Writers' Group Chairman & President Resigns Due to Health Concerns, Signs Independent Production Pact
LOS ANGELES, Dec. 3, 2012 /PRNewswire/ -- Writers' Group Film Corp. (OTCQB:WRIT) through its wholly-owned subsidiary Front Row Networks, Inc., a Los Angeles-based concert production and distribution company, announces today that on November 30, 2012, John Diaz resigned from his positions as President and Chairman of the Board of Directors of the company for significant health-related reasons.
Writers' Group's board of directors has established a committee to search for a replacement. In the interim, Eric A. Mitchell, the current CFO of Writers' Group Film Corp. will serve in the additional roles of Chairman of the Board of Directors and President.
"I am proud of what this company has accomplished since its inception over two years ago," said Mr. Diaz. "Writers' Group is on its way to establishing itself as an industry leader in the alternative concert marketplace, and I believe that Writers' Group is well positioned for future success. Although I would like to continue leading our outstanding management team, because of recent changes in my health, I have made the decision to resign," he said. Mr. Diaz has signed a production deal with Writers' Group Film Corp. that will allow him to oversee filmed concert production in an advisory capacity.
"John has been an excellent leader for our company during a very difficult growth period," said Mr. Mitchell. "We appreciate the strong vision and entrepreneurial spirit that John has demonstrated since the launch of the company over two years ago. However, we fully understand, respect and support his decision to resign in light of his health issues. We are fortunate to be able to access his production skills and experience via his newly inked independent production arrangement with the Company. We have a highly experienced and seasoned management team and board of advisors who I am confident will continue to successfully lead Writers' Group during this transition. We want to thank John for all his contributions to our company and wish him a swift return to improved health," concluded Mr. Mitchell.
Front Row Networks is a live concert production and distribution company which produces live concerts in 3D for initial digital broadcast into movie theaters worldwide. Following their theatrical run, the films are then licensed to US and international broadcasters, pay channels, PPV markets, DVD and Blu-Ray distributors, and sold on the internet as downloads.
Cautionary Note Regarding Forward-Looking Statements
Statements in this press release regarding the company's business that are not historical facts are "forward-looking statements" that involve risks and uncertainties. The company wishes to caution readers not to place undue reliance on such forward-looking statements and as such, speak only as of the date made. Investors are cautioned that all forward-looking statements involve risks and uncertainties, including, but not limited to, those discussed in the Company's latest 10-Q filed November 19, 2012.
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SOURCE Writers' Group Film Corp.