|By Marketwired .||
|February 3, 2014 09:30 PM EST||
LOS ANGELES, CA -- (Marketwired) -- 02/03/14 -- Writers' Group Film Corp. (the "Company") (OTCQB: WRIT) announces that effective immediately FINRA has approved and accepted the following corporate actions: corporate name change from Writers' Group Film Corp. to WRIT Media Group, Inc.; and a reverse split of the issued and outstanding common shares on a 1 for 1,000 basis. This corporate action will take effect at the open of business February 4, 2014. The new symbol will be WRITD. The D will be removed in 20 business days.
Reasons for the restructuring are as follows: (a) Price per share -- the rollback will increase the price per share to above $0.01, sub-penny markets are getting harder to trade and next to impossible to finance; (b) Funding -- with a sub penny share price the Company was unable to fund because of dilution, post rollback the share price should be well above $0.01 and allow management to close on numerous funding opportunities that have been presented; (c) Price appreciation -- with a tighter stock structure and a public float of only a few million shares, the price per share will have a much better opportunity to appreciate as the Company progresses and the potential return on investment will be greater over the long term under the new structure; (d) Larger potential audience -- with a higher share price the Company will have access to investors who do not trade sub penny stocks such as institutions and Europeans; (e) Listing in Europe -- the Company will now be able to list its common shares for trading on a European Stock Exchange, as Co-listings in Europe are not accepted with a sub penny share price; (f) Credibility -- the Company was losing opportunities because of the stigma that is attached to a sub penny share price and could not attract key personnel; and (g) Acquisitions -- the Company will be able to use common shares to acquire larger assets and other industry related companies.
The reverse split will not affect shareholder's percentage ownership interest in the Company, affect shareholder's proportionate voting power, or alter the rights of common stockholders. Shareholders may at their discretion return any share certificates they are holding to the transfer agent to be changed to reflect the above corporate actions. Shareholders holding stock in a brokerage account will not have to take any action. The management of the Company ask that shareholders be patient and allow the Company to properly fund and develop it business plan. Management is confident that over the long term shareholders will be rewarded for their patience. The Company is in the process of updating the corporate website to reflect the changes.
Reasons for the name change: The Company's activities have broadened to include additional business plans and models, including the acquisition of a new wholly-owned subsidiary; and it is desirable for the Company's name to proportionally broaden to encompass such new business plans and models.
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 November 19, 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.
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