WRIT Media Group has acquired a controlling stake in Pandora Venture Capital Corp. In addition to this investment, WRIT has acquired Pandora’s pelecoin digital currency. No financial terms were disclosed.
LOS ANGELES, CA–(Marketwired – Jun 20, 2016) – WRIT Media Group, Inc. (OTCQB: WRIT) (“the Company”) today announces that it has closed its acquisition of a controlling interest in private equity firm Pandora Venture Capital Corp. Per the transaction, WRIT Media has acquired Pandora’s Pelecoin digital currency, proprietary Blockchain technologies, and digital currency exchange, which the Company will use to organize trade in digital currency instruments.
WRIT Media will utilize the marketing advantages of Pandora’s unique digital currency model, which has generated over half a million users in its first 18 months, along with the actual value of the most popular system of cryptocurrency, Bitcoin.
Eric Mitchell, president of WRIT Media, states, “Pandora has created two high-quality businesses, both of which have established an excellent industry reputation. We see this as a compelling opportunity to create further corporate value by leveraging management’s experience in managing complex transactions for diversified businesses with the software and technology expertise gained from Pandora’s extensive knowledge and investment experience in the software and digital currency industrial sectors.”
The acquisition marks WRIT Media’s first investment in, and entrance into, digital currency technologies. In the past, WRIT Media took controlling positions in development stage entertainment and video game companies with both brand names and market expertise. The decision to move into digital currency follows extensive market research and ongoing dialog with Pandora management.
Boris Nayflish of Pandora says, “This transaction is the result of many years of hard work by our team, and constant dialog with the management of WRIT Media. It is a well-run public company with marketing expertise, and is positioned in an attractive capital marketplace. We are very excited to support, through our software development and operational capabilities, WRIT Media’s management team in its ambition to accelerate growth, including through acquisitions. We are delighted to partner with WRIT Media in this enterprise.”