WRIT Media Group Announces Acquisition of Bison Crypto Power Corporation
April 13, 2018 --
BEVERLY HILLS, Calif., April 13, 2018 /PRNewswire/ -- WRIT Media Group, Inc. (OTCQB: WRIT) is pleased to announce the acquisition of Bison Crypto Power Corporation ("BCP") in an all-stock transaction. BCP has been acquired for the purpose of providing strategic guidance for commodity based companies who are interested in tokenizing their projects as an alternate source of funding. BCP will also provide infrastructure and secure locations for people interested in getting involved in the burgeoning crypto currency mining industry.
Eric Mitchell, CEO of WRIT stated, "With the price of commodities back on the rise, people and companies are looking to get back into these markets or restart legacy projects. However, traditional funding sources are not as readily available as they once were. As such, there is a growing opportunity for us to consult with these companies and provide guidance through some of the complexities of tokenizing their assets."
On the infrastructure side, BCP will initially focus on locating stranded natural gas projects as a substitute to traditional power sources. The shale oil and natural gas revolution that began in 2003 caused a supply and demand imbalance leaving massive quantities of natural gas stranded with no market. Stranded natural gas reserves are generally located in remote desert and mountain areas of the United States. These remote locations are long distances away from existing pipelines and power grids making it less attractive to gas transportation to build pipelines into the stranded natural gas fields; however this creates an opportunity for BCP. By concentrating on stranded natural gas projects, BCP can acquire the natural gas feed stock very inexpensively and internal projections indicate that they can deliver the electricity for crypto-currency mining at approximately one-half of average market power costs. In turn this will increase the profitability for crypto miners, while still generating strong returns for BCP.
"The increasing cost of power is a real issue among cryptocurrency miners, so we acquired Bison Crypto Power Corporation to create a solution. The goal is on each remote BCP location there will be a 'mining camp' for crypto miners to set up their rigs and manage their operations remotely. We are excited to roll out both the consulting and infrastructure portion of this project and look forward to updating the market as opportunities unfold," said Eric Mitchell.
About WRIT Media Group (OTCQB: WRIT)
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.
WRIT's Pelecoin ("PLCN") is a token which is emitted based on the Pelecoin software platform that enables the "mining" of a basket of select crypto-currencies combined with a trading algorithm that liquidates the most profitable coins and/or trades between them, thereby increasing the value of the basket.
WRIT is investigating acquisition targets across all businesses and geographies that will benefit from its crypto-currency platform, including large, established organizations as well as emerging growth companies. As a result, over the coming year WRIT intends to accelerate growth by adding new business lines, new clients and expanding the digital currency "mining" capabilities of existing clients, as well as develop new revenue models for business growth.
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, Pelecoin Smart Contracts, Pelecoin Mining Factory 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 other trademarks belong to their respective owners.
SOURCE WRIT Media Group, Inc.
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