WRIT Media Group, Inc. Announces Special Stock Dividend

LOS ANGELES, Oct. 17, 2017 /PRNewswire/ -- WRIT Media Group, Inc. WRIT announced today that the Board of Directors has approved a special stock dividend (the "Distribution") of 1,250,000 shares of common stock of Skylab USA, Inc. ("Skylab USA"). Subject to approval by FINRA, the Distribution is expected to be made on November 28, 2017 (the "Distribution Date") to all WRIT Media Group, Inc. ("WRIT") shareholders of record on November 14, 2017 (the "Record Date").

The Distribution will occur by way of a pro rata dividend on shares of WRIT Media Group, Inc. common stock outstanding at the close of business (i.e., 5:00 PM, New York City time) on the Record Date. On the Distribution Date, each of WRIT's shareholders who held shares on the Record Date 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 1,250,000 (the total number of shares of Skylab USA's common stock to be distributed) by the total number of shares of WRIT's common stock outstanding at the close of business on the Record Date, multiplied by the total number of shares of WRIT's common stock the WRIT shareholder holds at the close of business on the Record Date. The shares of Skylab USA's common stock will be issued in restricted certificate form, and fractional shares will not be issued in the Distribution. Shareholders will instead receive one share for such fractional interest.

Skylab USA, Inc., formerly known as Pandora Venture Capital Corp., is a wholly-owned subsidiary of WRIT Media Group, Inc. that will be spun off upon completion of the special dividend. WRIT Media Group's ownership of its digital currency and software assets that were purchased via acquisition of Pandora Venture Capital Corp. will be unaffected by the spin off. Skylab USA, Inc. will be focused on increasing its corporate value through the acquisition of Skylab Apps, Inc. Upon completion of this acquisition, the new entity is expected to register its securities with the SEC under a new symbol, for trading on the public markets.  

About WRIT Media Group

WRIT Media Group, Inc. WRIT is a diversified media and software company whose operations include digital currency software development, including trading platforms and Blockchain solutions, content production and distribution; and video game distribution via mobile platforms.

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 WRIT Media Group's latest 10-K filed July 14, 2017. 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.

Pelecoin, CrypFXPro and their related trademarks and names are the property of WRIT Media Group, Inc. and are registered and/or used in the U.S. and countries around the world. All rights reserved. Skylab Apps and their related trademarks and names are the property of Skylab Apps, Inc. and are registered and/or used in the U.S. and countries around the world. All rights reserved. All other trademarks belong to their respective owners.

For further Information:
WRIT Media Group, Inc.
Email:  info@writmediagroup.com

View original content:http://www.prnewswire.com/news-releases/writ-media-group-inc-announces-special-stock-dividend-300537952.html

SOURCE WRIT Media Group, Inc.