexibility to draw funds as
management dictates."
For more information please see the 8K filed with the Securities
and Exchange Commission on September 13, 2013.
About Dutchess Capital
Dutchess Capital is an investment manager which provides
creative financing for promising, growth-stage companies. Founded
in 2000, funds managed by Dutchess have made over $200
million in direct investments in companies throughout North
America, Europe and Asia. For almost a decade,
Dutchess has been a global leader in Equity Line Facilities ("ELF")
and has transacted in excess of $1.8 billion in such
financings. The ELF is a flexible financing structure by which
publicly traded companies can raise capital quickly and more
efficiently than most traditional offerings.
About Writers’ Group Film Corp.
Writers’ Group Film Corp is a Delaware corporation incorporated
on March 9, 2007 which operates two wholly-owned subsidiaries,
Front Row Networks and Amiga Games.
Front Row Networks Inc. has developed an innovative, low-risk
business model that focuses on providing best-in-class production,
distribution and marketing capabilities to create new 3D live event
theatrical motion pictures. Front Row Networks operates as a full
service production and distribution partner to rights owners,
enabling the turnkey development, production and distribution of
alternative theatrical content including music concerts, sporting
events, stage shows and other event programming.
Amiga Games Inc. licenses classic pre-Windows computer game
libraries and republishes the most popular titles for smartphones,
modern game consoles, PCs, and tablets. The Company builds on the
"Amiga" and other “MS-DOS” brands and technologies to create new
revenue from publisher's dormant game libraries.
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 Writers’ Group
Film Corp.’s latest 10-Q filed August 16, 2013. 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.
Companies: WRITERS' GROUP FILM CORP. (OTCBQ:WRIT)
, AMIGA GAMES INC. , FRONT ROW NETWORKS
INC. , DUTCHESS CAPITAL
Writers’ Group Film Corp. and Front Row
Networks, Inc.:
Rebecca Bieker Phone: 310.461.3737
Amiga Games Inc.:
Phone: 425.310.2146
info@frnetworks.com
info@amigagamesinc.com
Website:
www.FRNetworks.com
www.AmigaGamesInc.com
Dutchess Capital:
cquin@dutchesscapital.com
Phone: 617.301.4709
WRIT Media (PK) (USOTC:WRIT)
Historical Stock Chart
Von Nov 2024 bis Dez 2024
WRIT Media (PK) (USOTC:WRIT)
Historical Stock Chart
Von Dez 2023 bis Dez 2024